RESPOND, ADAPT, THRIVE

ith the turmoil in the global economy, the political landscape and the fallout from the COVID-19 pandemic, many questions have been raised regarding the value proposition of risk management. This is because seemingly well-run corporates have failed during this period—and are still failing—despite perceived good leadership, good governance, good risk management, compliance and reporting.

The answer is clear: “Leadership can no longer rely on past habits and behaviour to address unprecedented modern crises. They need foresight skills and responsiveness to crisis and disruption. That is why Risk professionals need to continuously assist their organisations in identifying what potentially lies ahead: risks (threats and opportunities), prepare them to respond and navigate through disruptions, and accelerate their organisations out of disruptions and launch them into the new reality. Organisations need to be enabled to respond, adapt and thrive; to create and preserve value as we continue to operate in times of unprecedented risks, uncertainty, and disruptions. Risk management therefore, can no longer be dealt

Wwith in isolation but needs to be integrated with strategy, performance and resilience”

This is where The Institute of Risk Management South Africa (IRMSA) plays a huge role. IRMSA is dedicated to the advancement and practice of the risk management profession and accreditation, through research, promotion, education, upliftment, training, guidance and strong relationships with other institutes and associations. It not only promotes and supports the interest of its members, but also protects the public interest.

It was formed in September 2003 through the amalgamation of the Society of Risk Managers and the South African Risk & Insurance Manager Association. It is the only professional body for risk management in South Africa, recognised as such by the SA Qualifications Authority in 2012—representing individuals and companies committed to the enhancement of the risk management discipline. Since its inception, IRMSA has shown a commitment to ethical and visionary leadership, growing the profession even through the challenges of the recent years.

IRMSA is a member of the International Federation of Risk Management and Insurance Associations (IFRIMA), the international umbrella organisation for risk management associations, representing 20 organisations and over 30 countries around the world. With its roots going back to the 1930s, and its development through the discipline of insurance and risk management, IFRIMA is uniquely positioned as a leader in risk management and the application thereof, providing a forum for interaction and communication among risk management associations and their members.

IRMSA has a training centre that enables continuous personal development opportunities for the risk management community, and an opportunity to write the IRMSA Board Exams. The institute awards two designations: the Certified Risk Management Practitioner (CRM Prac) as well as the Certified Risk Management Professional (CRM Prof). The IRMSA designation certification ensures a national standard is created and maintained in terms of the competencies and knowledge required from designations. Furthermore, the designations ensure IRMSA continues to uplift risk professionals and the profiles of its members, maintaining a code of conduct for the risk management profession.

The IRMSA Centre of Excellence was established to collaborate with risk professionals and business leaders in both the private and public sectors—including small, medium and micro enterprises (SMMEs)— to transform risk management into a key component of excellent decision-making. By doing so, the institute’s offering includes insights, advice and coaching on how to design, implement and mature risk management in practice through IRMSA’s extensive strategy, risk and resilience knowledge.

We need to evolve as an institute, professional body and profession—and IRMSA does not shy away from responding to these challenges

Thabile Nyaba has been the president of IRMSA since 2020, but was already involved in IRMSA governance structures for five years prior to that appointment. Her overarching goal is to support the IRMSA team, board and other volunteers to continue to grow and develop the organisation for its members— both individuals and organisations. “Continuous learning, unlearning and relearning is key to our future growth, no matter the role one plays within the organisation,” she says.

She is committed to building riskintelligent organisations and has led teams in various organisations that have been voted industry leaders in risk management. She is currently a chief risk officer at Old Mutual Insure as well as the chair of the company’s Women’s Network and Transformation & Responsible Business committee. In addition, she has her own NGO focusing on connecting youth with opportunities.

“I am a woman of many passions and I have my family who keep me grounded—as a Mother, Wife, Sister, Friend and Daughter,” says Nyaba. “My strength is unleashing the greatness in those I serve, using happiness, authenticity and passion.”

Being president of IRMSA, she adds, has allowed her to help make a difference in how risk management is perceived—both in South Africa and now globally, through her recent appointment as a board member of IFRIMA.

In the busy, fast-paced environment of risk management, IRMSA is a pioneering collaboration in addressing the compounding and influential risks. It focuses on building long-term relationships with its stakeholders in the private sector, public sector, academies and SMMEs. “Our stakeholders include all our members and non-members alike, our community of risk professionals and fellows, and all those who offer their expertise and time (for free) to lead and capacitate our varied committees that direct and operationalise IRMSA,” explains IRMSA president, Thabile Nyaba.

