Category - Luyolo SIWANGAZA

Cape Peninsula University of Technology, Cape Town, South Africa

Juan-Pierré BRUWER Luyolo SIWANGAZA

Is the Control Environment a Basis for Customised Risk Management Initiatives in South African Small, Medium and Micro Enterprises?

Before the official recognition of Small, Medium and Micro Enterprises (SMMEs) in South Africa during the mid-1990s, these business entities have been key players in the stimulation of the national economy. Albeit their socio-economic value added, prior research shows that the sustainability of these business are among the worst in the world, since approximately 70% of South African SMMEs fail within their first three years of existence. This dispensation is often blamed on inter alia, their inadequate management of economic factors which, in turn, cultivates risks. Notwithstanding the fact that most South African SMMEs make use of customised risk management initiatives, previous research shows that these initiatives are not deemed as adequate and/or effective to mitigate risks. Since the manner in which risks are managed are strongly dependent on the attitude and awareness of its management surrounding internal control (control environment), this study focused on investigating...

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