IRMSA 2016/2017

Feedback from the President and Chief Executive Officer

Dear Members

Notice of the 14th IRMSA Annual General Meeting which is being held on 27 June 2017, has been

sent out to members. The event will be held at the Country Club Johannesburg in Woodmead on

Tuesday morning and we hope that our members will be able to attend. Not only will we take a look

at the last financial year of the Institute but we will then also be treated to a presentation on Cyber

Resilience by Alexandra Schudel, Head of Financial Lines and Casualty, at Chubb Insurance South

Africa. Following the current global cyber scare, she will discuss what organisations should be doing

to mitigate the risk of a cyber-attack and how they can ensure resilience. After the various cyber-

attacks that we have recently seen in the headlines, with some affecting our own organisations or

travel plans, the topic is top of mind for most of our risk professionals.

At the AGM it always gives us great pleasure to be able to share what IRMSA has achieved over the

past year and to look at what we are hoping to achieve in the year to come. Looking at the Audited

Financial Statements, which are available to all members on the IRMSA website (www.irmsa.org.za),

you will see that IRMSA has once again had a very good year and is continuing to grow.

We will present an overview of the last year and the year ahead at the AGM but we will share the

main items with you in the information below, to prepare you for the meeting or to keep you

updated should you be unable to attend.

IRMSA COMMITTEES

The Institute is privileged to have many members who volunteer on the various committees and

take time out of their formal jobs to assist IRMSA and the many projects and processes that we have

undertaken. We would like to thank these members for their efforts and the amazing work that

they do. Looking at the 2016/2017 year, so many things have been achieved and it is evident that

the team work that IRMSA is well known for has paid off once again.

In 2016, IRMSA introduced the Western Cape Committee and the Namibia Hub Committee.

Executive Committee

Sheralee Morland, President

Berenice Francis, Vice President

Bheki Gutshwa, Vice President

Mark Robins, Honorary Treasurer

Chris Brits

Mark Kuipers

Malebu Makgalemela

Andy Mothibi

Fulufhelo Tshikhudo

Mira Butler (Co-optee)

Betty Spencer (Co-optee)

Finance Committee

Mark Robins, Honorary Treasurer, Chairperson

Sheralee Morland, President

Berenice Francis, Vice President

Bheki Gutshwa, Vice President

Chris Brits, EXCO Member

Gillian le Cordeur, Chief Executive Officer

Cruywagen-IRMSA Risk Foundation Gert Cruywagen , Chairperson Eleni Albanis

Reginald Haman

Sheralee Morland

Hennie Thessner Gillian le Cordeur Zandie Nyembe Mbulelo Qwele

Education and Technical Committee

Berenice Francis, Chairperson

Claude Hamman

Laura Mallabone

Fulufhelo Tshikhudo

Whitey van der Linde

Gillian le Cordeur

Nthabiseng Mdhlozini

Nazlee Kok

Portia Sangweni

Events Committee

Malebu Makgalemela, Chairperson

Nombuso Dlamini

Gillian Edworthy

Nicolene Gerritsen

Nicole Grobbelaar

Musawakhe Khumalo

Phillip Mosiane

Lindiwe Tshabalala

Gillian le Cordeur

Zandie Nyembe

Mbulelo Qwele

KwaZulu Natal Committee Nkosinathi Mhlongo, Chairperson Jeanette Englund, Vice Chairperson David George Boitumelo Mokgatle Thasleem Osman Vincent Ndadza Thulani Ndlovu Jay Ramharak Amith Sukhnandan

