Boland College Risk Management & Internal Audit
In terms of section 25 of the Technical and Vocational Education and Training Colleges Act (act no. 16 of 2006), as amended by the Technical and Vocational Education and Training Colleges Amendment Act (act 3 of 2012), the Council of Boland College must “implement internal audit and risk management systems which at least are not inferior to the standards contained in the Public Finance Management Act”.
Against these requirements, the Boland College Council appointed a full-time Internal Auditor and established an Internal Audit function, as well as Risk Management processes, would take time, and to obtain specialist input and assistance we appointed Moore Stephens Risk Services, specialists in Risk Management and Internal Audit processes, who provided the strong direction and mentorship that was needed to ensure a sustainable function that added value and was cost-effective.
The Risk Management process commenced in 2010 with a series of workshops, held per business process. In this regard, the Risk Management process took full cognisance of, and built upon the very strong QMS process currently at Boland College. A large amount of time and effort was spent during the early stages of the function to ensure everyone at the College understands the process of Risk Management, as well as Internal Audit. The maturity level of the Risk Management Process has reached the stage where process owners take responsibility for the management of risks per process. The top three strategic and operational risks are presented to Council at the quarterly meetings.
The Audit Committee
The Audit Committee is responsible for overseeing the Internal Audit and Risk processes and is known as the Audit and Risk Committee. As the Internal Audit function reports directly to the Audit Committee, the success of the function is directly related to the support, direction and guidance provided by the Audit and Risk Committee. With the support and continuous report back to the Audit and Risk Committee on the implementation by management of controls recommended by Internal Audit, the Internal Audit function adds value to not only the effective management of a risk or group of risks, but also allows the Audit and Risk Committee to form an opinion on the entire control environment.
The Council of Boland College has taken full ownership of the Risk Management process. An abbreviated form of the Risk Register is presented at all Council meetings and the Strategic Risk Register is discussed at Council meetings. This principle has also extended to other committees of not only the Council, but also management meetings.
The Internal Audit Function has a very consultative and facilitative approach, fully utilising the knowledge of our management and staff and making them part of the process. Business processes are analysed in much detail, based upon the risks identified by the operations personnel. This risk-based approach is therefore extremely efficient and the only one that will result in Risk Management becoming part of everyday activities. It will therefore result in Boland College being even better governed than before.
t: 021 886 7111/2
f: 021 886 8260
Physical Address - Head Office
85 Bird Street, Stellenbosch, 7599