Every South African company, regardless of its size, will have to implement a risk management policy and plan in terms of the newly promulgated Companies Act, effective from next year.
More detailed requirements regarding the application of business risk management are contained in the Report of the Third King Commission on Corporate Governance, commonly named ‘King III’, released on 1 September.
“The guiding principle of King III is ‘apply or explain’, as opposed to the ‘comply or else’ principle of King II and other governance codes”, says King III risk management work group convenor, Gert Cruywagen.
“A key chapter on ‘Governance of Risk’ guides organisations on how to apply each element of risk governance, risk assessment, risk management and risk disclosure.”
Cruywagen, an award-winning risk manager, is also a conference presenter, wildlife enthusiast, and author of the book ‘Jungle Business Management’, launched on 8 September (a revised date) at Exclusive Books in Menlyn, Pretoria.
This follow-up book had developed from his earlier ‘Jungle Risk Management: risk lessons from the African Bush’, of which more than 5 000 copies were sold.
The South African author had delivered the keynote address at the USA Risk Management Society (RIMS) conference in San Diego, California, in May last year, and has since addressed the Canadian RIMS conference in Toronto, as well as major risk conferences in Stockholm, Warsaw, Moscow, and the CICA conference in Indian Wells, California.
The Pretoria book launch will be addressed by CSIR CEO and Denel chairperson, Dr Sibusisu Sibisi, and the event will be repeated at Exclusive Books in Montecasino, Johannesburg, in September.
Cruywagen explains that business leadership requires a keen sense to identify risks or threats, and to spot opportunities, using abstract thought. He also uses some humour, facts, stories, case studies and anecdotes that are fascinating, informative and funny, yet realistic, illustrated with unique and colourful photographs.
The new and refreshing look at business strategies is built on keen observation of how animals survive, thrive and organise themselves in the African bush. Cruywagen’s case studies are topical, including examples from the recent credit crunch and the current global recession.
Conference delegates around the world now vividly remember and apply the lessons that he teaches on recognising the early signs of failure or success. Cruywagen brings his lively presentation to the annual Safemap Africa Safety Leadership conference, led by safety psychologist David Broadbent, on September 18 2009 at Midrand Conference Centre.
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* Business Risk Management; Lessons from the African Bush, by Gert Cruywagen, is published by Actua Press.
Media Release by SHEQafrica,
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