Gracia Skosana Helper Zhou Gillian le Cordeur

Legal, Risk and Compliance Committee

Mira Butler, Chairperson

Mpho Modisane

Sidney Mongala

Vincent Napo

Nandipha Tselanyane

Gillian le Cordeur

Kathleen Osterloh

Membership Committee

Bheki Gutshwa, Chairperson

Mark Robins, Vice Chairperson

Thulani Mkhungo

Beauty Mtonga

Pat Mlanduli

Eleanor Ofori-Adomako

Francis Rahlapane

Mzwakhe Xakaza

Sarah Bain

Gillian le Cordeur

Lucia Khonjelwayo

Jessica Morgan

Namibia Committee

Dawid Welman, Chairperson

Eben de Klerk, Vice Chairperson

Michael Beukes

Colin Fiddes

Stefanus Gariseb

Talita Horn

Riana Jandrell

Patty Karuaihe-Martin

Yamillah Katjirua

Leonard Makuvaza

Jacqueline Meissenheime

Emmanuel Murwira

Saima Nimengobe

Gillian le Cordeur

Professionalisation Committee

Mark Kuipers, Chairperson

Fred Goede

Freda Madungandaba

Jeenal Makan

Rianne Potgieter

Whitey van der Linde

Gillian le Cordeur

Nthabiseng Mdhlozini

Nazlee Kok

Portia Sangweni

Public Sector Committee

Betty Spencer, Chairperson

Thabile Nyaba, Vice Chairperson

Bheki Gutshwa

Musawakhe Khumalo

Vernon Makaleni

Thulani Mkhungo

Nkosinathi Mhlongo

Thobekile Mthembu

Fulufhelo Tshikhudo

Justin Veeran

Sarah Bain

Lucia Khonjelwayo

Gillian le Cordeur

Mbulelo Qwele

Risk Intelligence Committee

Jonathan Crisp

Lamlani Dube

Walter Ehrlich

Gordon Howes

Linda Jaka

Thelma Kganakga

Emmah Makomvah

Christelle Marais

Wilna Meiring

Mpho Modisane

Totyelwa Nonco

Craig Rosewarne

Paul Stiff

Mark Victor

Volker von Widdern

Mdu Zakwe

Gillian le Cordeur

Kobus de Wet

Christopher Palm

Mbulelo Qwele

Les Carlo – Committee Advisor

Student Committee

Eleni Albanis, Chairperson

Malebo Phala, Vice Chairperson

Duncan Wernberg, Vice Chairperson

Nwabisa Bixa

Chris Brits

Altus Combrink

Claudio dos Santos

Malebu Makgalemela

Boitumelo Mangena

Manamane Maserumule

Rethabile Motholo

Sarah Bain

Kobus de Wet

Lucia Khonjelwayo

Gillian le Cordeur

Zandie Nyembe

Mbulelo Qwele

Western Cape Committee

Michel Sauzier, Chairperson,

Antonella Da Cunha, Vice Chairperson

Phumlani Dyini

Ludwig Geldenhuys

Merle Kinnes

Faldie Peters

Vanessa Thurlwell

Bazil Vink

Warren Young

Gillian le Cordeur

IRMSA TEAM

The IRMSA staff continues to grow as the Institute expands and more projects are taken on. The

staff accomplishes a huge amount of work and is often complimented for managing to do so much

more than what is expected from a small team.

IRMSA recently saw three valued members of staff leave to take on new challenges: Michael

Ferendinos, Nicole Grobbelaar and Latha Kalpee. IRMSA would like to thank each of them for their

commitment and continued service to the risk management profession. Our intern, Hlengiwe

Dlamini, left the IRMSA family to complete her one year of practical studies and we look forward to

following her career as she continues to grow.

The Institute has welcomed new members to the team and as well as ex-colleagues back to the staff

compliment. We look forward to a very exciting year with the highly motivated team that we

currently are working with.

