THE ORGANIZATION HAS EMBEDDED RISK MANAGEMENT AS PART OF THE ORGANIZATION CULTURE AND HAS AN ESTABLISHED INTERNAL AUDIT AND RISK MANAGEMENT DIRECTORATE HEADED BY THE DIRECTOR OF INTERNAL AUDIT AND RISK MANAGEMENT.
Risk Registers are updated periodically for different operations of the organization which aid identification and assessment of potential risks (including financial risks) as well as putting in place mechanisms to prevent and mitigate these risks. The project will undergo periodic internal audits by the internal audit unit, whose objective will be to provide independent assurance on the effectiveness of the controls in place.
Audits by external auditors are periodically conducted for the organization and occasionally for the specific project where recommendations are agreed upon with the Audit Team and follow up Audits planned to ensure implementation.
The Internal Audit, Risk and Compliance unit is supervised by the Audit and Finance Committee which provides oversight function, setting objectives, time lines for audits and ensuring that appropriate and sufficient audit and investigation are carried out to ensure operational efficiency and safeguard of Donors funds.