Study is a paradigm shift in the approach to risk management
The Institute of Risk Management South Africa (IRMSA), in partnership with Marsh Africa, has released its much-anticipated Guideline on Integrating Strategy, Risk and Resilience (ISRR).
The document marks a change in basic assumptions in risk thinking with its proposed model for the future of the discipline, calling for a more integrated approach to risk.
Organisations are currently navigating a volatile, uncertain, complex, and ambiguous business environment.
COVID-19 has also thrust risk management into the spotlight, leading to a call for a more in-depth analysis of risk management processes.
The ISRR provides a tried, tested, and integrated model to build a future-proof organisation and ensure that leadership can create, grow, and protect value for stakeholders. It is the solution to a complex and interconnected web of internal and external risks.
The interactive e-book unpacks each of the core disciplines on which the model is based – strategy, risk, and resilience – and their separate processes within organisations.
Christopher Palm, the Chief Risk Advisor at IRMSA says that currently, many companies are adopting a siloed approach to these processes, an approach that the guideline is reshaping.
He adds that by integrating these processes into a holistic, combined framework organisations will be able to streamline their decision-making and implementation processes to respond to the interconnectivity of an increasingly complicated risk environment.
CEO of Marsh Africa, Spiros Fatouros has praised IRMSA’s initial vision and the collaborative effort that the companies made to develop this approach.
He encourages companies to act in a steadily changing business environment and consider risk at the forefront of business management.
“Risk is not an isolated incident. It is both an opportunity and a challenge and thinking about the three disciplines we have highlighted in the guideline and how to integrate them makes the country much more future-proofed for the challenges that we face,” he explains.
Organisations are encouraged to read the guideline to find information that is relevant to their business models. The ISRR is a promise from IRMSA to create more resilient organisations that are better prepared for what is to come.
Access the IRMSA Guideline on Strategy, Risk and Resilience here: www.irmsa.org.za/guideline
Get the latest issue of FAnews