ELRC 202324 Annual Report

EDUCATION LABOUR RELATIONS COUNCIL | 2023/24 ANNUAL REPORT

L EDUCATION LABOUR RELATIONS COUNCI

3. RISK MANAGEMENT The Internal Audit Function is responsible for facilitating the process of identifying, reviewing, managing, and monitoring risks. This involves performing risk identification and assessment at strategic and operational levels. Through these processes, the ELRC’s top risk profile is developed, divisional and operational risk registers are compiled with mitigation strategies, and these are implemented and monitored quarterly. The ELRC recognises that risk management is the responsibility of everyone within the Council. Risk management is therefore integrated into all business and decision-making processes, including strategy formulation, business planning, financial allocation, internal control, and day-to-day operations. Key risks considered and addressed during the year The following are the key Strategic Risks for ELRC that were considered and addressed during the year: • Failure by parties to efficiently conclude on issues of mutual interest. • Non-implementation of signed collective agreements. • Failure to expedite inquiry by the Arbitrator for sexual misconduct cases relating to minors. At the beginning of the financial year, several risks that could potentially influence the operation of the Council were identified. Due to the deliberations at Risk Management meetings, mitigation measures were put in place. Tracking the implementation of these measures allowed the Council to minimise these risks, and the Council was able to achieve its goals and objectives as set out in its APP. • Reviewed the Quarterly Reports (performance information and financial statements) and relevant portfolio of evidence. • Provided the support function to the ELRC business unit, including quality checking of the monthly payroll master file, reviewing policies and SOPs amendments, deviation submissions and attending management meetings and in house committee meetings. • Followed up on the outstanding Internal Audit findings and pursued them in liaison with the relevant managers. Feedback was provided to the Accounting Officer and the Audit and Risk Committee. • Observed the tender closing session, the compliance checking and the evaluation processes. • Performed random physical assets verification against the FAR. • Investigated transactions of fruitless and wasteful expenditure. • Coordinated the annual audit between management and the external auditor. • Provided the secretariat functions of the Executive: • Delegation of Authority Policy was updated and signed off accordingly. • The Terms of Reference of the Audit Committee were updated and signed off accordingly. • The Operational Risk Register and Strategic Risk Register were updated and tabled at the quarterly Audit and Risk Committee meetings. 4. INTERNAL CONTROL The Internal Audit Function performed the following tasks during the year under review:

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