MANAGEMENT: City Risk Management Gets Thumbs Up
Recent Western Cape Business News
The City of Cape Town’s Risk Management has recently been given a stamp of approval by risk management professionals across South Africa, who judged the City and its risk management partner, KPMG, as the winners of the category ‘Public Sector Risk Initiative’ at the Institute of Risk Management of South Africa’s (IRMSA) 2010 Award Ceremony.
The City of Cape Town was nominated for an award under the category of ‘Public Sector Risk Initiative’ for the 2010 IRMSA awards. Peers and risk professionals judged the City of Cape Town the winner of this category.
The City had to meet one or all of the following six criteria to qualify as nominee for the award:
1. Outstanding achievement between July 2009 – June 2010;
2. ISO 31000 Evaluation Principles;
3. Ongoing contributions to the risk management industry;
4. Development of new or innovative concepts to enhance or promote the discipline of risk management;
5. Outstanding creativity, expertise and experience in managing the risk portfolio of an organization; and
6. Ability to demonstrate the added value of a risk management programme.
The City managed to meet all six the afore-mentioned criteria.
Recent changes made to the City’s risk management strategies include adapting various components of our methodology used, such as changing the methods inherent to the residual basis of risk rating, adapting RiskCo agenda points to accommodate National Treasury’s requirements, as well as changing our focus to address core risks. The latter is done to minimise the number of risks on the risk registers, which will allow us to focus more on treatment options aimed at optimising the use of scarce resources, such as staff, budget and assets.
This award will give the City better recognition and should assist the City in reaching its goal of achieving the highest rating, level 6. National Treasury’s annual risk management maturity survey, conducted during September 2010, showed that the City moved up from a level 3 rating to a level 3.9 rating, which are amongst the highest ratings nationally.
Business News Sector Tags:
Fax 2 Email
Study IT Online
Work from Home