What sets IRMSA apart in its field, she says, is that the institute “continuously has the difficult conversation with ourselves, asking and answering the uncomfortable questions to keep us relevant, future-fit and sustainable. As the professional body representing risk practitioners in South Africa and striving to be a thought leader in risk management, consequently, means we need to evolve as an institute, professional body and profession—and IRMSA does not shy away from responding to these challenges,” asserts Nyaba.

2022 was a productive year for IRMSA. Notable among its achievements was the release of its new integrated risk management framework: a thought leadership concept that enables organisations—through the integration of strategy, risk, and resilience—to improve decision-making and respond, adapt, and thrive in uncertainty (irmsa-guideline.co.za).

There was also the publication of the IRMSA Risk Report: South Africa Risks 2022 (www.irmsarisk-report.co.za/2022). “This has become one of IRMSA’s flagship deliverables,” says Nyaba. “The purpose of this report is to allow business leaders to have insights into the risk landscape in which South Africa exists and its people function, to be able to use this information as input into their strategy setting and execution processes, while integrating effective risk management—leading to quality decision-making.”

The next edition of the IRMSA Risk Report, the ninth, will be released in June 2023.

Nyaba says her tenure at IRMSA has been “colourful and fascinating”. “On a personal level, it has provided me with an opportunity to meet and interact with great minds from different business sectors across the country and globally.

On a professional level, she believes that during her tenure IRMSA has been able to demonstrate both agility and adaptability in any situation. She cites a few examples:

“How we responded to one of the worst humanitarian crises impacting the entire world allowed me to put all my leadership and risk management skills into practice. Like most organisations, our operations were impacted, and we had to step up and level up for our members, their organisations and our staff. Between the Exco and Board, we had to be decisive, flexible, agile and be able to adapt to ensure the resilience and sustainability of IRMSA.

“During COVID-19, we were among the first to move all activities onto digital platforms. IRMSA was proud to work with Food Forward SA, supporting this nongovernmental organisation in assisting disadvantaged families with access to food. This initiative also allowed us to introduce a positive community focus into our response strategy and we really appreciated the support we received from members and our staff.

“Our continued growth in volunteers and our ability to support and demonstrate the elevated role of risk management in organisations has been extremely rewarding. I believe business leaders, more than before, appreciate the role of risk management, the insight and support they receive from the risk management profession to better navigate and thrive through and beyond crises/disruptions.”

Nyaba adds that IRMSA’s relationship with the South African government through the Presidency has also been strengthened. IRMSA obtained a special invite to the Forum of South African Directors-General, where it was agreed there would be collaboration in professionalising risk management.

“Overall, during my tenure, we’ve continued to be at the forefront of assisting our members build resilience for their organisations, recrafting risk management to look beyond strategy and performance. We have and continue to navigate through today’s volatile, multifaceted and complex environment. We enable our members to be forerunners who bring the risk hindsight, insight and foresight to their organisations.”

She feels her biggest responsibility as a leader is to first lead herself through her own personal mastery and “spend more time on the balcony instead of the dance floor” to have a full perspective of what is happening with and around her and the people she leads. “I have also learnt that the highest calling as a leader is to develop and create more leaders.”

Depending on the situation and season, “I lead from the front, sometimes from the side and even from behind in some cases, allowing those I lead to lead in their own areas of expertise while capitalising on their strengths. I always aspire to create an enabling working environment for people to excel while also having fun. My motto is, ‘show me your team and I will tell you what kind of leader you are’.”

Nyaba has a passion for people. She describes it as having a “gift” that enables her to get the best out of people—and this has provided her with much satisfaction over the years. “Mentoring youngsters and great talent within the risk management fraternity, guiding and connecting them with others in our profession and supporting them through growth opportunities is so rewarding.”

How is Nyaba ensuring IRMSA is futureready and remains at the top of its game? She says recent years have proven that risks are interconnected and don’t occur in silo; they break through predefined areas of expertise and responsibilities, yet also bringing opportunities. “This means we need to continue and be relentless in the technical support we offer our risk management community to enable it to be relevant in practice and application of risk management. Similarly, to our aspiring risk professionals, we need to continuously enhance and develop our offerings and qualification to ensure we produce risk professionals who are equipped to manage evolving threats and opportunities.”

She concludes, “All this calls for a team that is agile, innovative and solutionsoriented, and this is top of mind in building on to our culture. IRMSA is relevant to helping modern organisations overcome realworld risks and challenges in meeting their business objectives.”

To find out how you can become a member of IRMSA, visit www.irmsa.org.za/page/membership.