Risk Officer

Introduction MANCOSA, a DHET registered and CHE accredited private higher education distance education provider, offering undergraduate and postgraduate business qualifications, has the following vacancy available. Risk Officer The core purpose of the Risk Officer is to identify, assess, monitor and mitigate institutional risks while promoting compliance with relevant legislation, regulations and best practices. The role also supports the internal audit function by evaluating internal controls, identifying areas for improvement and monitoring the implementation of corrective actions. Duties & Responsibilities

Risk Management 

• Implement, maintain and periodically review the institution's Risk Management Framework, Risk Management Policy and associated plans, procedures and methodologies to ensure effective identification, assessment, mitigation and monitoring of institutional risks.
• Facilitate and coordinate risk assessments across academic, administrative and operational departments to identify, evaluate and prioritise risks that may affect the achievement of institutional objectives.
• Develop, maintain and regularly update departmental and institutional risk registers, ensuring that identified risks are appropriately assessed, documented, assigned to responsible risk owners and monitored.
• Coordinate the development and implementation of appropriate risk mitigation strategies and action plans in consultation with relevant risk owners, and monitor progress against agreed timelines.
• Monitor changes in the institution's internal and external operating environment, including emerging risks, regulatory developments and industry trends, and assess their potential impact on the institution's risk profile.
• Collaborate with academic and operational departments to identify weaknesses in existing processes, procedures and internal controls, and recommend appropriate measures to minimise risk exposure.
• Monitor and evaluate the effectiveness of existing risk management processes, mitigation measures and internal controls, and recommend improvements where necessary.
• Promote a risk-aware institutional culture by providing guidance, facilitating workshops and conducting risk management awareness and training sessions for staff and relevant stakeholders.
• Support the integration of risk management principles into institutional planning, decision-making, operational activities and governance processes.
• Monitor the implementation of risk-related recommendations arising from internal audits, external reviews, regulatory engagements and governance committee decisions.
• Identify, assess and monitor compliance risks arising from applicable legislation, regulatory requirements, institutional policies and relevant higher education quality assurance frameworks.
• Support departments in identifying compliance gaps and implementing appropriate corrective measures to mitigate regulatory and institutional risks.
• Keep abreast of developments in legislation, regulations, regulatory frameworks and industry standards relevant to the institution's operations.
• Collaborate with relevant stakeholders to strengthen institutional policies, standard operating procedures, internal controls and compliance monitoring mechanisms.

Risk Governance, Monitoring and Reporting

• Prepare and present periodic risk management reports, dashboards and analyses to relevant governance structures, including the Audit and Risk Committee, Executive Management and other designated committees.
• Coordinate the preparation of risk management documentation, committee reports, meeting packs, presentations and other supporting materials.
• Monitor and report on the implementation status of risk mitigation plans, outstanding risk-related actions and recommendations arising from governance structures.
• Facilitate risk management meetings and engagements with relevant stakeholders, including the preparation of agendas, recording of minutes and monitoring of agreed action items, where required.
• Maintain accurate, complete and up-to-date risk management records, registers, supporting evidence and reports to ensure effective monitoring, reporting and institutional accountability.
• Contribute to the development, implementation and continuous improvement of risk management tools, templates, reporting mechanisms and relevant components of the institution's Digital Quality Management System (DQMS).

 Internal Audit 

• Assist with the development and periodic review of the institution's risk-based internal audit plan, taking into consideration institutional risks, regulatory requirements and operational priorities.
• Conduct assigned internal audits across academic, administrative and operational departments in accordance with approved audit scopes, methodologies and timelines.
• Develop audit scopes, audit programmes, working papers and other relevant documentation to guide the execution of internal audit engagements.
• Engage with relevant process owners and stakeholders to communicate audit objectives, scope, information requirements and audit procedures.
• Evaluate the design, adequacy and operating effectiveness of internal controls, systems and processes, with particular consideration of:
• Effectiveness and efficiency of institutional operations.
• Compliance with applicable legislation, regulatory requirements, institutional policies and standard operating procedures.
• Reliability, accuracy and integrity of institutional information and reporting.
• Safeguarding of institutional assets and resources.
• Adequacy of risk management and governance processes.
• Identify control weaknesses, procedural gaps, instances of non-compliance and opportunities for process improvement, supported by appropriate audit evidence.
• Document audit findings, determine associated risks and root causes, and formulate practical recommendations to strengthen internal controls and operational effectiveness.
• Compile internal audit reports and communicate findings and recommendations to relevant stakeholders for consideration and management responses.
• Engage with responsible process owners to agree on corrective action plans, responsible persons and implementation timelines.
• Conduct follow-up reviews to assess the implementation and effectiveness of agreed corrective actions and report on outstanding audit findings.
• Maintain complete and accurate audit working papers, supporting evidence and audit records in accordance with institutional requirements.
• Contribute to the maintenance and monitoring of the institution's internal audit coverage plan and established audit review cycle.

General and Institutional Responsibilities

• Participate in institutional committees, working groups and special projects as required.
• Collaborate with relevant departments to strengthen institutional governance, risk management, compliance and internal control processes.
• Contribute to the development and enhancement of institutional policies, procedures, frameworks, forms and templates.
• Prepare periodic departmental reports and maintain appropriate records and supporting documentation.
• Perform other risk management, compliance and internal audit-related duties as reasonably assigned, in accordance with institutional priorities.
• Assist with regulatory and quality assurance processes, including institutional audits, programme accreditation reviews, site visits, regulatory submissions and responses to regulatory conditions, where required.

Desired Experience & Qualification

Qualifications:

·        Bachelor's degree in a relevant field, such as business, law, or risk management.

• Having a professional certification in risk management or compliance is advantageous.

 Experience:

 ·        A minimum of 3 years working experience in an internal audit and risk management environment, preferably in the Higher Education sector.

Additional favourable Characteristics/ traits:

• Working knowledge of the King IV Code of Corporate Governance
• Strong knowledge of relevant laws, higher education regulations, and policies, and ability to interpret and apply them to the institution's operations.
• Excellent analytical and problem-solving skills, with the ability to identify potential risks and develop strategies to manage and mitigate them.
• Strong communication and interpersonal skills, with the ability to build relationships with internal and external stakeholders and effectively communicate complex issues to a variety of audiences.
• Experience developing policies and procedures, conducting risk assessments, and managing compliance and risk management programs.
• Ability to work independently and as part of a team, and to manage multiple projects and priorities simultaneously.
• Strong attention to detail and organizational skills.