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Consider Risk Management from Every Perspective

17 February 2016   |   Risk and Benefits Management, Risk Management, M_o_R, Risk and Benefits Management, Risk and Benefits Management, Risk Management

Understand; manage & mitigate your Risk!

Over the years the responsibilities assigned to accountable officers and managers have increased and become more complex. One of the most critical of these responsibilities is the enabling of an environment for the management of institutional risk.

Ignore-the-people-side-of-Change-Managment-at-your-own-peril

Within this environment, those accountable have to ensure both the effective functioning of risk management, as well as that the environment has an underpinning culture, discipline and structure that influences how strategy and objectives are established, how activities are planned and executed and how risks are identified, assessed and acted upon.

/MANAGEMENT OF RISK

To achieve an organisation’s objectives, risk must be an inherent part of its governance framework. The successful implementation of a Management of Risk based approach allows a business to perceive problems before they have arisen, to analyse the value of any proposed initiative and, through an understanding of the risks involved, encourage innovation and expansion.

To ensure accountable officers and managers are qualified and prepared for these expanded responsibilities, Management of Risk certified training is essential – for the success of the organisation as well as the future career of the individual.

/RISK MANAGEMENT QUALIFICATION – M_o_R®

M_o_R® (Management of Risk) encompasses an essential framework with a supporting international qualification that covers risk management from various contexts within an institution. These risk contexts are:

  • Strategic; concerned with ensuring overall business success, vitality and viability. This sets the scene for the management of risk across an entire organisation.
  • Programme; involves transforming the business strategy into new ways of working that deliver measurable benefits to the organisation. This allows for the management of risk within a programme and the operational activities that form part of the project’s programme.
  • Project; explores the delivery defined outputs to appropriate levels of quality within agreed constraints of time, cost and scope. This lays the foundation for the management of risk within the project.
  • Operational; deals with maintaining appropriate levels of business services to existing and new customers, ensuring the management of risk within particular service delivery areas.

The M_o_R® guidance provides a powerful framework for taking informed decisions on managing risk throughout institutions, and helps guide both private and public enterprises in creating a risk culture and becoming more successful.

/PFMA & MFMA REQUIREMENTS

M_o_R® also links extremely well with the South African Government’s Public Sector Risk Management Framework that has been developed in response to the requirements of the Public Finance Management Act (PFMA) and Municipal Finance Management Act (MFMA) for Institutions to implement and maintain effective, efficient and transparent systems of risk management and control.

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