Page 89 - IRMSA Risk Report 2020

Chief Justice Mogoeng Mogoeng reminded our members that their conviction as Risk Activists may at times result in them
being ostracised for speaking the truth. Unfortunately, we are already seeing this and there have been several incidents
where our members have been intimidated or threatened for performing their roles as they should be. IRMSA takes this
threat very seriously, and we cannot afford to lose our pivotal positioning in the strive to ensure good governance and
strong ethics within all organisations. The Institute will continue to push to ensure that we work with other professional
bodies, who find themselves in similar positions, and to have a voice in the country conversation.
A strong message to the leadership of our country, is to influence the way decisions are made – risk management should
be involved before a decision is made. It is too late to bring in risk management once an issue has revealed itself due to
bad planning and implementation. Our risk professionals understand this as it is the core value that we work towards,
but it is now important for the right conversations to be had to ensure that the big picture is affected. How do we build
towards a risk intelligent environment?

pr t support b ex r professionals platfor t certain
objectives and interventions, which will enable the risk profession to take on the task of helping to shape South Africa and
overcoming the challenges and obstacles. The steps taken in 2019, together with what is further needed as highlighted in
the 2020 Risk Report are very intentional in the plan to provide a platform for what needs to come next.

Let’s unpack this journey leading into 2020 and beyond:
• The Institute is taking the lead on the integration of risk and strategy, which was already brought into the spotlight at
the IRMSA Master Class in October 2019. For months, IRMSA worked with leading strategists from around the country
to find an optimal way for risk management and strategy to integrate effectively. We went from talking about how
risk and strategy should be used hand in hand, to showing how it should be done practically.
• The integration of risk and strategy has now been used to create the template for the updated IRMSA new best
practise framework and guideline which will be further developed and produced in 2020. The new guideline will be
developed, in true IRMSA style, through the engagement of members and its stakeholders.
• IRMSA continues to provide education and training to members, organisations, boards and business leaders. The
programmes that are offered are constantly evolved and align to the everchanging landscape of business. IRMSA
will support members to be able to use the new guideline practically and efficiently through the practice notes and
training.
• Members will have noted how IRMSA had a stronger presence in the media in 2019. This was a clear objective at the
beginning of the year as Risk Activists must have a voice and allow the message to be spread far and wide. In 2020,
IRMSA intends to have an even stronger voice and our message educating the public and business leaders, not only
about the importance of risk management, but how each person should be an active risk activist in the country.
• The South Africa Risk Report will continue to be a tool to start the conversations that we need with all organisations
and their leadership. This year’s edition, different from previous years, will clearly demonstrate how risk management
continues to evolve and the way that we report can and needs to be reshaped and redefined as we move on this
journey. Risk Management is most certainly one of the fastest evolving practices and we need to make sure that we
stay ahead of the game. With that said, we do however need to ensure that we support this rapid changing landscape
with the risk management basics.
• During 2019, IRMSA has assisted many organisations with risk maturity assessments which has allowed these
organisations to successfully understand the gaps that they have within their structures and has positively highlighted
their strengths and weaknesses. It has been a very constructive and positive exercise, not only for the organisations
who went through the process, but for IRMSA as well, allowing the Institute to look closely at the heart of organisations
and the risks that we face as a whole and ensuring nobody is left behind.
• Lessons taken from the maturity assessments are better integration of strategy setting and risk management, the
increased use of data analytics and quantitative risk management in improved communication of the risk message,
(the effective use of big data, if you will) and the development and implementation of predictive capabilities and
scenario work.
• Understanding that risk management is constantly evolving, IRMSA will continue to align its professionalisation
strategy, with the various designations, board exam processes and continuous professional development (CPD), to
ensure that we are aligned to the changes that we are seeing and making sure that our members are kept ahead of
the game.
• During the year, our members would have heard the IRMSA team speak often about how we need to move from
unconscious incompetence to conscious incompetence and then through training and practise to conscious
competence and ultimately, to be unconsciously competent. This most certainly aligns to our strategy as IRMSA
through the professionalisation process, training and thought leadership. We need to ensure that our professionals
understand where they are situated on their maturity curve as risk professionals and assist them on their journey to
becoming unconsciously competent through continued education, practise, engagement with peers and regular
maturity assessments.

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