In 2011, Eswatini Railways introduced risk management to enhance the management of all risks across the business. We strive to consolidate and embed risk management activity in the organization and its supply chain.
Historically, companies have been managing risks without pronouncing their efforts and formalising their approach to it. The emergence of generally accepted corporate governance principles has seen risk management focus increasing on Eswatini Railways’s strategic objectives. Rather than merely striving for inherent efficiencies and operational performance, risk management has now emerged as a function that has the ability to shape the strategic direction of the organization. This resulted in Risk Management evolving to Enterprise Risk Management.
Enterprise risk management (ERM) is a disciplined and integrated approach that supports the alignment of strategy, process, people, and technology and allows corporations to identify, prioritize and effectively manage their critical risks. ERM entails the process of coordinated risk management that places a greater emphasis on cooperation among departments to manage an organization’s full range of risks as a whole from strategic – tactical –operational levels. The concept of ERM embodies the perspective that risk analysis cuts across the entire organization. By understanding all risks in an integrated framework, Eswatini Railways can execute proper strategies to successfully achieve their objectives and to meet their performance goals.
Risk is inherent in Eswatini Railways’s business. The identification and management of risk is central to delivering on our corporate objectives. It will manifest itself in many forms and has the potential to impact the health and safety, environment, community, reputation and brand, regulatory, operational, market and financial performance of Eswatini Railways. Eswatini Railways manages risk by using a structured, systematic and focused approach to risk management through the adoption of a risk management framework in line with ISO 31000.
To this end; Eswatini Railways will demonstrate effective corporate governance to better achieve its corporate objectives and enhance the value of services it provides to its customers.
The objectives of Eswatini Railways’s risk management framework and strategy are to:
- Integrate/ embed risk management into the culture of the organisation;
- Manage risk in accordance with best practice.
- Anticipate and respond to changing economic, social, environmental and legislative requirements.
- Prevent injury, damage and losses and reduce the cost of risk.
- Raise awareness of the need for risk management by all those involved with the delivery of our service.
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