Risk Management Capacity building to Commission for Science and Technology (COSTECH) staff has officially been launched today. The launching has been done following the decision of the Government of the United Republic of Tanzania to amend the Public Finance Act of 2011 which ordered all the Public Sector organizations to develop and implement their own Risk management frameworks as part of their Governance processes.

A cross section of COSTECH staff listen to the Presentation about Risk Management.

Speaking During the official Launch of the Risk Management Capacity building, COSTECH Director General Dr Hassan Mshinda said on 28th February 2013,the Commission ordered COSTECH Management to implement the treasury circular number 12 of 2012/2013 by establishing  the Risk management Frame work before 30th June 2013.He also said activities such as preparation of COSTECH Risky Policy and Hand book, the training of Champions and identifications of Risks associated with COSTECH’S have already been done.

COSTECH Director General,Dr Hassan Mshinda (first left) gives the opening statement to officially launch the Risk Management Capacity Building to COSTECH staff.Looking on are COSTECH staff.

“We were just waiting for the capacity building which we have finally managed to launch today. It is our hope that the risk management capacity building will provide reasonable assurance that risks are identified, analyzed, managed and monitored at acceptable levels”, Said Dr Mshinda.

Earlier during the Risk Management Presentation, COSTECH Principal Research Officer, Dr Gerald Kafuku said, Risky is any uncertainty that surrounds future events and outcomes. He noted that Risk Management is based on making decision involving uncertain future situations which have impacts on achieving strategic objectives of an organization.

On his part COSTECH Director of Finance and Administration, Mr Shaaban Hussein emphasized that COSTECH management has prepared training program to be conducted by Risk Management Champions in each Directorate starting in November 2013 to enable workers to understand well that program.

COSTECH staff, Mr Conrad Katakweba asks a question on the need to maintain participatory approach in managing all the risks that are likely to impact COSTECH in achieving its overall as well as specific objectives. COSTECH has objectives of Promoting and coordinating scientific research, technology development, and technology transfer. It also Popularize of Science and Technology and dissemination of scientific and technological information.