Exam (elaborations)
RSK4801 Assignment 2 2024 - DUE 12 July 2024
- Course
- RSK4801 (RSK4801)
- Institution
- University Of South Africa
RSK4801 Assignment 2 2024 - DUE 12 July 2024 QUESTIONS AND ANSWERS
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[Date]RSK4801 Assignment
2 2024 - DUE 12 July
2024
QUESTIONS AND 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 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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