The Students’ Loan Bureau Jamaica
The Auditor General’s Department is conducting a performance audit of the Student Loans Bureau (SLB), which provides loans through its Revolving Loan Fund to approved students pursuing tertiary education.
The SLB’s mandate is consistent with Vision 2030 Jamaica National outcome # 2: World-Class Education and Training, and National Strategy 2.7: Ensure that Adequate and High Quality Tertiary Education. The Government’s vision for the education sector also aligns with the United Nations Sustainable Development Goal (SDG) # 4 – Ensure inclusive and quality education for all and promote lifelong learning.
The audit seeks to determine if SLB has in place an efficient and effective loan management system that will enable a sustainable supply of loans for tertiary education and contribute to nation building. The audit will also contribute to the AuGD’s strategic aim to promote improvements in the use of public funds. Accordingly, the audit will focus on three key Thematic Areas:
- Governance ;
- Resource Management, ; and
- Information & Communications’ technologies
The audit will assess:
- The adequacy of SLB’s risk management framework, to identify whether:
- SLB is collecting sufficient funds to sustain its provision of loans to qualified applicants;
- There are mechanisms in place to reduce delinquency and
- There are effective periodic financial assessments of the RLF to determine economy and sustainability.
- The reliability and adequacy of IT System and infrastructure, to identify whether:
- Effective and efficient systems are in place to monitor loans and process information;
- If student records are up to date and properly maintained to trace and track details relating to loan disbursement, repayments and balances and generate reports.
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