IRMSA 2015/2016

Feedback from the President and Chief Executive Officer

Dear Members

Notice of the 13th

IRMSA Annual General Meeting which is being held on 21 June 2016, has been

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

morning and we hope that most of you 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 presentations from two of our

members. Duncan Wernberg, an IRMSA Intern Alumni, will share the feedback from his most recent

research that he completed for his Masters in Risk Management Dissertation on Risk Management:

A Business Enabler or a Compliance Issue. Jonathan Crisp, Director from BarnOwl, who is the

sponsor for the AGM, will share his thoughts on Selling Risk Management to the Board and the

Executive. These are topics that are top of mind for our risk professionals right now and will give us

all more to think about and discuss at this event.

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 volunteers who work 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 2015/2016 year, so many things have been achieved and it is evident that

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

Executive Committee

Sheralee Morland, President

Mark Robins, Vice President

Andy Mothibi, Vice President

Nazreen Pandor, Honorary Secretary

Philip Tillman, Honorary Treasurer

Chris Brits

Bheki Gutshwa

Mark Kuipers

Fulufhelo Tshikhudo

Michael Ferendinos (Co-optee)

MalebuMakgalemela (Co-optee)

Finance Committee

Philip Tillman, Honorary Treasurer, Chairperson

Sheralee Morland, President

Mark Robins, Vice President

Andy Mothibi, Vice President

Nazreen Pandor, Honorary Secretary

Gillian le Cordeur, Chief Executive Officer

Board Exam Development Committee

Mark Kuipers, Chairperson

Romeshni Govender

Rianne Potgieter

Whitey van der Linde

Gillian le Cordeur

Latha Kalpee

Portia Sangweni

Cruywagen-IRMSA Risk Foundation

Gert Cruywagen , Chairperson

Chris Brits

Sheralee Morland

Hennie Thessner

Gillian le Cordeur

Nicole Grobbelaar

Zandie Nyembe

Education and Technical Committee

Berenice Francis, Chairperson

Craig Smith, Vice Chairperson

Chris Brits

Claude Hamman

Laura Mallabone

Nthabiseng Mdhlozini

Fulufhelo Tshikhudo

Whitey van der Linde

Gillian le Cordeur

Michael Ferendinos

Latha Kalpee

Letticia Ndhlala

Kobus de Wet

Events Committee

Malebu Makgalemela, Chairperson

Nombuso Dlamini

Gillian Edworthy

Nicolene Gerritsen

Musawakhe Khumalo

Phillip Mosiane

Thabile Nyaba

Vaneshree Pillay

Lindsey Shelver

Gillian le Cordeur

Nicole Grobbelaar

Zandie Nyembe

KwaZulu Natal Committee

Nkosinathi Mhlongo, Chairperson

Jeanette Englund, Vice Chairperson

Les Carlo

David George

Boitumelo Mokgatle

Thasleem Osman

Vincent Ndadza

Thulani Ndlovu

Jay Ramharak

Gracia Skosana

Gillian le Cordeur

Legal Risk and Compliance Committee

Nazreen Pandor , Chairperson

Andy Mothibi, Vice Chairperson

Mira Butler

Christelle Marais

Mpho Modisane

Sidney Mongala

Gillian le Cordeur

Kathleen Osterloh

Membership Committee

Mark Robins, Chairperson

Bheki Gutshwa, Vice Chairperson

Chris Brits

Thulani Mkhungo

Beauty Mtonga

Mdu Nxumalo

Eleanor Ofori-Adomako

Anne Reed

Gillian le Cordeur

Sarah Bain

Lucia Khonjelwayo

Public Sector Committee

Betty Spencer, Chairperson

Thabile Nyaba, Vice Chairperson

Bheki Gutshwa

Musawakhe Khumalo

Vernon Makaleni

Thulani Mkhungo

Nkosinathi Mhlongo

Thobekile Mthembu

Jonas Shai

Fulufhelo Tshikhudo

Gillian le Cordeur

Sarah Bain

Nicole Grobbelaar

Lucia Khonjelwayo

Risk Intelligence Committee

Michael Ferendinos, Chairperson

Les Carlo

Jonathan Crisp

Thelma Kganakga

Emmah Makomvah

Wilna Meiring

Mpho Modisane

Totyelwa Nonco

Craig Rosewarne

Alex Russel

Paul Stiff

Mark Victor

Volker von Widdern

Mdu Zakwe

Gillian le Cordeur

Nicole Grobbelaar

Zandie Nyembe

Student Committee

Chris Brits, Chairperson

Eleni Albanis

Boitumelo Mangena

Malebo Phala

Duncan Wernberg

Gillian le Cordeur

Sarah Bain

Nicole Grobbelaar

Lucia Khonjelwayo

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.

