Authority of FAC

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The Board has appreciated that Strategy, Risk, Performance Management and Sustainability are inseparable. The Board has therefore established an effective and independent FAC that has the mandate to oversee the following functions on behalf of the Board:

  1. Prudent and Responsible Financial Management: the FAC shall ensure that NCST has effective and efficient financial management systems.
  2. Institutional Risk management: the FAC shall ensure that NCST has a robust Institutional Risk Management system to ensure that the Organisation minimizes on its risks and maximizes on its opportunities.
  3. iCompliance with Laws, Rules, Codes and Standards: the FAC shall ensure that systems are in place to ensure NCST is in compliance with the Constitution, Science Act; Finance Management Act, Audit Act; Procurement Act and other relevant laws & regulations, binding rules, codes and standards.