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RSK4801 Assignment 4 (COMPLETE ANSWERS) 2024 - DUE 4 October 2024
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,RSK4801 Assignment 4 (COMPLETE ANSWERS)2024 - DUE 4 October 2024 ; 100% TRUSTED
Complete, trusted solutions and explanations.
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-frequency and low-impact operational loss
incidents should be managed by means of more real-time
monitoring of KRIs. This could ensure obtaining value from the
RCSA activity. According to the Institute of Risk Management
(IRM, 2023), the year 2024 will see certain risk events escalate,
requiring a more “aggressive” and formal approach by risk
managers to assist organisations in coping with these risk
events. Some of these risks, specifically for South Africa, were
identified by various risk managers as follows: • future
disasters, such as ongoing floods, global warming, and drought
• the constant negative influence of the energy crisis on the
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