A third of all risk managers in South Africa face threats, intimidation or backlash when trying to do the right thing, and this scourge is rampant in both the private and public sectors.
These were the findings of the Institute for Risk Management South Africa (IRMSA), which conducted a thorough and wide ranging engagement with its members across all organisational levels.
For this reason the IRMSA has reaffirmed its commitment to the Special Investigating Unit (SIU). Under the leadership of Andy Mothibi, the SIU has seen nearly R137 billion recovered from tainted tenders and contracts.
“SIU head Andy Mothibi has highlighted the pervasive nature of corruption in government procurement, where billions of rand are stolen faster than they can be recovered,” IRMSA said.
Risk Managers need a proactive strategy
According to IRMSA, Risk Managers in South Africa can mitigate their own risk by building a robust support network, staying informed about the latest risk management practices and having strong personal security measures in place.
Networking with other risk managers can not only provide emotional support but access to practical advice as well, through the sharing of experiences and best practices, ultimately reinforcing a collective approach to overcoming threats.
It is also crucial to stay informed about the latest developments in corruption and risk management practices, IRMSA says, as risk managers can also gain valuable insights into the modus operandi of corrupt entities and measures being implemented to combat them.
This includes ongoing education and training in cyber investigations, data analytics and forensic accounting.
Comprehensive personal safety measures are also non-negotiable, and risk managers are also encouraged to implement strict protocols for reporting and responding to threats.
This includes making use of whistleblowing hotlines as well as case-monitoring systems that have been put in place by organisations like the SIU.
“By fostering a culture of accountability and transparency within their organisations and supporting the efforts of the SIU, risk managers can contribute to a safer and more resilient professional landscape, ultimately enhancing the integrity and sustainability of their operations,” IRMSA said.
IOL Business