Risk control is often regarded as the most important part of a risk management process as it aims to protect the organisation against threats and/or to minimise the negative effect on the organisation should a risk event occur.

The financing of risk entails contemplating the financial implications of the adverse affects of a risk and determining the financial implications of minimising the risk.

Risk evaluation entails that objectives of the risk analysis are to separate the minor, acceptable risks from the major risks, and to provide data to assist in the evaluation and treatment of the risks.

The first point in managing risk is to identify where risk exist for and in the organisation. The concept of operational risk identification describes risk being used on two main outcomes, namely its downside and its upside.

Managers and executives are highlighted to the four fundamental themes critical for establishing and maintaining a comprehensive and effective risk management framework.

Sound corporate governance practice requires integration of risk management processes into corporate and business planning.

The operational risk management framework includes a process of formulating an operational risk management strategy.

Who at senior levels is responsible for risk management in an organisation?

Trends in absence within organisations in South Africa are difficult to explore accurately, as very little information is systematically collected and recorded. Organisations where the real-time absence management programs are implemented are able to provide detailed statistics valuable for planning and action.

According to global surveys, what continues to be of most concern to employers is that almost two out of three employees who fail to show up for work aren’t physically ill.

Appropriate and timely management intervention can lead to a reduction in absenteeism levels.

In the event of a pandemic, unusually high rates of absenteeism could severely disrupt normal business activities. 

With continuing pressure to control health care costs, more companies plan to offer financial incentives to reward workers who adopt healthy lifestyles. According to the research, nearly half (46 %) of employers surveyed currently offer financial incentives to encourage workers to monitor and improve their health or plan to offer incentives next year.

Given the magnitude of the impact and cost associated with absent employees, it makes good business sense to be able to answer the question with conviction. You will be surprised to know that many senior executives fail to acquire the knowledge around absence and the impact thereof on the organisation. A common reply to the question above, is; “We have absenteeism totally under control!”