Speech - Minister - Enterprise Risk Management Workshop of SRSA

Risk means many things to many people, depending on where they stand on the mountain top gazing down the hither land. Whilst varied scholars, academics, theorists and practitioners differ on the definition of risk, for me, the terminology Risk denotes nothing but “uncertainty and probability”. Uncertainty of not knowing all the probabilities of the outcomes or set objectives, in a manner that such uncertainty may manifest in a real threat, vulnerability and potential impact to the organisation. Thus, risk management strategy occupies the epicentre within which that predetermined risk can be or could be mitigated to completely or partially obliterate any potential adverse impact. It is the ability to pre-empt and identify such potential jeopardy, institutionalise tools and processes that will steer away your outcomes from such hazards, and guarantee the achievement of your strategic objectives. Typically, these objectives could include financial, human capital, reputation, and compliance imperatives.

Date
: 04 March 2011
Year
: 2011
Publication Page
: 5
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Media Type
: Speech
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