Risk Management

The Institute of Risk Management South Africa awards reflect growing relevance of the risk management discipline

The discipline of risk management has seen exponential development in recent years and IRMSA can claim much credit for this growth and for having put risk management on the map as a recognised business discipline, according to David Stratton, Principal Broker, Risk Services, Property and Casualty, a division of insurance brokers and risk advisors, Glenrand M.I.B, which was co-sponsor of the sixth annual IRMSA gala dinner and risk management awards. He congratulated award-winners, adding that each nominee is a winner by being recognised for advancing the discipline of risk management in South Africa, and that this could only make South African corporates and other entities more robust and competitive.  “The risk management field has grown exponentially in South Africa and is being given new credence, evidenced by the fact that ‘Organisational Risk Manager’ is now recognised as a title within the corporate hierarchy.”

Errol Kruger, Registrar of the South African Reserve Bank, was honoured as Risk Manager of the Year for his early interventions with banks relating to their risk appetite and lending approach, thus mitigating the impact of the global financial crisis.

Other awards went to Nedbank, SAB, Anglogold Ashanti, Eskom, Standard Bank, City of Cape Town, Tsogo Sun, ACSA, Exxaro, Vodacom and MTN.

IRMSA was formed through the amalgamation of The Society of Risk Managers (SRM), and the South African Risk and Insurance Manager Association (SARIMA), in 2003. The organisation represents individuals and companies committed to the enhancement of the risk management discipline across the widest context.

Effective risk management integrated across an enterprise is mandated in the King II report on corporate governance and is recognised as the cornerstone for building a robust and success business strategy for all businesses. Since inception, IRMSA has embraced its role as having ownership for and custodians of, risk management practice as well as responsibility for developing the profession and individuals in the risk management sector.

JSE listed Glenrand M.I.B, SA’s largest independent insurance broker, is a preeminent participant in the short term commercial and personal products insurance sector. “We are proud to be associated with the Institute as a corporate member in addition to having a number of individual members. Glenrand M.I.B. supports the view that risk management is a fundamental in business and especially so in the area of corporate insurance. Moreover, risk management is one of a number of fields of endeavour where we as South Africans have a reputation for punching above our weight and we would like to believe that we play our part in that respect,” Stratton said.    “Tonight’s awards therefore underline the importance of paying tribute to representatives in the industry for their specific achievements, the innovation they demonstrate and their contribution to the evolution of the industry. Clearly, if we as an emerging economy wish to remain competitive as a global and regional player, risk management will play a key role in all facets of business investment and trade.”

IRMSA President Hendrik Thessner said that, since the formation of IRMSA in 2003, the organisation has realised the importance of acknowledging, encouraging and celebrating excellence within the risk management field. He thanked Glenrand M.I.B for its contribution and support in furthering the development of the risk management profession.

One of IRMSA’s key focus areas for 2011 is to expand its footprint, engage and represent a broader variety of Industries in South Africa. He says the awards strategy for 2010/2011 will be a key contributor in making this a reality, and based on the success of the gala dinner and awards evening,  attended by close on 400 guests, IRMSA is on its way to achieving this goal and making the awards the  highest accolade in the risk management sector.

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