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2017-07-12
Risk Appetite & Tolerance - 12 July 2017 (Durban)

IRMSA Guideline to Risk Management
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IRMSA RISK MANAGEMENT GUIDELINE POSITIONING

 IRMSA acknowledges that risk and opportunity management is continuously evolving as new knowledge emerges and best practices for the management of risk evolve, both in private (profit-seeking) and governmental (service delivery) organisations. To enable IRMSA and its members to stay attuned to thelatest developments, and after review of the IRMSA Code of Practice (2004), the decision was taken to compile a guideline that contains risk management knowledge, concepts and acceptable practices in a single, user-friendly document.

The new IRMSA Guideline to Risk Management (a natural progression from the IRMSA Code of Practice) is not a prescriptive document, but aligns with the continuous evolving body of risk management knowledge. As the name implies, it serves to guide the planning, implementation, review and improvement of risk management in organisations.

All good risk management practices require an acceptable point of reference or starting point. IRMSA has taken the International Standards on Risk Management (ISO 31000) and its related documentation, as well as the King III Report on Corporate Governance, as its point of reference. Other works of reference, such as COSO, The Orange Book, ANZI4360, and others also served to inform the process of compiling the guideline.

The IRMSA Guideline to Risk Management is a document that acknowledges the uniqueness of organisations and thus serves as a guide (compass) for organisations to implement acceptable risk management knowledge, concepts and practices in their own unique operating environment. It is not prescriptive, and it certainly is not a how-to “for dummies”. It also does not serve as a "tick the box" exercise to see if certain actions have been taken.

Please contact IRMSA to get your copy of the IRMSA Guideline to Risk Management

011 555 1800 or training@irmsa.org.za

 

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