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RSK4801 Assignment 2 2024 - DUE 12 July 2024
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RSK4801 Assignment 2 2024 - DUE 12 July 2024 QUESTIONS WITH DETAILED ANSWERS
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[Company name]RSK4801
Assignment 2 2024
- DUE 12 July 2024
QUESTIONS WITH DETAILED ANSWERS
, 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
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