Gillian le Cordeur , Chief Executive Officer

Sarah Bain, Membership and Office Manager

Pumla Baninzi, Finance Administrator and Debtors Assistant

Kobus de Wet, Communication and Marketing Administrator

Lucia Khonjelwayo, Membership Administrator

Nazlee Kok, Training Administrator

Elane Madisha, Finance Manager

Ntombifuthi Mashiloane, Reception and Membership Administrator

Nthabiseng Mdhlozini, Learning and Development Manager

Jessica Morgan, Membership Administrator

Zandile Nyembe , Senior Events and Marketing Co-ordinator

Kathleen Osterloh, Executive Committee and Legal, Risk and Compliance Administrator

Christopher Palm, Chief Risk Advisor

Mbulelo Qwele, Events and Marketing Manager

Portia Sangweni, Learning and Development Administrator

United Tshwane, Facilities Assistant

MEMBERSHIP

IRMSA membership continues to grow and in particular, there has been a significant increase in the

number of Associate Members during the past year. This is due to the requirement that an

Individual Member must be at Associate Membership level to write Board Exam 1 to become a

Certified Risk Management Practitioner.

TOTAL NUMBER MEMBERS INVOICED

Total number of IRMSA Members Feb 2017 Feb 2016 Feb 2015 Feb 2014

Individual 1957 1329 1073 864

Associate 640 417 236 216

Certified Risk Practitioner 36 22 0 0

Certified Risk Professional 0 0 0 0

Fellow 41 50 49 63

Retired 31 24 21 22

Total Individual Members 2705 1842 1379 1165

The number of members with the Certified Risk Management Practitioner (CRM Prac) designation

will continue to grow as these members complete their board exams and logbooks successfully.

IRMSA looks forward to awarding the first formal Certified Risk Management Professionals (CRM

Profs). This will be for those candidates who were successful in completing board exam 2 and are

now busy completing their log books.

The designations that are registered with the South African Qualifications Authority (SAQA) are:

Associate

Certified Risk Practitioner

Certified Risk Professional

Fellow

The details of members who have received these designations are loaded twice a year on the SAQA

National Learners Records Database. This was done successfully in 2016/2017 and IRMSA is listed as

a ‘green’ Professional Body (which means IRMSA is working efficiently and complying with all SAQA

requirements).

The IRMSA Membership Committee continues to look at ways to elevate IRMSA Membership and

continually improve the Member Value Proposition to make sure that IRMSA members are well

taken care of.

The Corporate Membership continues to grow. Members are reminded that all employees that

work for the Corporate Members receive the same benefits as all members (except for the

accreditation).

TOTAL NUMBER MEMBERS INVOICED

Total number of Members Feb 2017 Feb 2016 Feb 2015 Feb 2014

Corporate Members 157 136 131 123

Any employee who wishes to become an Individual Member and follow the Risk Management career

path is automatically given a 20% discount on their membership fees to assist them with the cost

thereof.

With all membership fees, IRMSA does an annual benchmark with other Professional Bodies to make

sure that the fees are competitive and affordable.

RISK MANAGEMENT SALARY SURVEY

The Membership Committee has recently completed the Salary Survey Project. The results will be

made available to all members and organisations who participated in the survey. The final report

will be a very useful document for individuals and organisations. The report will be released on the

day of the IRMSA AGM. Members attending the event will be given a specimen of results from the

report. The full report may be purchased should you have not participated.

@IRMSACareers

The IRMSA career portal will also be launched on the day of the IRMSA AGM. Members will be able

to load their CVs should they wish to find new opportunities and organisations will be able to

continue to share job opportunities with our members and search for relevant CV’s on the portal. As

members professionalise and receive the risk management designations after completing their

board exams successfully, new opportunities will be made available to them.

CONSTITUTION

The Constitution was reviewed by members after the previous AGM and finalised in November

2015. One area in the Constitution has been updated to ensure a smooth process with regards to

disputes relating to complaints against members. The Legal, Risk and Compliance Committee

reviewed the relevant section in the Constitution and have made recommendations for a fair

process for members who may need to be disciplined. The recommended changes have been

shared with members and will be voted on at the AGM.

EDUCATION AND TECHNICAL

Training

IRMSA had an extremely productive year in terms of training for members in Johannesburg, Cape

Town, Durban, Swaziland and Namibia.

