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Risk validation process
This section describes the process of validation of risk assessments and risk response designs that have been submitted by the business units to the respective committees at both headquarters and regional levels through their designated focal points.
Overview
Overview
Heads of units must submit the risk assessment with selected risk response options to the appropriate management level for validation. It ensures a comprehensive, effective, and consistent evaluation and prioritization of risks and selecting appropriate risk response options to the identified risk exposures in line with the established risk appetite levels, considering global, country, and regional programme requirements, trends, and priorities. The risk validation process, workflow, and responsibility table for validation are provided below.
Validation approach
Validation approach
Validation of risk assessment results and risk response plans must be made holistically, actively engaging with the heads and personnel of the concerned units and considering all appropriate information and documentation, including the results of second and third-line controls.
The validation must leverage the collective knowledge and expertise of the managers, risk committees, or other bodies involved, decisions made in similar circumstances, and the advice of the relevant Subject Matter Experts based on the mapping table guidance when required.
Validation must occur immediately after the risk assessments and risk response design are completed.
Video tutorial
Video tutorial
RA Step 11 Risk Validation_final.mp4Step by step guide
Step by step guide
Assigned roles in the myRisk application
Assigned roles in the myRisk application
Roles of Headquarters Risk Committee (HRC) in risk validation
Roles of Headquarters Risk Committee (HRC) in risk validation
Background and objectives
HRC is the validation mechanism to advise/support the Chief Risk Officer.
Validates Risk Assessments and response designs of HQ Business Units and the Regional Offices.
Composition
Chaired by the Chief Risk Officer.
Comprise UNFPA HQ branches/units' chiefs and subject matter experts.
Observers include Ethics Office, OAIS, and Evaluation Office.
Secretariat is the ERM Secretariat.
Key working modalities
Reviews any significant incidents or updates that may affect risks and opportunities.
Facilitated by the ERM Secretariat (validation of risk assessments and communications on results).
Convenes at least quarterly and minutes are shared with members.
Risk management role mandatory output of the performance assessment documents for members.
Regional Risk Committee(RRC) in risk validation
Regional Risk Committee(RRC) in risk validation
Background and objectives
RRC is the validation mechanism to advise/support the ERM policy implementation in the region.
Validates Risk Assessments and response designs of Country Offices.
Composition
Chaired by the Regional Director.
Comprise regional UNFPA subject matter experts.
Observers include the Chief, Internal Audit Branch/OAIS (responsible for the region); Ethics Officer and Evaluation Officer, as needed.
Secretariat is the Regional ERM focal point (with support from ERM secretariat).
Key working modalities
Reviews any significant incidents or updates that may affect risks and opportunities in the region.
Facilitated by the RRC Secretariat (validation of risk assessments and communications on results).
Convenes at least quarterly and minutes are shared with members.
Risk management role mandatory output of the performance assessment documents for members.
Resources
Resources
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