OUR BUSINESS

Risk and opportunity management

LEGEND FOR RESIDUAL RISK RATING

Low
Moderate
High
Extreme
Risk is increasing
Risk is reducing
Risk is stable
New Risk
Low
Moderate
High
Extreme
Risk is increasing
Risk is reducing
Risk is stable
New Risk

TOP STRATEGIC RISKS

Risk 8
RISK DESCRIPTION
  • Risk of data breaches and cybercrime leading to downtime
OPPORTUNITY
  • Enhance security through real-time monitoring of and responding to attempted breaches
RISK RESPONSE
  • Threat and vulnerability assessments
  • Ongoing monitoring of attempted breaches to enhance security
  • Ensure up-to-date upgrades and maintenance of SAICA’s defence, recovery, and business continuity systems
STRATEGIC PILLARS AND MATERIAL MATTERS
ORGANISATIONAL CAPITALS AFFECTED
TREND YEAR-ON-YEAR

Risk 9
RISK DESCRIPTION
  • Non-compliance with laws and regulations pertaining to processing, storing, securing and sharing of data
OPPORTUNITY
  • Continued compliance by SAICA as a mechanism to maintain and enhance its credibility
RISK RESPONSE
  • Implement and monitor data management measures (including GDPR/POPI project; data governance policy; contract management policy; contract management framework with standard data protection clauses included in current process; and data-sharing project)
  • Constant monitoring of areas of non-compliance, documenting and implementing action plans
STRATEGIC PILLARS AND MATERIAL MATTERS
ORGANISATIONAL CAPITALS AFFECTED
TREND YEAR-ON-YEAR

Risk 10
RISK DESCRIPTION

Failure to support Board and Board sub-committees in line with governance best practice through:

  • Effective internal processes
  • Implementation of all SAICA’s strategic projects
OPPORTUNITY
  • Creation of value for members and stakeholders through the effective implementation of the governance framework
RISK RESPONSE
  • Adoption of the project management methodology across SAICA
  • Ensure effective coordination of strategic projects and performance reporting (reporting to Exco and relevant Board sub-committees such as DTGC, HR & REMCO, etc)
  • Document key processes and streamline automation in line with documented processes
  • Monitoring the implementation of the governance framework and responding to the challenges timeously
STRATEGIC PILLARS AND MATERIAL MATTERS
ORGANISATIONAL CAPITALS AFFECTED
TREND YEAR-ON-YEAR

Risk 11
RISK DESCRIPTION
  • Inability to continue business in the event of an emergency or disaster
OPPORTUNITY
  • Enhanced credibility through proactive risk analysis and scenario planning
RISK RESPONSE
  • Implement business continuity management policy and framework, business continuity plan and disaster recovery plan
STRATEGIC PILLARS AND MATERIAL MATTERS
ORGANISATIONAL CAPITALS AFFECTED
TREND YEAR-ON-YEAR

Risk 12
RISK DESCRIPTION
  • Non-compliance with legislation, regulation, and Acts relevant to the business of SAICA and its controlled entities (which include IRBA accreditation, the CA Designation Act, etc)
RISK RESPONSE
  • Ongoing reporting to the relevant regulatory institutions as required by related legislation
  • Implementation of the compliance programme
  • Constant monitoring of areas of non-compliance, documenting and implementing action plans
STRATEGIC PILLARS AND MATERIAL MATTERS
ORGANISATIONAL CAPITALS AFFECTED
TREND YEAR-ON-YEAR

Risk 13
RISK DESCRIPTION
  • Failure to satisfactorily meet the set objectives as per the SAICA scorecard
OPPORTUNITY
  • Change management initiatives to build an organisational culture which promotes innovation and high performance
RISK RESPONSE
  • Effective performance management process (tracking and monitoring of performance trends)
  • Implementation and monitoring of performance management policy (that coexists with the employment relations policy)
  • Successful implementation of the Ushintsho Programme
  • Bi-annual employment engagement survey
  • Timely recruitment, selection, and placement of senior management vacancies
STRATEGIC PILLARS AND MATERIAL MATTERS
ORGANISATIONAL CAPITALS AFFECTED
TREND YEAR-ON-YEAR

Risk 14
RISK DESCRIPTION
  • Failure to meet the target B-BBEE level (unfavourable B-BBEE rating)
OPPORTUNITY
  • Enhanced credibility through the implementation and monitoring of B-BBEE sub-level requirements
RISK RESPONSE
  • Continuous implementation and monitoring of the appropriate interventions to achieve B-BBEE
STRATEGIC PILLARS AND MATERIAL MATTERS
ORGANISATIONAL CAPITALS AFFECTED
TREND YEAR-ON-YEAR

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