The ongoing collapse of large international companies could have been partially prevented if good corporate governance principles and, more specifically, effective risk management practices had been implemented and adhered to. Research reveals that the majority of financial institutions in Europe do not manage risk effectively and the global financial crisis proved that excessive risk-taking can result in corporate failure. Similar trends are prevalent in South Africa. The aim of this research was to investigate the compliance of Johannesburg Stock Exchange (JSE) listed companies with recommended risk management practices and disclosure requirements after the introduction of King II and III. To achieve this the annual reports of selected JSE listed companies were evaluated to establish the quality of their reporting on risk management practices as recommended in King II and III. The results of the study indicated that the minority of the companies investigated, fully complied with all the recommended requirements. This study contributed to literature by showing that although disclosure on risk management practices improved significantly since King II became operational in 2002, companies still did not adhere to all the requirements as stipulated even after King III became effective in 2010. The finding, therefore, supports the notion that full compliance is an evolutionary process, rather than a revolutionary process and will therefore only be achieved over time.