Report back: Businesses focus on enhancing business value through enterprise risk management

The first in a series of innovative risk-focused events hosted by business intelligence giant SAS Institute kicked off at The Campus in Johannesburg and in Cape Town last week.

The event showcased customer experiences and delved into the benefits of managing operational risk, OpRisk, in terms of increasing business value, and called on delegates from a range of sectors including finance, retail, energy, healthcare and government.

"SAS really enjoys bringing industry experts to the forefront of these events to enlighten businesses on how they can grow and improve their strategies," says Andr'e Zitzke, Solution Specialist at SAS. "In the competitive South African market businesses need to attain the competitive edge in order to succeed, OpRisk is a key element to achieve this as various international research papers have proved as well as revelations from this event."

The event hosted Kevin Maartens, head of Operational Risk and Compliance at Nedbank Retail Banking, and Bevan Smith, Senior Manager, OpRisk at IQ Business Group, as keynote speakers. Both speakers directed their presentations at the value of operational risk management as well as highlighting strategies, frameworks and integrated ERM approaches.

As an industry expert, Maartens was able to use Nedbank as a prime example of how operational risk can improve business management and reduce losses. He illustrated how best practices with an OpRisk management strategy can significantly improve audits, reduce phishing attacks, and even assist in reducing financial losses.

From IQ Business Group, Smith brought to the table a number of insights into how to leverage operational risk management to drive the value of ERM. Using recent examples like Societe Generale EU and the Fidentia scam, Smith highlighted the value of optimising an operational risk management strategy as a safeguard for businesses. Smith also demonstrated the evolution of operational risk solutions that now focus on increased modelling capabilities, improved data quality and standardisation.

Driven by the need for businesses to develop and grow their risk knowledge, SAS will host a further five risk-focused seminars across the country between now and December. The events are designed with the key interest of generating a general knowledge of the benefits of risk management and what it can really achieve within a myriad of business styles and industries. The next event will be on 17 July in Johannesburg, followed by the Cape Town extension on 18 July and will focus on risk dashboards and their implementation within the enterprise.

"There has been a huge interest and positive feedback surrounding these risk events which really proves that businesses have a thirst for knowledge when it comes to improved company processes and reducing losses through effective risk management. At the end of the day, risk equals opportunity and/or loss, and that's why it is such a key topic to create awareness around, especially as the global state of economies at the moment puts more pressure on businesses to grow or at least survive," ends Zitzke.