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RSK4801 Assignment 2 2024 - DUE 12 July 2024
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RSK4801Assignment 2 2024
- DUE 12 July 2024
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, RSK4801 Assignment 2 2024 - DUE 12 July 2024
CASE STUDY:
RISK MANAGEMENT – THE ROLE OF A RISK MANAGER Since 2020, many
incidents and events have caused organisations to adopt a focused approach towards risk
management and the role of risk managers. Examples of these events are the COVID-19
pandemic and its severe effects on many countries, economies, and businesses. South Africa
was not excluded from the pandemic and was further hampered by severe power
interruptions and inadequate service delivery. These are all risk-related incidents/events
involving risk managers to assist in the management thereof. According to an article in
Enterprise Risk Magazine (2023), uncertainty also boosted the profile and role of risk
managers. Large-scale risks are happening more often, which requires sound risk
management to cope with the increasingly unclear business and physical environments. As
such, it seems imperative that the role of risk managers and appropriate risk management
tools is clear. The classic three lines of defence in the risk governance model endeavour to
demarcate the various roles regarding the management of risks. Although there are many
issues surrounding this model, it provides a foundational guideline for the roles of the main
role-players in risk management. Regarding the tools for operational risk management, it
seems that there are concerns over the predictive powers of key risk indicators (KRIs), the
value of risk and control self-assessments (RCSAs), and the subjectivity of scenario analysis
to manage operational risks (Enterprise Risk Magazine, 2023). In addition, embedding an
operational risk management framework is becoming essential. However, it appears that
there is only a vague understanding of the exact role of a risk manager. Furthermore,
according to Enterprise Risk Magazine (2023), excessive effort is being expended on issues
that generate too little value when using operational risk management tools. For example,
RCSAs are tools that should provide value to organisations by identifying the primary
inherent risks, which can be used for analysing risk scenarios and determining and
managing KRIs. In addition, RCSAs can determine control weaknesses in managing the
residual risks effectively. Enterprise Risk Magazine (2023) mentioned that organisations
should focus their RCSA efforts on the effectiveness and adequacy of controls in mitigating
low-, medium-frequency/medium and high-impact operational risks. Risks leading to high-
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