BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.
A majority of risk professionals in South Africa reported that their enterprise risk management programs are fully or partially integrated into their businesses’ operations.
The 2019 Enterprise Risk Management Report: South Africa showed that 88% of the 97 risk professionals across 16 industries responding to the survey conducted from Jan. 1 to May 15 reported either having fully or partially integrated ERM programs in operation, with 45% reporting having a fully integrated program.
This is a significant increase when compared with 73% reporting a partial or full level of integration in the 2017 ERM Benchmark Survey, and only 24% having a fully integrated program, according to the report released Wednesday.
In addition, 53% of survey respondents said ERM is being used to inform and influence strategy, but 24% said their organizations do not have a risk appetite or risk tolerance statement, according to the report.
Meanwhile, 81% of risk executives report to their board/committee on a quarterly basis, and 70% said their ERM reports/outputs are reviewed at the board level by the audit committee, according to the report.
For 31% of respondents, ERM implementation was ordered by the board, while 45% reported that ERM program implementation was motivated by regulatory requirements, according to the report.
The report was a joint effort between the Risk & Insurance Management Society Inc. and The Institute of Risk Management South Africa.
Some corporations are beginning to see the value in integrating enterprise risk management and business continuity management programs, but much more work needs to be done before such linkages are widespread.