In 2016/2017, IRMSA trained over 900 people with the training courses that are available to

members versus the 500 people trained in 2015/2016. A further twelve external training sessions

were hosted at Corporate Member organisations where training was created to suit their specific

needs. In 2017, we are seeing more organisations wanting specific training within their

organisations and hence an increase in demand.

The Education and Technical Committee, along with the IRMSA Chief Risk Advisor, are currently

reviewing gaps in the training offerings that we provide and will see where we can better support

members.

Qualifications

The two qualifications that IRMSA developed in 2012 through the Quality Council for Trade and

Occupations (QCTO) were finally registered by SAQA in December 2015. The two qualifications are:

The Organisational Risk Practitioner (NQF Level 6)

The Organisational Risk Professional (NQF Level 8)

BANKSETA, who is the Development Quality Partner (DQP) for both qualifications, opened a pilot for

the NQF 6 qualification which rolled out at the end of 2016. Almost 100 learners, from various banks

are working through the programme and will write their final exam (which is the equivalent of Board

Exam 1) at the end of the year.

The University of Stellenbosch Business School will launch the NQF Level 6 Qualification on 3 July

2017. The Knowledge portion of the qualification will be available firstly as a certificate and will be

an online learning platform. This will allow members and risk practitioners all across the country and

in Southern Africa to have access to the qualification. The Practical modules will then follow and be

made available at the various learning centres that the business school has both in South Africa and

in various African countries. After three years of working with the business school, this is a big

achievement to see the qualification being launched. Once the NQF Level 6 has been launched,

IRMSA will then work with the University to create the platform for the NQF Level 8 qualification.

IRMSA is currently working with the QCTO to assess Service Delivery Partners (SDPs) and to ensure

that the qualifications roll out properly in various educational institutions in South Africa. IRMSA, as

the Assessment Quality Partner (AQP), would like to ensure that the top subject matter experts are

being used.

The QCTO has conducted various audits, as it does for all AQPs, and IRMSA is well aligned to the

processes and strategies of the Council.

Board Exams

In 2016, the Professionalisation Committee scheduled two sessions for Board Exam 1, in June and

November. In March 2016, the pilot exam for Board Exam 2 took place and then another exam was

held in October 2016.

In 2016, the following exams took place:

Exam Months Gauteng KwaZulu Natal Western Cape Total

Number who wrote exam:

March 2016 (BE 2 – pilot) 8 0 0 8

June 2016 (BE 1) 30 2 0 32

October 2016 (BE 2) 6 0 0 6

November 2016 (BE 1) 25 6 0 31

The pass rate currently is 51.3% for Board Exam 1 and 50% for Board Exam 2.

To date 43 members have been awarded the Certified Risk Management Practitioner (CRM Prac)

designation (which means that they have successfully written their Board Exam 1 and completed the

log book). We await several members, who have successfully written Board Exam 1, to complete

their log books and be awarded the designation.

We have recently received one logbook for the Certified Risk Management Professional (CRM Prof)

and once reviewed, this candidate will be the first member in South Africa to receive the CRM Prof

designation. Six other candidates need to submit their final logbooks.

The logbooks for both the CRM Prac and CRM Prof were revised in 2016. Members still find the

exercise quite cumbersome but it is important that the logbook is properly completed as it aligns

fully with the qualifications. The Logbook Assessment will take place in a meeting session with the

candidate as it makes the process easier and information/documentation is not taken from that

session, allowing the confidentiality to remain intact for all organisations.

The Item Bank for all questions for the board exams continues to grow well. Members who assist in

developing questions is still being developed for both exams and is growing well. Seasoned

members of IRMSA develop the questions for the Institute and these get vetted by other members

in the Item Bank Team.

Board Exams for 2017 will take place on 30 June (Board Exam 1), 18 October (Board Exam 2) and 30

November (Board Exam 1). The Professionalisation Committee have decided to only host one

session for Board Exam 2 per year.

