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RSK4801 Assignment 4 2024 - DUE 4 October 2024
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RSK4801 Assignment 4 2024 - DUE 4 October 2024 QUESTIONS WITH ANSWERS
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[Date]RSK4801 Assignment
4 2024 - DUE 4
October 2024
QUESTIONS WITH ANSWERS
, RSK4801 Assignment 4 2024 - DUE 4 October 2024
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
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