Issues arise concerned with consolidating departments

20-Dec-2017 08:55 by 3 Comments

Issues arise concerned with consolidating departments

However, as Taleb (2007) warns, companies must be careful of becoming risk complacent when they assume that they can forecast the future accurately.

Given the important role of HR directors in supporting King III, and the sound governance of South African organisations in particular, the Human Resource Research Initiative of SABPP identified the management of HR risk as one of the most important opportunities that HR practitioners have for adding value to the new governance dispensation in the country.In fact, the 2009 Ernest and Young Business Risk Report highlighted the importance of HR risk management.Christopher Lipski, HR Risk Management Service Line Leader in the United States of America (USA), said that ‘managing risk in the HR area has become an increasingly important issue for global executives’ (Ernest & Young, 2009).One of the big lessons from Bidvest is that you grow by growing people and working together. This article gives a brief overview of the importance of managing risk from an HR risk management perspective.The point of departure is that, in addition to other factors in business, a lack of proper HR risk management contributes to poor governance because businesses often use a reactive approach to HR management with no or little regard for managing risk. This work is licensed under the Creative Commons Attribution License.

At a local level, the King III Code on Governance in South Africa has been in effect from 01 March 2010.Businesses invest money to yield returns on the risks they take.Risks are ‘uncertain future events which, left unchecked, could adversely influence the achievement of a company’s business objectives’ (Naidoo, 2002).Now, in the new governance regime that King III proposed, managing risk has been elevated to board level using the best practice guideline that companies should appoint a chief risk officer (CRO) to boards.In a similar vein, King III elevated and repositioned risk management at board level by referring to the ‘governance of risk’.Yet, not dealing with risks can lead to business failure and even the collapse of the company.

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