Page 38 - IRMSA Risk Report 2020

4.1
V AL UE OF OUR RISK REPORT

Considering IRMSA’s aim to contribute optimally to a risk-resilient South Africa, we asked our stakeholders’ opinion on the
usefulness, value and relevance of our risk report to enable them in their day-to-day management of risk. Their feedback
is depicted in the following graph:

G R A P H 1 : R E L E V A N C E A N D U S E F U L N E S S O F I R M S A R I S K R E P O R T.

Although it is encouraging that most of our stakeholders find our report valuable, useful and relevant, there were specific
areas where we felt we could improve:

2 9 % O F G O V E R N I N G B O D Y M E M B E R S ( W H O A R E U LT I M AT E LY
A C C O U N TA B L E F O R R I S K G O V E R N A N C E I N O R G A N I S AT I O N S ) ,
F E LT A M B I V A L E N T A B O U T T H E V A L U E O F O U R R E P O R T ;

3 8 % OF CHIEF EXECUTIVE OFFICERS FELT THAT OUR REPORT W AS ONLY
SOME WHAT USEFUL , OF AMBIV ALENT V AL UE AND THAT WE C OULD
IMPR O VE ON IT S RELE V ANCE ;

6 0 % O F C H I E F F I N A N C I A L O F F I C E R S A N D 7 5 % O F C H I E F O P E R AT I N G
O F F I C E R S F E LT T H AT W E C O U L D I M P R O V E O N T H E R E L E V A N C E O F
O U R R E P O R T ;

3 8 % OF CHIEF RISK OFFICERS , 4 6 % OF RISK M ANA GERS AND 3 6 % OF RISK
PR A C TITIONERS FOUND OUR REPORT SOME WHAT USEFUL .

As a result of this feedback from our stakeholders, we have made significant changes to our report, with the specific aim to
increase the report’s value for the real management of risk in organisations’ day-to-day activities. We specifically linked the
risk management effort to future scenarios that inform our strategies and included more factual information and sources
to guide organisations to make better risk-informed decisions. Our approach is discussed in more detail in the following
section.

3 7