Senwes Scoops Risk Management Award

  • 17 November 2017
  • 889
  •  Senwes
  •  
  •  press-release



 
Senwes, the leading agricultural business in South Africa, calculated their quantitative risk using a spreadsheet-base system in the past. The challenge with this system was that it could not provide real-time information. According to Chris Koch, Group Risk Manager at Senwes, the implementation of the Isometrix Risk Management solution allowed them to provide real-time risk assessment information based on a wide range of key risk indicators.   
 
“We have adopted a quantitative approach to risk management. All risks have a residual risk value that is updated periodically, based on a number of drivers and key risk indicators. Real time quantitative risk assessment information is now available, reflecting risks across the business. Access to this information allows the company to make better, fully informed decisions. The company's risk management maturity and culture have improved and it has increased departmental efficiencies”, according to Koch.
 
Delighted with the award Francois Strydom, Group Chief Executive, said: “Senwes believes that effective risk management on an enterprise-wide basis is essential in achieving sustainable future returns for its shareholders and other stakeholders. Moreover, risk management is deeply rooted in the culture of Senwes and its strategic and tactical intent.
 
 The responsibility and accountability for risk management reside at all levels of the organisation, from its board down to each business manager and employee. In order to facilitate this, the group has a formal risk assessment process in place through which risks and mitigating management actions are identified, evaluated and reported on. This recognition shows the diligence and meticulousness of how Senwes does risk management", Strydom added. 
 





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