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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 AND ANSWERS
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[Company name]RSK4801
Assignment 4
2024 - DUE 4
October 2024
QUESTIONS WITH DETAILED 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 should provide value to
organisations by identifying the primary inherent risks, which can be used for analysing
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