Umsobomvu Youth Fund Annual Report 2006 - Nyda

operationalreviewYouth Advisory CentreThe Management reporting team successfullydeveloped the linkage of financialbudgets to strategic objectives for allthe Fund’s Divisions. The production ofactual financial reports by strategy willbe completed in the 2006/2007 financialyear, as the general ledger system will beenhanced to accommodate these featurereports.RiskThe Risk Unit was established with theappointment of a Risk Manager in thesecond quarter of the financial year.Ongoing risk assessment of the Fund was conducted and will continue on a regularbasis on a programme of identified areas.The Fund’s Risk Management principles are further detailed in the Risk Managementsection of the Statement of Corporate Governance.ProcurementThe establishment of the Procurement Unit was completed and it was functioning duringthe year under review.The Procurement Unit is responsible for fundamental compliance with Procurementpolicies and procedures. It is the central custodian of tenders and co-ordinates theapproval of preferred service providers and suppliers.The Procurement Officer is the custodian of the Purchase Order Processing system andreports exceptions and non-compliance to Management.Umsobomvu Youth Fund 2006 Annual Report28The core function of the Risk Unit is toensure that all enterprise-wide risks andweaknesses inherent in the Fund areidentified and appropriately dealt with.The Risk Manager has direct access to theChief Executive Officer and co-ordinatesthe Internal Audit function.The Risk Unit is the custodian of allapproved policies and charters, andmonitors the fraud hotline.During the year under review, the BusinessContinuity and Disaster Recovery Planwas completed and implemented anda number of policies and charters weresubmitted to the Board for approval.An open invitation to a broad base for the application for accreditation onto the Fund’spreferred supplier database was conducted during the year under review.The Fund became a member of the State-Owned Enterprises Procurement Forum(SOEPF) in January 2006.Strategically, the Fund will use the SOEPF as one of the channels to promote the Fund’sGraduates Database (JOBS) and Business Opportunity Support Services (BOSS) aswell as for lobbying for, amongst other things, a national centralised preferred supplierdatabase for public entities.Facilities and AdministrationThe Facilities and Administration Unit continues to ensure that the Midrand officeis maintained and administered efficiently to promote a safe and comfortable workenvironment for the Fund’s head office employees.This unit also assists in the establishment of UYF offices and outlets located aroundthe country.