'Comprehensive risk management programme critical"

The ZacPak Group has
embarked on a comprehensive
risk management programme
according to managing
director, Willie Nel.
“First and
foremost
we have
determined
the risks
facing the
business
from
general
political
and socio
economic
factors
right down
to those
unique
to our
industry
and
specific to our brand,” he said.
“Following this, mitigation
policies and processes have
been drawn up to address
each identified risk and a
frequent review and validation
of these plans is undertaken.”
Nel said it was essential for
companies to undertake this
process – especially in light
of the range of
risks to which
businesses are
exposed in South
Africa.
“Identifying
business risks
that are not
related to day-today
operational
issues or external
constraints is
crucial,” he said.
“It is important
to determine not
only what the
risks are, but also
to gain insight
into them.”
And this is where staff
education and training can
play a key role. “Staff need
an environment where they
are able to see a future for
themselves if they are to be
retained.
“It’s important to provide a
platform for staff to be trained
and motivated.”
And while risk can never be
totally removed, having
a clear understanding
of your company’s
business risks allows
you to put mitigation
plans and processes
in place, according
to Nel.
“Current financial pressures
have seen a move towards
extension of payment
terms, and this comes with
the associated risk of nonpayment,”
he said.
Through its risk
management
programme ZacPak
was striving to make
some real inroads
into mitigating some
of the challenges it
faced, he added.
INSERT & CAPTION
Current financial
pressures have seen
a move towards
extension of payment
terms, and this comes
with the associated
risk of non-payment.
– Willie Nel