The Professionalisation Committee have extended the CRM Prac Exemption period until December

2018. This will allow members, who meet the criteria to write Board Exam 2, to apply for exemption

from Board Exam 1. It is important to note that all exams and exemption candidates are still

required to complete the work experience logbook.

IRMSA continues to work with the international risk management institutes and the reciprocity

agreements for our certification.

Technical

The IRMSA Technical Library was launched in February 2017. This library contains numerous

documents and reports, and is available to members at no charge. The Library is under its first

review and will be relaunched at the IRMSA Conference in September 2017. Members need to log

on to their profiles to access the library.

The Institute is a currently part of the TC 262 SABS Working Group, which is the South African

committee, reviewing ISO 31000 and informing the global body. The committee is made up of

seasoned IRMSA members and meetings are hosted regularly at SABS.

IRMSA was representative on the King 4 Committee and the Code was released at the end of 2016.

IRMSA is currently engaging with the Institute of Directors South Africa (IODSA) with regards to

working together on training for Risk Managers and Board Members who need to engage with Risk

Management and King 4.

EVENTS

IRMSA continues to strive to provide quality events for its members. The Events Committee along

with all members from other committees gathered together twice last year, over and above the

monthly Event Committee meetings, to brainstorm topics, content and speakers in order to make

sure that the Institute remains relevant and that our members’ needs are met.

In 2016/2017, various events were offered to members and were all well attended. The Institute

continues to see growth in Johannesburg, KwaZulu Natal and Cape Town.

The following attendance was noted for the 2016/2017 year:

Events hosted Gauteng attendees

Durban attendees

Cape Town attendees

Total

Breakfasts:

April 229 89 65 383

June (AGM) 205 - - 205

August 246 54 56 356

October (Public Sector) 98 54 56 208

November 246 54 56 356

February 287 99 102 488

Conferences and other events:

Risk Summit (May) 147 - - 147

Risk Lab (July) 180 90 86 356

Conference (September) 420 - - 420

Conference Master Class 253 - - 253

Awards Dinner (October) 352 - - 352

Risk Summit (December) 103 - - 103

Forums (2 hosted) 35 - - 35

Total: 3662

IRMSA continues to be supported by its members and would like to thank the sponsors of all the

events that took place in 2015/2016. The Institute values these contributions significantly.

Events hosted Main Sponsors Other Sponsors

Breakfasts: -

April Chubb -

June (AGM) BarnOwl -

August Marsh -

October (Public Sector) - -

November Continuity SA -

February AIG -

Conferences and other events:

Risk Summit (May) Zurich -

Risk Lab (July) CGIC AIG, BarnOwl, Chubb, Continuity SA

Conference (September) Marsh Allianz, Aon, Chubb, Deloitte, PWC, Sasria, Thryve

Conference Master Class Lloyds -

Awards Dinner (October) AIG Aon, BarnOwl, Continuity SA

Risk Summit (December) - -

Mining Forums Isometrix -

During 2016, the theme was “Future Fit Risk Management” and was the golden thread that ran

through each event for the year.

In 2017, the main theme for IRMSA’s events and projects is LEAD 2017. IRMSA will continue to host

the breakfasts, forums, conference and Awards Dinner. Last year, we hosted a Risk Summit with

RIMS and the Cruywagen IRMSA Risk Foundation, in May, and then a further Summit with IRM UK in

December. In 2017, IRMSA will host a Master Class/Summit partnering with AIRMIC from the UK in

Johannesburg and Cape Town.

Delegates who attended the 2016 Conference thoroughly enjoyed the Thought Leadership Pods and

this will be done again at this year’s the Conference.

In 2016, the Risk Lab was offered not only in Johannesburg and Cape Town, but in Durban too. This

was a great success and will be held in all three regions again in 2017. A further day has been added

to the Risk Labs, as a Master Class, to assist members to unpack the risks that we discuss on day one.