Gillian le Cordeur , Chief Executive Officer

Sarah Bain, Membership and Office Manager

Kobus de Wet, Communication Administrator

Hlengiwe Dlamini, Membership Intern

Michael Ferendinos, Chief Risk Advisor *

Nicole Grobbelaar, Events and Marketing Manager

Latha Kalpee, Professionalisation Manager

Lucia Khonjelwayo, Membership Administrator

Letticia Ndhlala, Training Administrator *

Elane Madisha, Finance Manager *

Zandile Nyembe, Events and Marketing Co-ordinator

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

United Tshwane, Facilities Assistant

*New staff that started at IRMSA during June 2016

MEMBERSHIP

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

number of Associate Members during the past year. This is due to the requirement that a 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 May-16 May-15 May-14

Individual 1285 1015 935

Associate 475 268 229

Certified Risk Practitioner 20 0 0

Certified Risk Professional 0 0 0

Fellow 48 49 63

Retired 26 23 22

Total Individual Members 1854 1355 1249

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. By

the end of 2016, IRMSA will proudly have Certified Risk Professionals (CRM Prof) listed – these

members will be the first graduates to successfully complete Board Exam 2 and their logbooks.

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

• Associate

• Certified Risk Practitioner

• Certified Risk Professional

• Fellow

The members who have received those designations are loaded twice a year on the SAQA National

Learners Records Database. This was done successfully in 2015/2016 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.

TOTAL NUMBER MEMBERS INVOICED

Total number of Members May-16 May-15 May-14

Corporate Members 137 128 129

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

path is automatically given a 20% discount 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.

In the year to come, the Membership Committee will be completing a Salary Survey which will be

available to all members and will be a very useful document for individuals and organisations. The

Committee are also currently working on a career portal where members will be able to load their

CVs should they wish to find new opportunities and continue to share job opportunities with our

members.

CONSTITUTION

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

2015. Excellent feedback was received by members. The final and most up to date IRMSA

Constitution can be found on the IRMSA website (www.irma.org.za).

EDUCATION AND TECHNICAL

Training

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

Town, Durban and one session in Botswana.

In 2015, the Education and Technical Committee restructured the training programme to align more

closely with the two curricula that IRMSA developed through the Quality Council for Trade and

Occupations (QCTO). The training programme was further enhanced at the beginning of 2016 and

the few gaps that have been identified are being worked on to ensure that our members training

needs are met.

In 2015/2016, IRMSA trained over 500 people with the training courses that are available to

members. A further seven external training sessions were hosted at Corporate Member

organisations where training was created to suit their specific needs. In 2016, we are seeing more

organisations wanting specific training within their organisations and hence an increase in demand.

Qualifications

The two qualifications that IRMSA developed in 2012 through the 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, have opened a

pilot for the NQF 6 qualification which is currently being rolled out for 100 learners. They will then

roll out the NQF 8 later in the year. Those learners will complete their final exams in October 2016

and will be the first graduates for the NQF Level 6.

IRMSA is currently working with the University of Stellenbosch Business School who will also soon

roll out the qualifications to members across the country.

The Board Exams, through IRMSA - as the Assessment Quality Partner (AQP), will be the final

assessment for the qualifications.

Board Exams

The Board Exam Development Committee has scheduled two Board Exam 1 (CRM Prac) Sessions per

year. In 2015, the following exams took place:

Exam Months Gauteng KwaZulu Natal Western Cape Total

Number wrote exam:

June 2015 32 9 0 41

December 2015 30 6 3 39

The pass rate currently is 43% for the CRM Prac. Members who will rewrite or who deferred from

last year, will do so on 30 June and 30 November 2016.

