Page 7 - IRMSA Risk Report 2021

SECTION 3

3 SOUTH AFRICAN TOP RISKS 37
3.1 SCARCITY OF UNIFIED, ETHICAL AND VISIONARY LEADERSHIP 38

3.2 CONTINUING PRIVATE AND PUBLIC GOVERNANCE FAILURE 40
3.3 FAILURE TO ROOT OUT AND/OR CURB DEEPLY ENTRENCHED CORRUPTION 42

3.4 SHIFTS IN CONSUMER BEHAVIOUR 44
3.5 FAILURE TO MOVE FORWARD IN REFORMING THE NATIONAL HEALTH SYSTEM 46
3.6 DEEPENING STRUCTURAL INEQUALITY 48
3.7 FAILURE TO RECALIBRATE EDUCATION AND SKILLS DEVELOPMENT 50

3.8 EXTREME WEATHER EVENTS, NATURAL DISASTERS AND CLIMATE CHANGE 52
3.9 YOUTH UNDER INCREASING PRESSURE – THE LOST GENERATION 54
3.10 DISRUPTIVE TECHNOLOGIES 56
3.11 CYBER RISK 58

3.12 PROLONGED DEEP ECONOMIC RECESSION AND/OR ECONOMIC COLLAPSE 60

SECTION 4
4 COMPETENCIES WE NEED TO OWN OUR FUTURE 63

4.1 INTRODUCTION 64
4.2 A CHANGED WORLD 65
4.3 STATE OF RISK MANAGEMENT 65
4.4 SPECIFIC COMPETENCIES TO DELIVER THE PROMISE OF RISK MANAGEMENT 66

4.5 STATE COMPETENCIES 67
4.6 ORGANISATION COMPETENCIES 67
4.7 RISK PROFESSIONAL COMPETENCIES 71
4.8 PULLING IT ALL TOGETHER 76

SECTION 5
5 CALL TO ACTION 78
5.1 INTRODUCTION 80

5.2 IRMSA’S CALL TO ACTION 80
5.2.1 INTEGRATING STRATEGY, RISK AND RESILIENCE 81

5.2.2 BUILDING ADAPTIVENESS AND AGILITY TO DEAL WITH COMPLEXITY 82
AND CHAOS
5.2.3 LOOKING BEYOND THE RISK REGISTER 83
5.2.4 RISK MATURITY AND RISK CULTURE 84

5.2.5 LEVERAGING THE RISK PROFESSIONAL 85

5.3 THE IMPORTANCE OF RISK MANAGEMENT’S ROLE IN INTEGRATED REPORTING 87

6 ACKNOWLEDGEMENTS 88

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