The Governance Conference, hosted by IRMSA, the South African Institute of Chartered Accountants

(SAICA), the Institute of Directors Southern Africa (IODSA) and the Institute of Internal Auditors (IIA),

was held in May 2017. The event was a great success with fantastic speakers on the programme.

IRMSA partners with these professional bodies every second year to host this event.

IRMSA also hosted a Professional Body Forum (for all professional bodies) in 2016, where the CEO’s

and teams of all Professional Bodies were invited.

IRMSA will host its launch event in Namibia in June 2017. Events and training in Namibia, and other

countries, are being planned.

RISK MANAGEMENT AWARDS 2016

At the Annual Awards Gala Dinner held on 28 October 2016, members and guests of the Institute

gathered to celebrate excellence within the Risk Management industry.

The following awards were presented at this prestigious event:

Honorary Member Award:

Les Carlo

Philip Tillman

President’s Award:

Bheki Gutshwa

2016 IRMSA ANNUAL AWARD WINNERS

INDIVIDUAL AWARDS

Risk Manager of the Year

Winner Christopher Palm

Runner Up Musawakhe Khumalo

Up and Coming Risk Manager of the Year

Winner Junita van der Colff

Runner Up Rudi Rautenbach

Risk Specialist of the Year

Winner Amith Sukhnandan

Runner Up Komane Maphutha

Risk Influencer of the Year

Winner Clem Sunter

INDUSTRY SPECIFIC RISK INITIATIVE AWARDS

Agriculture, Forestry and Fishing Pioneer Fishing

Communication and Technology Vodacom

Education UNISA

Financial Services Nedbank

Government and Public Services Ekurhuleni Municipality

Hospitality and Tourism Tsogo Sun

Insurance and Reinsurance AIG

Professional Services/Training

Providers/Consultants/Auditors

Aurecon

Risk Management Information System

Providers

IDI Technology Solutions - BarnOwl

Transport and Logistics Transnet Engineering

Wholesale and Retail Steinhoff

Special Award Cell C “Take a Girl Child to Work”

COMMUNICATION AND RISK INTELLIGENCE

The highlight for the Risk Intelligence Committee in the 2016/2017 year was the release of the third

IRMSA South Africa Risks Report. The Committee not only released the full report, as it has done in

the last two years, but an Executive Summary was also released for those executives who only need

to see the highlights.

The online South Africa Risks Report 2017 has been downloaded 2,558 times.

Excellent feedback has been received from members and the committee will continue to take all

feedback received and further enhance processes as we work to develop the fourth edition which

will be released in January 2018.

Corporate Members also had the opportunity to support the report and we thank them for their

continued involvement. The supporters of the 2017 South Africa Risks Report were:

AIG

BarnOwl

Chubb

Marsh

Thryve

UARM – North West University

Other associations who contributed to the report:

The Association of Municipal Electricity Undertakings (AMEU)

The Ethics Institute

The Institute of Internal Auditors South Africa (IIASA)

The Institute of Directors South Africa (IODSA)

South African Reward Association (SARA)

The Risk Chats are sent out to the entire database every second week. Many members have found

this useful to look at the current risks that their organisations are facing. What is interesting to note,

is that the Risk Chats are compiled by members of the Risk Intelligence Committee who each

complete several per year in their own time.

The Newsflash is released monthly and members are kept up to date with all IRMSA and industry

news, with an insightful article written each month by the President on our current risk landscape.

IRMSA continues to work closely with its Media Partners:

RiskAfrica

Cover

Commercial Risk Africa

IRMSA has recently started working more closely with FIN24 as a media partner

Social Media

IRMSA uses three social media platforms:

Facebook

LinkedIn

Twitter

More attention has been given to the platforms on a daily basis and we see live interaction with our

members and stakeholders. This is visible with the increase in numbers. We have also used digital

marketing as a new source of advertising IRMSA membership and events in the previous years.

