The Risk Management Division contributes to achieving the CMA’s Policy Objectives by providing ongoing internal risk management for the CMA as well as external market risk management and mitigation.
- Defining and maintaining appropriate risk frameworks, methodologies and tools to facilitate effective operational (internal) and market (external) risk management by the CMA
- Assessing CMA’s core functions’ compliance with risk management controls, procedures, guidelines and recommended best practices
- Overseeing risk identification and assessment by the First line of Defence functions and providing an independent review regarding the effectiveness of their controls
- Developing and maintaining a comprehensive registrar of potential risk events
- Enabling senior management decision-making through providing objective advice on existing risks and ensuring the CMA has effective mitigation strategies and roadmaps in place for such risks
- Promoting a culture of risk awareness and mindfulness across the organisation
- Aggregating relevant information from Divisions, Departments and Units as well as external sources to provide actionable data-driven insights to senior management regarding flagged risks
- Contributing to advising the Board in preparation of Board decisions related to the Division’s mandate
- Synthesizing gathered intel and subsequently feeding suggestions for areas of policy development to Regulatory Policy Development function
The division contains two departments: