With an overwhelming 88 percent of risk professionals indicating that their organisation’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.
“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