<

Risk Management and Assurance

Print this page| Send to friend


Ms. M. Tjongarero
Head of Risk Management & Assurance

The Risk Management and Assurance Department is an independent review function within the Bank and its task is to determine the key risks that the organisation faces, to examine and evaluate the adequacy and effectiveness of the system of risk management and internal controls in place to protect the bank from those risks, and to verify that the controls are working as intended.


The primary objective of the IAD is to assist management and the board of directors in the effective discharge of their responsibilities. To this end IAD will furnish them with analyses of information, relevant and practical audit recommendation and information concerning the activities reviewed.


Functions

The main responsibilities of the division are summarised below:


  • Formulate and communicates the Annual Internal Audit Plan to the Governor and Audit Committee for review and approval, design effective risk-based audit programmes, and determine the audit priorities and monitor progress.
  • Plan, co-ordinate and monitor the adequacy and effectiveness of the risk management process on a bank-wide level by identifying, assessing and evaluating significant risk exposures to the Bank and contribute to the improvement of risk management and internal control systems.
  • Report periodically to the Audit Committee, Risk Management Committee and management on the adequacy and effectiveness of internal control systems, risk prevention or reduction strategies, corporate governance issues, and other audit related matters requested.
  • Review the established systems to determine compliance with those policies, plans, procedures, laws and regulations which could have a significant impact on the operations of the Bank and make appropriate recommendations to management to institute corrective actions.
  • Review departments within the Bank at appropriate intervals to determine whether they are economically, efficiently and effectively carrying out their functions in accordance with management, instructions, policies, and procedures, and in the manner that is consistent with the Bank's strategic objectives.
  • Liaise with external auditors and provide assistance during financial year-end audits, obtain comments from management on audit concern areas raised in the year-end management letters, follow up on management action plans and implementations by departments on audit recommendations.
  • Keep abreast with the latest developments in the auditing profession and be familiar with emerging international accounting and auditing standards.

Divisional Structure

The Chief Internal Auditor, as head of audit function, reports administratively to the Governor and functionally to the Chairperson of the Audit Committee, which report to the Board of Directors and has unrestricted access to the Chairperson of the Board of Directors.

Departmental Management:
Ms. M. Tjongarero, Head of Risk Management & Assurance
 

General

Inquiries to the division may be directed to
Head of Risk Management & Assurance
Tel: +264 61 283 5057


Today’s rates
Inflation rates
View Info

NCPI

CONSUMER PRICES Total (All urban areas) 12-Term % change

NCPI 5.60 Sep 2017
Interest rates
View Info

Repo rate

Repurchase rate: Rate at which the private (sector) banks borrow namibian dollars from the Bank of Namibia

Prime overdraft rate (predominant rate)

Benchmark rate at which private banks lend out to the public.

Repo 6.75
Prime 10.50
Exchange rates
View Info

NAD per US Dollar

Weighted average of the banks' daily rates at approximately 10:30 am. Weights are based on the banks' foreign exchange transactions.

NAD per British Pound

Weighted average of the banks' daily rates at approximately 10:30 am. Weights are based on the banks' foreign exchange transactions.

NAD per Euro

Weighted average of the banks' daily rates at approximately 10:30 am. Weights are based on the banks' foreign exchange transactions.

NAD per Angolan Kwanza

Weighted average of the banks' daily rates at approximately 10:30 am. Weights are based on the banks' foreign exchange transactions.

N$ / $ 13.5662 19 Oct 2017
N$ / £ 17.9256 19 Oct 2017
N$ / € 16.0070 19 Oct 2017
N$ / AOA 0.0717 19 Oct 2017

Please read our Website Disclaimer





Disclaimer

The content of this website is intended for general information only and is not intended to serve as financial, legal, professional or any other advice. Although the Bank of Namibia has taken considerable measures to ensure the accuracy and the quality of the information on this site, it does not guarantee, express or implied, the availability, correctness, completeness or the accuracy of information, nor is it responsible for any decisions taken, based on this information.


The Bank of Namibia is excluded to the extent lawfully permitted of all liability whatsoever for any loss or damage howsoever arising, which may result from, or be attributable to, directly or indirectly, the use of this website or reliance upon the contents of this website, or any other website linked to it.


This website may sometimes be linked to external websites over which the Bank of Namibia has no control and for which the Bank of Namibia assumes no responsibility and or liability.


The Bank of Namibia may make any amendments or deletions to the website without obligation to notify any person.


By accessing this website and the information contained herein, you agree to the application of Namibian law to govern all matters between you and the Bank of Namibia and to the exclusive jurisdiction of the courts of Namibia.


All rights are reserved.


Visitors who rely on the information of the Bank of Namibia website do so at their own risk.


Accessing this website is deemed to have accepted the foregoing.