Effective risk management requires an equally effective risk management system to ensure immediate identification of the potential risks to the business objectives while remaining compliant with regulations and market best practice.
There should be mechanisms in place to identify risks to the business objectives and appropriate resolutive measures implemented to ensure such risks can be managed.
Like everything else in your business and with so much more to consider, unfortunately, risk can change and therefore risk managemnt systems are imperative. Our legal experts deal with identifying, measuring, and evaluating different types of risks that can affect your business. We will evaluate the impact of potential risk pertaining to your business, and present strategies to minimise, eliminate, or transfer the risk. With over 40 years of combined experience, our team is adept at identifying the detail and pride themselves on their analytical ability.
Risk Identification
Risk Assessment
Risk Mitigation
Risk Contingency Planning
Risk Tracking and Reporting
King IV Report on Corporate Governance for South Africa, 2016 (“King IV”) defines corporate governance as the “exercise of ethical and effective leadership by the governing body towards the achievement of the following governance outcomes:
King IV demands from every corporation the establishment of a comprehensive control environment ensuring that risks are mitigated while attaining the corporation’s objectives.
Given the rising complexity of risk, there is an increased need of an oversight function within every corporation. An effective oversight function will result in: the assessment of risk and opportunities; confirmation of the upside and negative effects on organisational objectives; design and implement appropriate risk responses; establish business continuity arrangements; and thus embed risk management into the culture of the corporation.
Therefore, a comprehensive risk register will facilitate effective risk management as it provides: