dolution
dolution.
This aligns with the group’s new federated business model, and embeds a culture of risk management within the first line of defence, while providing oversight and control from the Corporate centre.
Progress made
The chief risk and compliance officer was appointed to strengthen Telkom’s risk and compliance governance structures, processes and systems as well as build the necessary capability for proactive best-in-class risk management and value-added compliance. The group needed to reprioritise activities.
Below are some of this year’s improvements as part of our journey towards a risk intelligent group:
• We conducted a baseline assessment of our group-wide risk management maturity level across the group including a best practice analysis. Thereafter, we developed a robust risk and compliance transformation plan with five strategic pillars to deliver over a six- to twelve-month period.
• We reorganised the ERM unit by creating the corporate ERM function as a CoE.
• We appointed business unit risk officers to strengthen the group’s risk management capabilities in line with best practice.
• Our risk rating scale has been improved to prioritise strategic risks according to their impact on the group’s overall strategic imperatives.
• We reviewed the previously reported top priority risks to ensure they are aligned with Telkom’s strategic intent. We categorised risks as external, strategic and business (preventable) risks.
• We enhanced reporting and elevation of the top priority risks facing the group to the risk committee and the board.
Source: Telkom SA SOC Ltd, Integrated Report 2018 for the year ended 31 March 2018. [Online]. Available at: http://telkom-reports.co.za/reports/ar-2018/enterprise-risk-management.php
[Accessed 12 November 2021] With reference to the above abstract, discuss some of the risk control measures that Telkom can adopt to mitigate possible risk. Further identify the risk factors outlined in the case study. Recommend risk control measures for each risk factor that may be adopted to eliminate or reduce risk factors.
Progress made
The chief risk and compliance officer was appointed to strengthen Telkom’s risk and compliance governance structures, processes and systems as well as build the necessary capability for proactive best-in-class risk management and value-added compliance. The group needed to reprioritise activities.
Below are some of this year’s improvements as part of our journey towards a risk intelligent group:
• We conducted a baseline assessment of our group-wide risk management maturity level across the group including a best practice analysis. Thereafter, we developed a robust risk and compliance transformation plan with five strategic pillars to deliver over a six- to twelve-month period.
• We reorganised the ERM unit by creating the corporate ERM function as a CoE.
• We appointed business unit risk officers to strengthen the group’s risk management capabilities in line with best practice.
• Our risk rating scale has been improved to prioritise strategic risks according to their impact on the group’s overall strategic imperatives.
• We reviewed the previously reported top priority risks to ensure they are aligned with Telkom’s strategic intent. We categorised risks as external, strategic and business (preventable) risks.
• We enhanced reporting and elevation of the top priority risks facing the group to the risk committee and the board.
Source: Telkom SA SOC Ltd, Integrated Report 2018 for the year ended 31 March 2018. [Online]. Available at: http://telkom-reports.co.za/reports/ar-2018/enterprise-risk-management.php
[Accessed 12 November 2021] With reference to the above abstract, discuss some of the risk control measures that Telkom can adopt to mitigate possible risk. Further identify the risk factors outlined in the case study. Recommend risk control measures for each risk factor that may be adopted to eliminate or reduce risk factors.
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