THE BMZ ACADEMY
THE BMZ ACADEMY
053 8213
BMZ ACADEMY 061 262 1185/068 053 8213Page 1 of 12
, THE BMZ ACADEMY
Table of Contents
Introduction ................................................................................................................ 3
Conceptual Framework for Risk Governance ............................................................. 4
Evaluation of the Board’s Responsibility for Emerging Risks ..................................... 5
Failure to Accept Ultimate Accountability for Cybersecurity Risk ............................... 5
Failure to Integrate Risk Management into Strategic Decision-Making ...................... 5
Absence of a Clearly Defined Risk Appetite and Risk Tolerance ............................... 6
Inadequate Oversight and Lack of Independent Assurance ....................................... 7
Weak Risk Culture and Ineffective “Tone at the Top” ................................................. 7
Cybersecurity Incidents in the South African Financial Sector ................................... 8
Recommended Actions to Strengthen Risk Governance ........................................... 8
Establishment of a Board Risk Committee ................................................................. 8
Appointment of a Chief Risk Officer and Strengthening Enterprise Risk Management
................................................................................................................................... 9
Implementation of Continuous Cybersecurity Monitoring ........................................... 9
Conclusion ................................................................................................................. 9
Reference List .......................................................................................................... 10
BMZ ACADEMY 061 262 1185/068 053 8213Page 2 of 12
THE BMZ ACADEMY
053 8213
BMZ ACADEMY 061 262 1185/068 053 8213Page 1 of 12
, THE BMZ ACADEMY
Table of Contents
Introduction ................................................................................................................ 3
Conceptual Framework for Risk Governance ............................................................. 4
Evaluation of the Board’s Responsibility for Emerging Risks ..................................... 5
Failure to Accept Ultimate Accountability for Cybersecurity Risk ............................... 5
Failure to Integrate Risk Management into Strategic Decision-Making ...................... 5
Absence of a Clearly Defined Risk Appetite and Risk Tolerance ............................... 6
Inadequate Oversight and Lack of Independent Assurance ....................................... 7
Weak Risk Culture and Ineffective “Tone at the Top” ................................................. 7
Cybersecurity Incidents in the South African Financial Sector ................................... 8
Recommended Actions to Strengthen Risk Governance ........................................... 8
Establishment of a Board Risk Committee ................................................................. 8
Appointment of a Chief Risk Officer and Strengthening Enterprise Risk Management
................................................................................................................................... 9
Implementation of Continuous Cybersecurity Monitoring ........................................... 9
Conclusion ................................................................................................................. 9
Reference List .......................................................................................................... 10
BMZ ACADEMY 061 262 1185/068 053 8213Page 2 of 12
