IRMSA Risk Report – South Africa Risks 2015
The first annual Institute of Risk Management South Africa’s (IRMSA) South Africa Risks Report 2015 has been compiled within a specific context – that of a country still reeling from political and economic turmoil.
The Association of Mineworkers and Construction Union (AMCU) on 29 July 2014 announced the end of a 5-month platinum sector strike by 80,000 workers which resulted in a fall of nearly 25% in mining production. South Africa’s credit rating was downgraded by Standard & Poor’s (S&P) and Moody’s. The country’s outlook was shifted from stable to negative by Fitch Ratings, meaning that the country is a single notch away from junk status. The South African government continued to experience difficulties to meet the expectations of the population in terms of the fight against unemployment, poverty and corruption, potentially giving rise to increased social instability. The International Monetary Fund (IMF) slashed its economic growth forecast for South Africa by 0,3 percentage points to only 1,4% for 2014 and by 0,4 percentage points to 2,3% for 2015, suggesting that the sustainability of the country’s economy is under severe pressure.
Risk in Focus – 2024 Survey Results
The worldwide participation in the Risk in Focus survey provides a rare opportunity to compare risk levels and internal audit planning between different regions.
IRMSA Risk Report – South Africa Risks 2017
The third edition of the IRMSA South Africa Risks Report is presented at a time of profound change. The populist anti-globalization wave that produced majority votes for Donald Trump in the United States and for Brexit in the United Kingdom is the consequence of the “anti-establishment” flag that has been raising its head around the world. This flag has been discussed by Clem Sunter and Dr Chantell Ilbury at the IRMSA Risk Report launches over the past two years and represents the growing lack of faith in professional politicians in America, Britain, Europe, Australia and many other countries. Trends and events of this nature remind us that South Africa and organisations operating within its borders are exposed to a myriad of external threats and opportunities, beyond those that are solely internally driven. South Africa’s risk landscape has been equally, or perhaps even more, volatile than the global environment during 2016.
IRMSA Risk Report – South Africa Risks 2018
The Institute of Risk Management South Africa (IRMSA) publishes an annual risk report, but the 2018 edition specifically focused on "Future" risks, which was a report on longevity risk and opportunity and the need for continuous learning due to the 4th Industrial Revolution. The IRMSA Risk Report series uses risk-based scenarios to explore the future, with the 2018 edition considering risks related to intergenerational living and the need to adapt to a changing job market.
IRMSA Risk Report – South Africa Risks 2019
Risk managers are in a unique position to connect the proverbial dots – finding the linkages and trends in information, vertically and horizontally, from a number of different planes that enables you to navigate the level and pace of complexity of what we are going through in the world and certainly in South Africa.
We live in a complex world with high levels of uncertainty and constant change. The scale and pace of global and domestic change profoundly influence the nature and dynamics of our politics: either in the manner in which certain disputes will be resolved expeditiously and or in how new obstinate problems are actually created.
IRMSA Risk Report – South Africa Risks 2020
At this stage in our country’s history, risk management has never been more important. Already, many risks have materialised but in their wake a whole new set of risks have emerged. We, as a nation, as organisations and as individuals must identify these risks clearly, and put the necessary strategies in place to mitigate them.
This was the overall theme of the address to the IRMSA Risk Conference in October 2019 by Chief Justice Mogoeng Mogoeng.
He said that we need “to prevent new risks from emerging while we manage those that already exist – with a view to reduce them or minimise them and to hopefully eliminate or leverage them in the long run.”
The Chief Justice set the context by correctly noting that our approach to risk must be informed by the shared national vision embodied in our Constitution. He emphasised that this vision incorporates the fact that there were injustices in the past, and that they need to be redressed or they will continue to constitute risks to our democracy and erode the social capital on which every nation depends:
What is it that we are called upon to do as individuals and as the citizenry of South Africa? How will we make sure that those injustices of the past do not continue to pose the risk they posed in the past? How do we eliminate them so that we can become the stable, peaceful and prosperous nation that we all desire to be?
IRMSA Risk Report – South Africa Risks 2021
There is no doubt that 2020 will go down as a year to be remembered. While the Covid-19 pandemic has had an enormous impact,
the year brought many challenges, from the forest fires in Australia at the beginning of the year to the volcano eruption in the Philippines, followed by a long list of hurricanes and widespread social unrest in the US. All of these have highlighted the reality of
persistent and disruptive volatility. There is no reason to think that volatility will decrease - in fact, it is only likely to increase.
James Lane Allen said, “Adversity does not build character, it reveals it”. The adversity we are operating under is continuing to reveal
the importance of risk management and business resilience. It has changed the way we are, the way we work, the way we think
and the way we act. It has accelerated innovation and digitalisation, and created an imperative for companies to transform their
operations. It’s no longer the big fish eating the small – it’s the fast fish eating the slow fish (World Economic Forum). It’s now about
agility and how quickly we respond to changes, and the making of better-informed, faster decisions to survive in a rapidly changing
environment.
IRMSA Risk Report – South Africa Risks 2022
Currently we are only just in the ‘Fake it until we make it, or not?’ scenario, which is where we have been for the past two years. What
is encouraging is that recently we have been doing some things right, although not nearly enough. We now have to urgently overcome
the current inertia to avoid a slip into the worst-case scenario of a ‘Perpetual hangover’. The challenge is to avoid regressing on any of our of our gains so far. While we are barely in the ‘Fake it until we make it, or not?’ scenario, we now need to focus on sustained implementation of what we have started. We need to leverage the progress we have made and translate our efforts into tangible outcomes. The threat and opportunity landscape is challenging, but we believe we are on the right course. We now need to demonstrate our staying power as a country and organisations to succeed. We need to leverage the progress we have made and
translate our efforts into tangible outcomes.
IRMSA Risk Report – SOUTH AFRICA Risks 2023/24
South Africa, like many countries, faces a multitude of risks in the years ahead. These risks range from economic and political instability to social and environmental challenges. In our case however, the failure over many years to address these risks in manageable bits, so to speak, has resulted in the country now facing a polycrisis (i.e. the simultaneous realisation of individual risks), with the potential consequence of becoming a Failed State (some may believe that South Africa is already a Failed State) or a Mafia State. Taking this reality into account as the country strives towards the realisation of its Vision 2030 goals, a higher level of urgency is needed to navigate these threats and opportunities in order to build a more prosperous, sustainable and inclusive future or in the worst case, to prevent a Failed State or Mafia State from materialising.
IRMSA Risk Report – South Africa Risks 2024/25
‘Managing the risks that attend to the pursuit of sustainable development.’
South Africans today may feel that they are living inside Charles Dickens’ Tale of Two Cities. In the One City, a smaller portion of society feels empowered and excited about the unfolding future, gathering pace on the wings of the ongoing technological revolution and new political possibilities. The unprecedented results of the 2024 elections require citizens, political parties, the State, and corporates to reinvent a political future that will serve the interests of our entire nation. Yet in Another City, a larger portion of our nation remains excluded from the benefits of democracy and a more equalitarian world. Being caught in this Tale of Two Cities is not unique or confined to South Africa. The explosion of communication technologies has brought us into each other’s living rooms locally and globally, so to speak. This has enabled the world to both share and tackle its interrelated challenges – polycrises and permacrises. Our collective effort to identify and resolve these challenges is guided by the agenda set by the UN Sustainable Development Goals.