sec.21Contingency management

sec.21 Contingency management

A department’s accountable officer or a statutory body must manage the department’s or statutory body’s contingencies in accordance with the contingency management system established for the department or statutory body under section 11 (1) (f) . Without limiting section 11 , the contingency management system must provide for— the prompt identification, monitoring and recording of contingencies; and reporting, at least annually, to the accountable officer or statutory body about the contingencies. In this section— contingencies , of a department or statutory body, means the department’s or statutory body’s contingent assets and contingent liabilities. (sec.21-ssec.1) A department’s accountable officer or a statutory body must manage the department’s or statutory body’s contingencies in accordance with the contingency management system established for the department or statutory body under section 11 (1) (f) . (sec.21-ssec.2) Without limiting section 11 , the contingency management system must provide for— the prompt identification, monitoring and recording of contingencies; and reporting, at least annually, to the accountable officer or statutory body about the contingencies. (sec.21-ssec.3) In this section— contingencies , of a department or statutory body, means the department’s or statutory body’s contingent assets and contingent liabilities.

• (a) the prompt identification, monitoring and recording of contingencies; and
• (b) reporting, at least annually, to the accountable officer or statutory body about the contingencies.