Page 83 - IRMSA Risk Report 2021

5.2.3 LOOKING BEYOND THE RISK REGISTER
These conditions compel leaders to make the right decisions more often, much faster and using the best information available
to them. If they falter, disruptors will quickly force them out of their own market.

Risk professionals should play much more prominent roles, beyond what they are traditionally used to, especially in the public
sector. Not just a prominent role but also a role that goes beyond what is currently expected of a risk professional.

Risk professionals should be deeply involved in all activities in the organisation to ensure that the effect of uncertainty on
objectives is effectively influenced and leads to excellent decision-making. Areas such as strategy setting and execution,
resilience, decision-making and combined assurance etc.

IRMSA believes the frameworks and methodologies of risk management can assist organisations in both the public and private
sectors immeasurably. This means that private and public sector leadership must start thinking about the future together,
using hindsight and insight to create foresight.

THE CALL TO ACTION:

Thinking and designing alternative futures or responses to potential risks and opportunities, in advance and based on future
thinking and scenario planning, will, in essence, give your organisation the basis of fast and reliable decision-making in concert
with a flexible and agile business model.

• Integrate strategy, risk and resilience to optimise decision-making.
• Delegate ownership and accountability throughout the organisation.
• Discard tall management hierarchies in favour of empowering people with the right skills to make business-critical
decisions.
• Break down silos and silo mentality, and encourage information-sharing, decision-making and action across all
departments or areas of responsibility.
• Become data-centric and technology-savvy to achieve objectives.
• Improve boardroom conversations (identified in the Sensemaker survey). This includes:
• More scenarios and “what-if” conversations
• Continual review of the organisation strategy
• Proactive testing of contingency plans

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