Page 68 - IRMSA Risk Report 2020

W H AT D O W E A S A C O U N T R Y N E E D T O B U I L D A R I S K -
R E S I L I E N T F U T U R E ?

We firmly believe that the resilience of our country, to prosper in times of challenge and to manage our risks proactively
and effectively, depends on the ability of leaders at all levels and in all walks of life to work towards a common purpose:
competent to deal with the circumstances they face. This competency further depends critically on our ability as a country
to rely on each other’s inputs and to trust what we contribute to our risk management effort.

Over the past few months, we conducted two surveys to assist us in this regard:
• The first survey aimed to determine the maturity of our risk management methodologies and processes (including
integration with other risk related functions), e.g. how individual role players in organisations perceive each other’s
contribution and use it to inform their risk-based decision making.
• The second survey sought to provide a sense of how South African organisations deal with the actual management
of the risks they face and what (outside of the formal risk management process) contributed most to the successful
management of risks and how we can benefit from synergising our efforts.

We discuss the results of the following two surveys.

5 . 1
R I S K M A N A G E M E N T M AT U R I T Y S U R V E Y

As a country, it is important to recognise that how well or how badly we respond as a collective to our common
purpose, has a direct impact on our effectiveness in working towards and ultimately achieving that objective. Therefore,
the aim of our risk management maturity survey was mainly to determine the differences in approaches and perceptions
about risk management methodologies and how the different groupings of individuals responsible for risk
management viewed their organisations’ risk management efforts. We received 436 responses, categorised as follows:

All respondents were involved in the risk management process regularly, as reflected below:

GOVERNING BODY MEMBERS

CHIEF EXECUTIVE OFFICERS
CHIEF FINANCIAL OFFICERS
CHIEF OPERATING OFFICERS

COMPANY SECRETARIES
OPERATIONAL MANAGEMENT
NEVER
FUNCTIONAL MANAGEMENT
<ONCE PER MONTH
ASSURANCE FUNCTIONS
ONCE PER MONTH
CHIEF RISK OFFICERS
2 3 PER MONTH
RISK MANAGERS
ONCE PER WEEK
RISK PRACTITIONERS
2 3 PER WEEK
RISK PROFESSIONALS AND CONSULTANTS
DAILY
0,0 0,2 0,4 0,6 0,8 1,0

GRAPH 2: ROLES OF PARTICIPANTS.

6 7