Page 14 - IRMSA Risk Report 2020

6. Based on surveys we conducted across all sectors of the economy as well as various role players in organisations, we
evaluated the competencies of, and the perceptions held by, top leaders and risk professionals in our country and
how these position us to respond to our risks. Some key actions to address urgently are listed in Table 3 below:

FOR AT TENTION RISK
PR OFESSIONALS , BO ARDS , IRMSA’ S C ONTRIBUTION AS THE
EXECUTIVE AND O VERSIGHT PR OFESSIONAL BOD Y FOR RISK
M ANA GEMENT
C OMMIT TEES

• Expect risk management to be more real-time • The Institute is taking the lead on the integration of
and less driven by the annual plan or the quarterly risk and strategy.
reporting opportunities. • Updated IRMSA new best practise framework and
• Request a risk culture and risk maturity assessment guideline which will be further developed and
at least every three years to assess, independently produced in 2020.
the organisation’s risk culture and risk maturity. • IRMSA continues to provide education and training
• Expect risk management to fulfil a significant role to members, organisations, boards and business
in strategy setting. This includes context setting, leaders.
scenario planning and predictive data analytics. • IRMSA has a stronger presence in the media
• Expect risk management to confidently comment since 2019 and intends to have an even stronger
on the performance of an organisation and voice and our message educating the public and
contribute to the company’s agility by delivering business leaders.
quality, timeous and relevant information. • The South Africa Risk Report will be a tool to start the
• Critical to integrate a company’s strategy, business conversations that we need with all organisations
objectives and performance with risk management. and their leadership.
• Adopt a risk management approach and framework • IRMSA assisting organisations with risk maturity
that is sound and flexible enough to effectively assessments allowing them to successfully
respond to the risks and opportunities in a rapid understand the gaps that they have within their
changing business landscape. structures as well as their strengths and weaknesses.
• Developed risk management skills to incorporate • Capacitating risk practitioners with the skills to
data analytics, quantification of risk and opportunity lead the integration of strategy setting and risk
as well as the development of predictive capabilities management, the increased use of data analytics
ensuring speed, agility and coverage expected in a and quantitative risk management in improved
dynamic business landscape. communication of the risk message and the
• Better understand the concept of combined development and implementation of predictive
assurance and the impact it may have on the level capabilities and scenario work.
of confidence boards, executive- and oversight • IRMSA will continue to align its professionalisation
committees can place on the information reported strategy with the various designations, board
to them. exam processes and continuous professional
• Ensure that the risk management function is development.
adequately resourced to support effective risk-
based decision making in the organisation.
• Implementing performance and consequence
management across the entire organisation.

TABLE 3 : C ALL T O A C TION – FOR BUSINESS AND THE PR OFESSION .

7. We conclude our report by positioning the key elements we believe are needed to ensure an inclusive, resilient, and
successful future for South Africa and all who live in it; our call to action is for us to work together to optimise our
resources across all political, social and economic boundaries to achieve our common purpose. Some highlights in
Section 6 – OUR CALL TO ACTION. “Must read” learning if we want to get our country to a “Spring of hope!”

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