An evaluation of approaches adopted by various departments in implementing integrated risk management in the Eastern Cape provincial government.
Jabavu, Simlindile Wellington.
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The current business environment demands a more integrated approach to risk management due to the complex interrelationship and reliance across all divisions of an organisation. It is no longer sufficient to manage risk by individual or functional area. Organisations around the world now benefit from a more comprehensive approach to dealing with all risks. The study has been influenced by the Treasury Board of Canada Secretariat's (TBS) Integrated Risk Management Framework (IRM). Its aim is to promote and increase awareness of IRM across all departments in the Eastern Cape Provincial Government (ECPG). The study establishes progress towards implementation of IRM. The research scope covered thirteen government departments in the Eastern Cape. The study includes researching recent best public and private integrated risk management practices, both internationally and locally. The approach included development of a questionnaire on best practices and on principles of Integrated Risk Management based on TBS Integrated Risk Management Framework. Interviews were conducted and results documented to understand perceptions of the adequacy of current risk information in various departments and to discuss possible improvements to IRM. The process of collecting data for this study allowed information sharing with each department regarding current IRM Practices, and stimulated discussion on the nature and importance of IRM and actions that could move IRM forward. The research highlights key elements of IRM and establishes the progress by departments in implementing these elements. It also focuses on techniques and approaches that are used by the departments in dealing with IRM implementation. It uses Risk Management Maturity Continuum developed by Deloitte & Touche to determine extend to which departments have implemented their IRM. Lastly, the study highlights tools and techniques for strengthening of implementation of IRM based on best practices and conclude by making recommendations.