Page 182 - SAMRC Annual Report 2023-24

RISK MANAGEMENT

The Board retains overall responsibility for amendments are submitted to ARIC for consideration
determining the risk appetite of the SAMRC, and Board approval. The current governance policies
assessing significant and emerging risks, and relating to risk management include:
ultimately accountable to ensure that an effective
holistic approach to risk management is in place • Risk Management Strategy
to understand, evaluate and mitigate risk at the • Risk Management Policy and Framework
SAMRC. It has delegated responsibility to the Audit • Fraud Prevention Policy and Plan
and Risk and IT Committee (ARIC) for overseeing • Combined Assurance Framework Policy
and reviewing the efficacy of these arrangements • Code of Business Conduct
and independently monitors the effectiveness of
the system of risk management, as well as that of Risks & mitigation activities
the SAMRC’s internal auditors and external auditors. A key objective of risk management is to ensure
The Board maintains a strong and regular oversight that potentially significant risks facing SAMRC and
of the various committees’ work and receives opportunities associated with realising the strategic
regular updates on the activities of the ARIC on objectives are identified, proactively assessed,
the organisation’s system of risk management and and managed in such a way that their impact is
strategic risk mitigation measures, and reports on its maintained in accordance with the SAMRC’s risk
review in the SAMRC’s Annual Report. appetite.
The SAMRC has a comprehensive risk management The SAMRC’s significant risks and opportunities are
system designed to identify and assess important determined through a strategic risk review process
emerging and significant risks faced by the where the SAMRC Executive Management and
organisation. The Enterprise Risk Management Board assess its impact on the achievement of the
(ERM) Unit at SAMRC is a dedicated department strategic objectives, which is updated as and when
that reports directly to the ARIC and has primary emerging risks and opportunities are identified.
responsibility for the design, implementation Where appropriate, management action plans to
and monitoring of corporate enterprise-wide risk further improve the management of these risks
management across the SAMRC. This has enabled have been developed and are being implemented.
the SAMRC to adopt a common and integrated Further, major risks that could influence the
approach to identifying, assessing and mitigating achievement of SAMRC’s strategic objectives are
strategic, research, and other operational risks, which identified throughout the organisation and shared
positively contributes to the organisation’s overall with Executive Management, which are achieved
performance and achievement of the SAMRC’s through risk workshops and regular assessments at
overall vision of building a healthy nation through both strategic and operational. New and emerging
research, innovation and transformation. risks are actively and continuously identified
throughout the organisation and mitigation
The SAMRC’s philosophy to ERM entails the strategies, where appropriate, are timeously
proactive management and mitigation of risks and developed and implemented.
the exploitation of any related opportunities under
the guidance of the SAMRC Board, President and The core fraud risks facing the SAMRC as part of
Executive Management. The ERM strategy, policy the Fraud Prevention Plan Strategy were revisited
and framework is subject to annual review, and any as part of the annual fraud risk assessment. The

180 SAMRC ANNUAL REPOR T 2023-24