The objectives of this consultancy include:
- Review of the existing risk management documentation i.e. Policy and tools and update them to best align with TMRC’s operational model, globally accepted standards preferably the COSO ERM Framework and ISO 31000, best practices and in compliance with Bank of Tanzania Risk Management Guidelines, 2010.
- Develop a Risk Management framework for TMRC.
- Develop a risk appetite and tolerance framework for TMRC.
The Scope of work for the Consultancy shall comprise of:
- Review the overall organizational Risk Management Policy and practices including tools and techniques for identifying, assessing, and responding to risks identifying gaps thereof.
- Update the Risk Management Policy and tools in line with globally accepted standards (i.e. COSO ERM Framework, ISO 31000), best practices and in compliance with Bank of Tanzania Risk Management Guidelines, 2010, ensuring the identified gaps are addressed.
- Develop an Enterprise Risk Management Framework for TMRC.
- Review and update the Combined Assurance Framework.
- Facilitate development of Risk Appetite and Tolerance Framework by:
- Focusing on quantitative and qualitative tolerance levels for TMRC considering its operational model as well as regulatory requirements.
- Engaging with members of Management and the Board on the risk appetite threshold for TMRC.
- Prepare an action plan to address identified gaps in existing risk management policy, practices and tools.
- Provide training to TMRC staff covering Risk Management and all developed risk documentation