In March 2016, 12 IRMSA members took part in the CRM Prof (Board Exam 2) pilot exam. The next

exam will be held on 19 October 2016 and will be a formal exam.

The Item Bank for all questions is still being developed for both exams and growing well. Seasoned

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

Once approved they are stored on the Item Bank.

Technical

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 is hosted regularly at SABS.

IRMSA has a representative on the King 4 Committee and recently gave feedback to the Institute of

Directors South Africa based on the sessions held with members. The Education and Technical

Committee will offer training to members on the outcomes of the Risk Management Chapter once

King 4 is released to ensure that members are able to implement and support their own

organisations with the changes.

The IRMSA Guideline to Risk Management was reviewed, in light of the expected changes, and it was

agreed that the document will be reworked once King 4 is released and should further changes be

made to ISO 31000.

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 to brainstorm topics,

over and above the monthly Event Committee meetings, content and speakers to make sure that the

Institute remains relevant and that our members needs are met.

In 2015/2016, 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 2015/2016 year:

Events hosted Gauteng Durban Cape Town Total

attendees attendees attendees

Breakfasts:

May 166 79 76 321

June (AGM) 150 - - 150

August 142 77 51 270

November 138 81 42 261

February 237 127 100 464

Conferences and other events:

Risk Lab (July) 256 - 102 358

Conference (September) 321 - - 321

Awards Dinner (October) 380 - - 380

Forums (4 hosted) 66 - - 66

Total: 2591

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:

May Marsh -

June (AGM) BarnOwl -

August BarnOwl / Sasria -

November Zurich -

February AIG -

Risk Lab (July) Zurich AIG / BarnOwl / Sasria / DeltaGreek

Conference (September) Marsh Allianz / Thomson Reuters/ Zurich / Sasria

Awards Dinner (October) BarnOwl AIG / AON / Zurich / Allianz

Forums (4 hosted) Isometrix -

During 2016, the theme is “Future Fit Risk Management” and will be the golden thread that runs

through each event for the year. IRMSA will continue to host the breakfasts, forums, conference and

Awards Dinner. This year, we hosted a Risk Summit with RIMS and the Cruywagen IRMSA Risk

Foundation. The Events Committee are very excited about the Conference where Thought

Leadership Pods and a Master Class will also be introduced this year. There will be a private and

public sector stream breakaway again. The Risk Lab will be offered not only in Johannesburg and

Cape Town this year, but in Durban too. The IRMSA Event Team will continue to work with members

and assist all members with registration.

Events will also be held in Namibia and Zimbabwe later in 2016.

RISK MANAGEMENT AWARDS 2015

At the Annual Awards Gala Dinner held on 30 October 2015, 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:

Hennie Thessner

President’s Award:

Chris Brits

Mark Robins

2015 IRMSA ANNUAL AWARD WINNERS

INDIVIDUAL AWARDS

Risk Manager of the Year

Winner Berenice Francis

Runner Up Thabile Nyaba

Up and Coming Risk Manager of the Year

Winner Mpho Modisane

Runner Up Carla Knight

Award of Special Mention Dawid Welman

INDUSTRY SPECIFIC RISK INITIATIVE AWARDS

Communication and Technology Vodacom Group Limited

Consulting Services Aurecon South Africa

Education UARM, Centre for Applied Risk Management,

Faculty of Economic Sciences and IT, NWU Vaal

Triangle Campus

Energy, Utilites and Mining Exxaro Resources Limited

Financial Services Nedbank

Government and Public Services Road Accident Fund

Healthcare Netcare Limited

Hospitality and Leisure Tsogo Sun

Transportation and Logistics Airports Company South Africa

COMMUNICATION AND RISK INTELLIGENCE

The highlight for the Risk Intelligence Committee in the 2015/16 year was the release of the second

IRMSA South Africa Risks Report. 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 third edition which will be released in January 2017.

For the first time, the South African Institute of Chartered Accountants (SAICA), the Institute of

Directors South Africa (IODSA) and the Institute of Internal Auditors (IIA) participated in the report

along with their members. Corporate Members also had the opportunity to support the report and

we thank them for their continued involvement. The supporters of the 2016 South Africa Risks

Report were:

• AIG

• BarnOwl

• Future Risk Coaching and Consulting

• Marsh

• Sasria

• Satarla

• UARM

The release of the Kariba Dam Case Study, sponsored by Aon, was also well received by members

and IRMSA will continue to advise members on any developments with regards to this issue.

