The use of the risk management model ISO 31000 by private security companies in South Africa

Abstract

Since the last decade, South Africa has been experiencing a number of economic crises because of corruption; white-collar crime and state capture allegations, which have been drivers for increased corporate governance. Attempts to harmonise risk management practices in organisations both nationally and internationally have been actualised in a number of risk management practices, the latest of which is ISO 31000. The risk management standard, ISO 31000, which was developed through contributions made by professionals worldwide, is anticipated to achieve the position as a global benchmark for risk management practices. The main aim of this study was to explore the use of the risk management standard ISO 31000 by private security companies in South Africa. Semi-structured interviews were conducted with security practitioners on the use of ISO 31000. The study found that security risk management maturity was lagging behind the standard.