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GRC management is no longer a ‘nice-to-have

Posted By IRMSAInsight, 16 April 2015
IRMSA Breakfast
20 April 2015 


GRC management is no longer a ‘nice-to-have

Risk managers today have no choice but to incorporate regulatory compliance knowledge and understanding into their operations. The threat of substantial fines and crippling business interruption can be a loaded gun waiting to trigger multiple risks and derail the achievement of strategic and operational objectives. For example JPMorgan Chase has racked up more than $36 billion (about R425 billion) in legal bills since the 2008 financial crisis. Global investment banking and asset management divisions are reeling from billions of dollars in fines for the actions of employees who rigged markets, cheated clients and aided criminals. New York-based JP Morgan, the world’s biggest investment bank by revenue, hired 2,500 compliance workers and spent $730 million in the past three years to improve compliance as a result of government probes into fraudulent mortgage-bond sales, the $6.2 billion London Whale trading loss; services provided to Ponzi scheme operator Bernie Madoff and the rigging of currency and energy markets. Compliance is not limited to the financial sector; compliance management and monitoring is non-negotiable across the board and if ignored, is at your own peril.    



  • Have you taken potential impacts caused by regulatory non-compliance into account when rating your organisation's risks?
  • Are line managers aware of the regulatory requirements within their areas of responsibility?
  • Are you using compliance software to help you identify your compliance requirements and the ongoing monitoring of compliance?


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Ignorance is no longer Bliss

The very current and topical events happening around us are creating all sorts of risks to us as people and industries operating in SA. The headline news in recent daily newspapers needs to get us thinking. The risks of young or just ordinary South Africans joining the terrorist groups internationally should not be; by any chance; underestimated with all its related potentials? The businesses in SA funding these terrorist organizations as it was outlined and stated clearly by one South African university professor, confirming that we do have sponsors of such groups here in SA businesses are a concern.




  • Are you aware of the stunt that your organisation and its risk appetite provisions are taking in matters relating to religion, the different cultures as well as terrorism generally?
  • The sponsorships that your organisations are involved in – do they not in any way create unwanted and unintended extra organisational risks?
  • Is your organisation taking a view to actively diversify all cultural and religious backrounds? 


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