The bi-weekly Risk Chats were sent out to the entire database. 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 completed by members of the Risk Intelligence Committee who each

complete at least five 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.

The Committee will release more case studies during the year and also keep members aware of any

risks or events that occur that they may need information on, through IRMSA ALERTS.

IRMSA continues to work closely with its Media Partners:

• RiskAfrica

• Cover

• Commercial Risk Africa

INTERNS

In 2015, the Cruywagen IRMSA Risk Foundation hosted two South African interns, who were both

undertaking their post graduate studies in Risk Management, and two interns from the USA (State

University of Illinois). They were hosted by IRMSA Corporate Members in Gauteng and in Cape

Town for the first time.

The Intern Programme was sponsored by AIG. Tsogo Sun kindly provided accommodation for the

four students, for two weeks, in Johannesburg and Cape Town.

Corporate Members who hosted the interns:

• Tsogo Sun

• AIG

• Marsh

• Nedbank

• CapeSpan

• National Treasury

• AngloGold Ashanti

• University of Johannesburg

In 2016, two South African interns will go to the USA for two weeks. They will also have a one week

programme in South Africa where they will be joined by two other South African students.

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.

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. The Student Forum website and events will be rolled out later in

2016.

KWAZULU NATAL

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

committee is currently working on a Case Study which will address the Commonwealth Games

scheduled for 2022 which will be hosted in Durban. This committee also addressed training and

event needs in KwaZulu Natal.

A similar committee is currently being formed in Cape Town.

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

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 2015/16

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 2015/16 financial statements:

• Increase in Annual Subscriptions from R2,374,479 in the previous year to R3,033,208.

• Board Exam income introduced in the financials in 2015/16 of R114,725.

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

and Cape Town.

• Training income continues to grow steadily.

• Cash levels have increased to R6,521,840. This allows IRMSA to invest further into projects

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

support.

Financial Year End

29-Feb-2016

28-Feb-2015

28-Feb-2014

Revenue R6,846,826 R5,168,493 R3,888,538

Annual Subscriptions R3,033,208 R2,353,451 R1,910,412

Other Income: Interest R261,665 R228,472 R154,406

Training Income R1,669,542 R1,441,171 R853,928

Board Exam R114,725 - -

Joint Event Income R672,780 R51,442 R129,859

Operating Expenses R5,965,983 R4,326,502 R3,115,214

Operating Surplus R1,149,170 R1,093,681 R934,605

Cash Position R6,521,840 R4,268,480 R4,290,037

• Breakfasts will continue to be an expense to IRMSA as these breakfast 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.

• In 2014, no bad debts were written off. It was decided to write off several bad debts from

events and training for individuals who can no longer be located or where all avenues to

debt collect have been exhausted. The individuals have been blacklisted on the IRMSA

database and will be unable to access any IRMSA thought leadership or attend any events or

training until they have cleared all debt with the Institute.

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

Guideline development costs being amortised over five years (this is the first 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 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. Members will be advised of the process and proposals will be

called from the database. New auditors will be appointed for the current financial year and will

report at the 14th

AGM in 2017.

THE YEAR TO COME

The Executive Committee’s main objectives for 2016/17:

• To continue to deliver excellent training, events and thought leadership to all members, and

to ensure that members are taken care of. As the Institute grows, it is crucially important

that the strong foundation that has been developed over the last few years is sustained and

built on.

• Pilot events and training in African countries, with Namibia and Zimbabwe being the initial

countries visited. Regional Committees will be set up in those areas and risk management

hubs formed.

• Technical support for members being an objective that the Executive has wanted to achieve

for many years is now possible through the appointment of Michael Ferendinos , as the

IRMSA Chief Risk Advisor. This is a huge step for IRMSA and a large investment for the

Institute. The Executive Committee have strategised how the technical support will continue

to grow in the next few years.

• IRMSA will continue to work with its global partners and align strategy and certification with

these bodies.

• The Institute will 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.

We look forward to seeing you at the AGM on 21 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