Page 85 - IRMSA Risk Report 2020

Reading the stories in detail provides ample material to inform a consideration of risk management through the lens of risk
management thinking and devise ways to leverage the risks to add value. A variety of positive and negative risk themes
can be identified from the stories. For example, boards can be not in place; not qualified; and not pay enough attention
to risk, or they could consider risk to be their prerogative rather than everyone’s responsibility. Similarly, strategies could
be too risky or too conservative given the business context. Stories demonstrate the impact of the absence and presence
of risk leadership. They show different approaches to risk: “risk management is embedded learning” or learning can be
inhibited by factors such as politics. Risk management processes can be under-utilised or over-formalised, where it is not
appropriate. Inexperience and over-confidence both contribute to undue risks being taken.

Story details point to nudges or probes that can be put in place to shift these risk themes in beneficial directions. For
example, allies among leadership can be identified to help create momentum or a climate in which things that could go
wrong are openly discussed can be fostered in pockets and gradually expanded. Successful outcomes linked to appropriate
risk management can be celebrated in ways that build buy-in.

IN C ONCL USION

The “warm data” embedded in stories such as those collected in this study give us an insight into the landscape of risk
management in South Africa. By responding to these stories with the insights in this year’s IRMSA report we can influence
that landscape and the stories that will be told in the future.

REFERENCES / T O FIND OUT MORE

https://www.morebeyond.co.za/storyscaping-culture/
https://cognitive-edge.com/sensemaker/#sensemaker-about

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