Risk management: a case study in a KwaZulu-Natal technical and vocational education and training college.
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Technical and Vocational Education and Training [TVET] Colleges are expanded post-school education and training institutions which are vital for the delivery of education and training, and considered to be of strategic importance in and through the Department of Higher Education and Training [DHET]. Colleges afford a form of education to advance skills and expertise for industry, commerce and the country at large. This research study was located within Elangeni Technical and Vocational Education and Training College. The College is responsible for the provisioning of engineering and general studies programs on the National Qualifications Framework [NQF] levels 2 to 4, and other programs up to the national diploma level. According to the Continuing Education and Training Act 16 of 2006, Chapter 5 section 25(1)(c) regarding the financial records and statements, public Colleges need to implement internal audit and risk management functions which are not of a sub-standard nature to the requirements as set out in the Public Finance Management Act of 1999 (PFMA Act 1 of 1999 as amended). Based on the propositions of such legislation, TVET Colleges have to implement effective risk management functions. The research objective was to determine whether the College sustained “efficient, effective and clear” systems for risk management. The benefits of a risk management strategy are that it provides assistance to the organization as risks affecting business objectives are being managed, to ensure business continuity and to minimise reputational risks. Risk management is a managerial role targeted at safeguarding the organisation which includes its people and assets from physical and financial losses as a consequence of risk. Risk management at the TVET Colleges has been theorised within the paradigm of Public Administration and Governance. This study implemented the mixed methods research design and the target population for the research was the Institutional Management Team [IMT], staff and student class representatives. Qualitative data was collected through semi-structured interviews whilst quantitative data was gathered through a survey. The Statistical Package for Social Scientists (SPSS) was applied during data analysis of the quantitative data collected. Centred on the critical outcomes of the referenced legislation, the effectiveness of risk management has not been tested in the College. In conclusion, the outcomes of the research findings could be used as an instrument to contribute to ‘best’ practice in the College as well as other TVET Colleges, thereby improving processes and systems leading to the successful achievement of College and DHET objectives.