Social Media Statistics Update: Year comparison

Platforms June 2017 June 2016

Facebook followers 471 268

LinkedIn Connections 2348 1345

Twitter followers 736 378

INTERNS

In 2016, the Cruywagen IRMSA Risk Foundation sent two South African interns, who were both

undertaking their post graduate studies in Risk Management, to the USA to the State University of

Illinois. On their return, they were then hosted for a week by IRMSA Corporate Members in

Gauteng. We were also able to include another South African student for the South African

programme.

Tsogo Sun kindly provided accommodation for the three students, in Johannesburg.

Corporate Members who hosted the interns:

Imperial Group

Marsh

Nedbank

National Treasury

Tsogo Sun

In 2017, two South African interns will be hosted in Johannesburg and Cape Town for two weeks.

They will be joined by two students from the USA. IRMSA will host a further intern programme later

in the year which will allow interns to get exposure in various industries that they are interested in.

PUBLIC SECTOR

The Public Sector Committee, made up of members from the Public Sector, work together to ensure

that the needs of the Public Sector are being met by IRMSA and to look at initiatives where the

Institute can further assist this sector.

The Committee addresses all areas of the Institute (training, events, thought leadership) and takes a

close look at developments within the Public Sector.

In 2016, the Public Sector Committee introduced a series of events to assist Public Sector members

to “Navigate their Landscapes”. Two breakfasts in the series have been hosted and well attended in

Johannesburg, Cape Town and Durban. The series continues in 2017.

STUDENT FORUM

A major objective for the Institute is to encourage students to follow a career in risk management.

The committee have worked for the last year on strategies to encourage participation from

universities and young graduates.

REGIONAL COMMITTEES

The KwaZulu Natal Committee started in 2015, as a pilot regional committee for IRMSA. This

committee also addresses training and event needs in KwaZulu Natal. This committee is made of

active members in the region.

A similar committee was formed in Cape Town in 2016. This committee also looks at the

membership, events and training in the region.

IRMSA is currently in discussions with members in the Eastern Cape, Limpopo and Northern Cape to

see how we can further assist members in those regions.

NAMIBIA

In 2016, IRMSA created a Namibia Hub Committee made up of IRMSA members based in Namibia.

This committee will assist members in the region by hosting risk management events and training in

the country.

IRMSA is engaging with members in various African Countries to start various hubs in their regions.

The main aim will be to create self-sustaining hubs within each area.

EXTERNAL PARTNERSHIPS

The IRMSA CEO currently sits on three steering committees:

Public Sector Audit Committee Forum

Professional Body Forum

Anti-Intimidation and Ethical Practices Forum

IRMSA partners with other Professional Bodies:

Actuarial Society of South Africa

Ethics Institute of Southern Africa

Institute of Directors South Africa

Institute of Internal Auditors South Africa

Insurance Institute of Southern Africa

Association of Certified Fraud Examiners

South African Institute of Chartered Accountants

South African Reward Association

IRMSA works with International Risk Management bodies:

• FERMA – Federation of European Risk Management Association

• IRM – Institute of Risk Management (UK)

• RIMS – The Risk Management Society (USA)

• PARIMA – Pan-Asia Risk and Insurance Management Association

• AIRMIC - UK Association for Risk and Insurance Management Professionals

FINANCIAL YEAR 2016/17

Members have received notice that the Audited Financial Statements are available on the IRMSA

website.

The Institute has had another successful year and much growth has taken place. Each year, the

Institute has asked members to support the Institute as we take bold steps and invest in new

initiatives and each year we see further growth. This assures us that we are investing correctly in

projects and meeting the needs of our members.

Highlights in the 2016/17 financial statements:

Increase in Annual Membership Subscriptions from R3,033,208 in the previous year to

R4,556,070.

With the increase of the Conference attendees and the introduction of the Master Class, the

income grew to R3,253,861.

The Risk Labs (in Other Event Income) increased due to excellent numbers in Johannesburg,

Cape Town and Durban.

