The study of the effectiveness of an IT risk management strategy.
Risk management is an evolving discipline in the developing and developed world and has received increased prominence from the 1990s’ corporate accounting scandals, the Turnbull study in the US and the 2009 global financial crisis. Within organisations, risk management is competing with profit making whereas the focus of risk management is on improving organisational performance. The aim of this study was to establish the effectiveness of a risk management strategy at an Information Technology organisation in South Africa. An exploratory research approach was used and was conducted using a survey. An extensive literature review was conducted and seven research questions were subsequently formulated to guide the study. A mailed questionnaire designed with a Likert scale was used to collect data and the questionnaire was administered to a convenience sample of 25.9 percent of employees from a population of 204 employees. Descriptive and inferential statistical analyses were performed to interpret data and revealed that the employees believed that risk management is essential and that management support is necessary but not sufficient to implement an effective risk management strategy. A salient feature was that management needed to perform continuous improvement in the ever-changing risk management landscape and in addition, the inculcation of a risk management culture was equally vital. The study recommends that organisations need to assess the current corporate risk maturity level and review the current corporate risk strategy, risk structure, and risk criteria, as part of a risk management programme. The study suggests further research into the impact of industry drivers on risk management.
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