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DISCLAIMER

The IRMSA South Africa Risk Report 2023/24 (9th Edition) is published by the Institute of Risk Management South Africa
(IRMSA or ‘the Institute’) under the guidance of the IRMSA Risk Intelligence Committee. The information in this report
has been obtained from sources that the Institute believes to be reliable and to have been provided in good faith. The
content of this report has not been independently verified. No representation or warranty, express or implied, is made as
to the accuracy or completeness of any information obtained from third parties. In addition, the comments, deductions
and opinions in this report may provide current and future expectations of future events – all based on individual and/or
collective experiences, as well as a wide range of assumptions. These may include statements that do not directly relate
to a historical fact or a current fact.

This report highlights risks and other factors, which are not to be considered exhaustive. Participants contributing to this
report operate in an ever-changing environment, with new risks continually emerging. The report should therefore be
read and used in this context.

The opinions expressed in this report are valid only for the purpose stated herein and as of the date of publication.
No obligation is assumed to revise this report to reflect changes, events or conditions that occur after the date hereof.
The vendor names mentioned in this document do not represent all possible vendors. They are the trademarks of their
respective owners and are mentioned for identification purposes only. IRMSA is not, by means of including such vendor
names herein, advocating for or against any specific vendor or product.

All decisions in connection with the implementation or use of advice or recommendations contained in this document
are the sole responsibility of the user. This document does not represent investment advice, nor does it provide an
opinion regarding the fairness of any transaction to all parties.

INSTITUTE OF RISK MANAGEMENT SOUTH AFRICA

The report and e-book are available on the IRMSA website.
Institute of Risk Management South Africa
+27 11 555 1800
www.irmsa.org.za

IRMSA RISK REPORT 2023/24 3