Training income continues to grow steadily and increased to R4,457,059.

Cash levels have increased to R8,692,937. This allows IRMSA to invest further into projects

and the development of the professionalisation process, the qualifications and technical

support.

Interest on cash reserves increased to R487,262.

Financial Year End

28-Feb-2017

29-Feb-2016

Revenue

R14,062,950 R10,138,737

Annual Subscriptions

R4,556,070 R3,033,208

Other Income: Interest

R492,795 R261,665

Training Income

R4,457,059 R3,663,874

Board Exam

R317,426 R421,390

Joint Event Income

R318,945 R73,202

Conference Income

R3,253,861 R2,004,091

Operating Expenses

R8,287,063 R5,790,204

Operating Surplus

R1,571,397 R1,149,170

Cash Position

R8,692,937 R6,521,840

Breakfast events will continue to be an expense to IRMSA as these events are free to all

members and add value to their membership. Although the events are supported by

sponsors, the numbers attending breakfasts continue to increase. The Annual Dinner is also

not intended to make profit as it is seen as a necessary event to showcase the excellent

work done by members in Risk Management.

Depreciation, amortisation and impairments have increased due to the Board Exam and

Guideline development costs being amortised over five years (this is the second year that

the amortisation has taken place).

As all processes and projects increase at IRMSA, more resources are required. The

employee costs of the Institute increase. It has also become important that IRMSA employs

experienced professionals who will be able to add value in the areas in which they are

placed to further enhance and assist members. The technical capability of IRMSA has of

course been a major strategy of the Executive Committee and now the financial position we

find ourselves, we are able to begin to employee a technical expert. Our long term objective

will be to grow this department with more subject matter experts.

Travel costs have increased due to the amount of work being done with the various

institutes globally and in Africa.

Accounting fees have risen due to the amount of extra assistance required as a result of the

growth of the institute.

The Finance Committee meet almost monthly and keep a tight control on the financial matters of

the Institute.

After using the same firm of auditors for the last few years, the Executive Committee has decided to

appoint a new auditor for 2016/2017 based on feedback from the 2016 IRMSA AGM. IRMSA sent

out a call for proposals in 2016 and many proposals were received by audit firms. After a full

process, the Finance Committee appointed ITAC as the IRMSA Auditors for 2017. To ensure a good

transition, IRMSA appointed the previous year’s auditors to assist with the accounting and

preparation for the audit, which allowed for a strong audit process and handover to take place.

THE YEAR TO COME

The IRMSA Executive Committee held a Strategic Session in March 2017. The session led to many

objectives and outcomes for IRMSA in 2017 and for the next five years.

The Executive Committee’s main objectives for 2017/18 are to:

Increase IRMSA’s support for individual and corporate members through technical guidance

and advice, providing risk intelligence and the setting of standards, development of

guidelines and practise notes. Our fulltime Chief Risk Advisor, Christopher Palm, will help

drive this strategy and look at creating a larger support team to assist members.

Continue growing risk management in other African countries with the objective of creating

self-sustaining hubs/institutes.

Develop and deliver training interventions that are aligned and responsive to the maturity

levels of organisations and to look at other training platforms for those members who do

not reside in the major regions.

Continue to work with IRMSA’s global partners and align strategy and certification with

these bodies.

Continue to strive to professionalise Risk Management in South Africa and further develop

risk professionals and create more awareness of Risk Management at the executive level.

Target the C-Suite and ensure that there is an increased ownership of risk management from

senior levels, right through the organisation. We see the importance of the CEO and Board

being fully invested in risk management of their organisations and therefore, in the next few

years, IRMSA would like to influence the profile of the Chief Risk Officer in organisations.

We look forward to seeing you at the AGM on 27 June, where we will discuss the various areas of

IRMSA at a high level and allow members to network and benchmark.

Yours faithfully

Sheralee Morland Gillian le Cordeur

President Chief Executive Officer