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The IRMSA has released their Risk Report, detailing the risks facing South Africa and Industry. The Report is meant to be an input into the risk management process and contributing to better context setting, strategy development and decision-making. The IRMSA Risk Report is one of many navigation tools that IRMSA provides to create opportunities for collaboration between all role players impacted by risk. This Report creates a sound basis for risk conversations that should inevitably lead to collaboration between all parties involved and result in an inclusive approach when making decisions and managing uncertainty.

According to the study, the top risks the country faces are: 

 

  1. Structurally high unemployment
  2. Growing income disparity and inequality
  3. Failure of governance in the public sector
  4. Unmanageable fraud and corruption
  5. Inadequate and/or substandard education and skills development
  6. Energy price shock
  7. Labour unrest and strike action
  8. National policy uncertainty/instability
  9. Cyberattacks (ransomware, algorithm shutdown of the internet of things)
  10. Macroeconomic developments

Industry’s top ten risks are: 

 

  1. Failure of public governance
  2. Inadequate and/or substandard education and skills development
  3. Cyberattacks (ransom, algorithm shutdown of the internet of things)
  4. Information security (data fraud and data theft)
  5. Microeconomic developments
  6. Macroeconomic developments
  7. National policy uncertainty/instability
  8. Disruptive technologies (AI, internet of things, robotisation)
  9. Government policy, legislative and regulatory changes and uncertainty
  10. Labour unrest and strike action

About the IRMSA:

The Institute of Risk Management South Africa (IRMSA) is the leading source of information and networking opportunities within the Risk Management industry, with members from a wide range of corporations both from the private and public sector. Our non-profit organisation represents individuals and companies committed to the enhancement of the Risk Management discipline.

IRMSA has been recognised by the South African Qualifications Authority (SAQA), as the only professional body for Risk Managers in Southern Africa. They are dedicated to the advancement of the Risk Management profession and accreditation and are the leading source of information and networking opportunities within the Risk Management industry.

What do you think? Let us know in the comments below!

“Source: www.bizcommunity.com“.

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