NEW YORK (July 31, 2019) — With an overwhelming 88 percent of risk professionals indicating that their organization’s enterprise risk management (ERM) programs are either fully or partially integrated into operations, South Africa might rightly claim to be one of the most risk-aware countries in the world, according to the 2019 Enterprise Risk Management Report: South Africa.
A collaborative effort between RIMS, the risk management society®, and IRMSA, The Institute of Risk Management South Africa, the Executive Report highlights the maturity of ERM programs in the country, the value proposition of such programs, acceptance, reporting, as well as opportunities for ERM programs to have an even greater impact on operations and strategy.
- 88% report either having fully or partially integrated ERM programs in operation;
- 53% said that ERM is being used to inform and influence strategy;
- 81% of risk executives report to their board (committee) on a quarterly basis;
- 31% said ERM’s implementation was ordered by the board.
“Global business leaders recognize that ERM’s value goes well beyond just reducing and avoiding risks,” said RIMS Vice President of Strategic Initiatives Carol Fox. “ERM is integral for proactively identifying major risks, enhancing business processes and, most importantly, keeping operational and strategic objectives relevant and within reach. We are proud to team up with IRMSA and share this informative overview to RIMS’ global risk management community.”
“Collaborating with RIMS gave IRMSA the opportunity to benchmark risk management in South Africa against a global platform,” said Christopher Palm, chief risk advisor for The Institute of Risk Management South Africa. “The critical importance of improving risk management within South Africa and South African industries has been highlighted by some recent spectacular corporate failures and represents a key element of IRMSA’s vision for 2019 and beyond - #Impact: A year of risk activism!”
To download the report, visit RIMS Risk Knowledge library at www.RIMS.org/RiskKnowledge. For more information about the Society and to learn about other RIMS publications, educational opportunities, conferences and resources, visit www.RIMS.org.
The Institute of Risk Management South Africa (IRMSA) is the only recognized professional risk management body in South Africa and the leading source of information and networking opportunities within Africa’s risk management community, with members from a wide range of corporations both from the private and public sector. The non-profit organization represents individuals and companies committed to the enhancement of the Risk Management discipline.