Processes and operations are becoming more complex and new risks have emerged resulting in more focus towards risk management. Accordingly, a Risk Management Framework (RMF) which clearly defines the responsibility for risk identification, assessment and monitoring have been introduced for Public bodies as per Circular No. 8 of 2021 issued by the Ministry of Finance, Economic Planning and Development (Ref: CF/40/30/0/50/A) .
The circular provides detailed guidance on the setting up and monitoring of the Risk Management Framework (RMF) at the level of Ministries/Departments. Circular No 8 of 2021 ..
In accordance with the circular, the Internal Control Cadre assists Accounting Officers in establishing the Risk Management Framework by conducting presentation/brainstorming sessions in Ministries/Departments on Risk management to facilitate the establishment of a RMF.
