Current use of the risk register to integrate strategy and risk- and performance management : a case of a University of Technology in South Africa

Abstract

PURPOSE: The primary research objective was to establish how the university management used the risk register as part of the process to achieve strategic objectives, manage risk and assess performance.

METHODOLOGY: The study followed a mixed-methods design. It commenced with the qualitative collection of data through the analysis of the current literature to establish whether the risk register has the characteristics of a management tool. Based on the qualitative data collection and analysis, a structured questionnaire was developed to collect quantitative data to achieve the primary research objective, namely to establish how the university’s management currently uses the risk register to achieve strategic objectives, manage risk and assess performance.

FINDINGS: The findings indicated that management realized the value of integrating strategy with risk and performance management, but not through using the risk register. Furthermore, 79.5% of the participants agreed that the risk register was populated to manage risk, 40.2% agreed that it was populated to comply with legal requirements, and 25.2% completed the risk register to comply with executive management requirements.

ORIGINALITY/VALUE: This study is meant to raise the awareness that the risk register can be used as a tool to integrate strategy and risk and performance management as it includes the strategic objectives, the risk, and the controls to prevent the risk from arising.