An analysis of human capital capabilities placed in the enterprise risk management function of South Africa's public institutions

Related literature on risk management has largely focused itself on the risk management processes and practices. Much of this literature has found that the risk management processes were inadequate and that the practices applied were ineffective and therefore, this had to be improved. This study analysed the capabilities of the human capital deployed in South Africa's public sector institutions in order to determine whether this had a role in impeding the effective risk management processes and practices. The findings of the study are that the inadequate risk management processes and ineffective practices could be attributed to the capabilities of the human capital deployed in the enterprise risk management function. In this regard, the study found that part of the reason for the inadequate risk management processes and ineffective practices stemmed from the inadequate staffing of the enterprise risk management function, position not filled by candidates with adequate academic qualifications and experience, the duration it takes to fill a vacant position and inadequate budget allocations. It is then supposed that these are potentially one of the contributors to the high levels of irregular expenditure, fruitless and wasteful expenditure as well as the unauthorised expenditure seen in South Africa today.