Spotlight shines on top talent
Programme acknowledges and celebrates excellence within the risk management sector, writes Alf James
The Institute of Risk Management SA’s (Irmsa) theme for this year has been “Lead 2017”, because the institute believes the risk management function should be leading the objectives and strategies of all organisations across all sectors of the economy, both in the private and public sectors, according to Gillian le Cordeur, Irmsa CEO.
She points out that the role of the risk professional has become far more important. An indication of this is that to address the need to strengthen risk governance to deal with the increasing complexity relating to risk, King 4 recommends that the risk committee should consist of a majority of nonexecutive members of the governing body, which goes beyond what King 3 recommended.
Inspired by the institute’s Lead 2017 theme, the 2017 Irmsa Awards theme was “Leading the Change: Dynamic Risk Management Through Adaptive Leadership”, which reflects risk management and how risk professionals adapt, change and continue to lead through difficult times.
Le Cordeur says the purpose of the awards programme is to acknowledge, encourage and celebrate excellence within the risk management sector. It recognises and rewards risk management professionals who have made a significant contribution and the best risk management initiatives within different industries.
“Irmsa evaluates the award nomination process annually to ensure nominations, finalists and, ultimately, winners are of the highest quality. This year we added additional vetting stages to ensure only the most deserving nominees were
considered as finalists. These finalists were of an extremely high standard.
“Over the past few months, judging panel sessions have been held where members of the panel were asked to review and assess nominations. After the final session, where each nomination was debated and assessed, the panel felt comfortable with the decisions made for the 2017 awards.”
Nominations were based on the following criteria:
Why is this nomination exceptional?
What effect has the nominee or initiative had on the organisation?
What effect has the nomination had on the risk management industry?
She says the awards highlight excellence as well as new and special initiatives, so they can be used as examples to improve business as a whole in the country, especially the risk management function.
“We are highly aware that risk practitioners need to have courage and strong conviction to ensure risk management is being embraced from the top to the bottom and throughout the organisation,” says Le Cordeur.
“The demands on companies’ risk management function are intensifying with risk management evolving from a discreet management discipline into a function that is fully integrated into companies’ day-to-day management systems and company reporting with the annual report placing more emphasis on how risk is managed.”
While the responsibility for risk management varies within companies, it is increasingly becoming part of the responsibility of an enterprise risk manager reporting to the financial director or legal compliance department, or, if the CEO really understands the value of risk management, directly to the CEO.
An indication of the growing importance attached to risk management is Irmsa’s growth in membership.
“We have grown from about 700 individual members in 2011 to more than 3,000 and from 70 corporate members to almost 200,” says Le Cordeur.
The professionalisation of the risk industry was also celebrated with graduates of the institute’s Certified Risk Management Practitioner and Certified Risk Management Professional board examination receiving their certificates.