Our Business
Managing risks as threats
and opportunities
Introduction
Managing risks as threats and opportunities
Benefits derived from practicing good risk management
Our ERM framework, informed by global best practices such as ISO 31000 and King IV™™, enables systematic identification, analysis, evaluation, treatment and monitoring of risks and opportunities. By embedding these processes within our evolving “Serving with Heart” strategy, we get a complete picture of both internal and external factors that can impact us. This approach allows us to stay ahead of emerging threats, protect our donors, patients, employees and communities, improve our service delivery and unlock new opportunities for innovation and growth.
Figure 1 demonstrates how the effort is driven by the Board, Senior and Middle Management to manage and report on risks.
Communicate and consult
Who are our stakeholders, what are their objectives and how shall we involve them?
Establish the context
What do we need to take into account and what are our objectives?
Risk assessment process
Identify the risks
What might happen? How, when & why?
Analyse the risks
What will this mean for our objectives?
Evaluate the risks
Which risks need treating and our priority for attention?
Treat the risks
How should we best deal with them?
Monitor and review
Have there been any changes to any elements of the risk management process?
System landscape
Data to facilitate the risk management process
Figure 1
In addition, all lines of assurance are included as part of the Board and Board Committee oversight to ensure that roles, responsibilities and accountabilities for risk are clearly defined. See figure 2 .
Artificial intelligence at SANBS
As SANBS embarks on its digital transformation journey, the integration of Artificial Intelligence (AI) is approached with caution and strategic foresight. The Board recognises that AI presents significant opportunities to enhance efficiency, decision-making, and service delivery across the company. However, alongside these advantages, there is a firm commitment to managing the associated risks effectively.
The potential risks related to AI include data privacy concerns, the possibility of bias in algorithms, and the danger of overreliance on automated systems, which may undermine human judgment. Understanding and mitigating these risks is essential to safeguarding SANBS' reputation and ensuring compliance with regulatory requirements.
To facilitate this responsible integration of AI, the ICT team has provided the RTIG Committee with an outline that encompasses several key components:
AI concepts
A clear explanation of the fundamentals and capabilities of AI technologies
Strategic opportunities
Identification of how AI can be leveraged to improve operations in specific areas within SANBS
Real-world use cases
Examples tailored to the context of SANBS, illustrating successful applications of AI in similar companies
Governance-led adoption
A phased approach that emphasises governance throughout the implementation process, ensuring that AI is deployed responsibly and effectively. This structured framework will help to oversee AI initiatives, monitor their performance, and assess their alignment with SANBS' ethical standards.
By prioritising a risk management approach to the adoption of AI, SANBS aims to harness its transformative potential while safeguarding against possible pitfalls. This careful consideration ensures that the benefits of AI are realised, without compromising the integrity and trust that underpin our services.