The average company today is a complex enterprise engulfed by rapid technological change and fierce global competition. You have to assess exposure to risk on an ever-changing landscape.
These words by chairperson of the US Securities Exchange Commission aptly emphasise the need for a proper understanding of the risks accepted by a company in pursuance of its objectives and the need for good corporate governance practices.
In South Africa, the release of the second King Committee Report (King ll) takes into consideration the importance of risk management. King ll now requires that companies audit risk exposure annually and disclose it to their shareholders. Therefore, it is important that all companies and organisations that seek to conform to international best business practices implement sound corporate governance structures.
Risks are uncertain future events that could influence the achievement of a company's objectives. The King ll report understands this to include strategic, operational, financial and compliance objectives. King ll points out that it is ultimately the responsibility of the board to determine the level of risk it is willing to take in pursuance of growth and maximising opportunities for the company, its shareowners and other stakeholders. Also, management is accountable to the board for designing, implementing and monitoring the process of risk management and integrating it into the day-to-day activities of the company. Management is also accountable for providing assurance that it has done so.
The King ll Report gives official consideration to the importance of risk management, and makes it compulsory for companies and organisations to implement effective risk management strategies. With a variety of factors, services and policies that one has to take into account when instituting a risk management strategy, it is of utmost importance that a vehicle exists that discusses these various aspects of corporate governance.
To this end, Paradigma Publishing - publishers of Hi-Tech Security Solutions - has announced the launch of SafeGuard, a quarterly supplement that deals with the topic of security services and risk management in the quest to protect people, profitability and property.
With well-written and educational articles compiled by some of the industry's most knowledgeable individuals, SafeGuard will be a valuable read that will cover the entire spectrum of risk management. Key areas of interest include security guarding services, combating white-collar crime and workplace fraud, pre-employment testing, forensic auditing, counterintelligence strategies and investigation services.
SafeGuard will be a sophisticated read with a circulation aimed at the decision makers of corporate and government parastatals including Managing Directors, Financial Directors and Risk Managers - all of whom should find this a very valuable source of information.
The first issue of SafeGuard is scheduled for publication in May 2003. To find out more about marketing and editorial opportunities in SafeGuard, kindly contact firstname.lastname@example.org or email@example.com.
Gerard Peter - Editor
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