- Title
- The use of risk management practices in achieving strategic objectives at the Eastern Cape Socio-Economic Consultative Council (ECSECC)
- Creator
- Somniso, Nozuko
- Subject
- Risk management -- South Africa -- Eastern Cape Risk management -- Case studies
- Subject
- Strategic planning
- Date Issued
- 2017
- Date
- 2017
- Type
- Thesis
- Type
- Masters
- Type
- MBA
- Identifier
- http://hdl.handle.net/10948/14367
- Identifier
- vital:27575
- Description
- The practices of risk management are important in business, because they allow organisations to improve communication with all stakeholders and to be upfront and proactive in dealing with risks. Risk management also supports the achievement of the organisation’s strategic objectives which leads to a controlled working environment characterised by quality, efficiency and effectiveness. As such it is necessary to understand risk management, its benefits, significance and importance in implementing an organisation’s responsibilities. This understanding is especially vital for ECSECC so that risk management is utilised to achieve strategic objectives in a more deliberate manner. This qualitative study was conducted to demonstrate how ECSECC uses risk management to achieve its strategic objectives by analysing ECSECC’s risk management initiatives, their effectiveness and ultimately to provide recommendations to improve the current practices. The total population of nine executive managers from ECSECC was sampled and the data was collected through personal interviews and the content analysis of ECSECC documents. The findings of the research showed that ECSECC was aware of its risk and risks were identified for 2015/2016 and recorded in ECSECC documents. This awareness was also confirmed by the interview findings. The interview findings also revealed that risk management is indeed embedded in ECSECC activities and there are various risk management interventions in place. However the risk management interventions in mitigating the identified risks were relatively ineffective as certain shortcomings were identified. The study is beneficial to ECSECC management in order to ensure that the current risk management initiatives are effective and that there is a clear connection between the utilisation of risk management in achieving ECSECC’s strategic objectives. Organisations similar to ECSECC can also learn the importance of managing risks effectively to achieve strategic objectives and the benefits of risk management as a management tool.
- Format
- viii, 94 leaves
- Format
- Publisher
- Nelson Mandela Metropolitan University
- Publisher
- Faculty of Business and Economic Sciences
- Language
- English
- Rights
- Nelson Mandela Metropolitan University
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