Where does the responsibility of the chief risk officer end?

Where does the responsibility of the chief risk officer end?

Where does the responsibility of the chief risk officer end?

Risk managers in large and developed institutions (LDIs) can still fail in their duties, despite having all the right procedures in place, warns Totyelwa Dodo Nonco, manager of risk management at South Africa’s Office of the Accountant-General. She said, in an insight with the Institute of Risk Management South Africa, that smaller enterprises are almost always on the wrong side of…

Third-party cell captive regulatory policy proposals issued in South Africa

Third-party cell captive regulatory policy proposals issued in South Africa

Third-party cell captive regulatory policy proposals issued in South Africa

South African authorities have released the regulatory policy proposals relating to third-party cell captive insurance, focusing on governance and risk management. The proposals were issued in a joint communication from the Financial Sector Conduct Authority and the Prudential Authority, and apply to insurance business or microinsurance business conducted by cell captive insurers (as defined in the Insurance Act 2017) and…

Risk management should be values-based and add strategic value

Risk management should be values-based and add strategic value

Risk management should be values-based and add strategic value

Liz Booth speaks to Marsh Africa’s Christelle Marais about tough questions and conversations that risk managers, c-suites and boards should engage with to help ascertain if they are making their organisations better off Achieving economic and social development aspirations while pursuing value creation in a legally compliant and responsible manner are key objectives of South Africa’s Companies Act. However, some…

More trade links between South Africa and the rest of continent launched

More trade links between South Africa and the rest of continent launched

More trade links between South Africa and the rest of continent launched

Another initiative has been launched to reduce the risk of doing business across African borders, as the African Export-Import Bank (Afreximbank) and the Export Credit Insurance Corporation of South Africa SOC Limited (ECIC) initiate the South African-Africa Trade and Investment Promotion Programme (SATIPP). The programme is a $1bn financing programme to promote and expand trade and investments between South Africa…

1 July confirmed as start date of the Insurance Act in South Africa

1 July confirmed as start date of the Insurance Act in South Africa

1 July confirmed as start date of the Insurance Act in South Africa

On 21 June 2018, Kuben Naidoo, the chief executive officer of South Africa’s Prudential Authority, published a communication which confirms that the Insurance Act, 2017 will take effect on 1 July 2018, as anticipated. The communication provides that the Minister of Finance has signed the notice of commencement of the Insurance Act, 2017 and that the gazetting thereof is imminent.…

First Institute of Risk Management-licensed provider named in South Africa

First Institute of Risk Management-licensed provider named in South Africa

First Institute of Risk Management-licensed provider named in South Africa

The Institute of Risk Management (IRM) has announced that W.consulting, Johannesburg, is the first provider of the internationally recognised Fundamentals of Risk Management (FoRM) course in the region. Sanjay Himatsingani, director of training, IRM said: “We are very pleased to be working with W.consulting in South Africa. There has been a big demand for risk management training in the region…

Chubb appoints Ncedi Mbongwe as casualty underwriter

Chubb appoints Ncedi Mbongwe as casualty underwriter

Chubb appoints Ncedi Mbongwe as casualty underwriter

Chubb has appointed Ncedi Mbongwe as casualty underwriter for South Africa and Sub Saharan Africa. Mr Mbongwe will be responsible for the development and growth of the company’s casualty offering, including growing related specialty areas including environmental liability, clinical trials and event liability, as well as building and strengthening relationships with key brokers. He joins from Munich Re of Africa,…

Business interruption tops concerns for South African food and beverage sector

Business interruption tops concerns for South African food and beverage sector

Business interruption tops concerns for South African food and beverage sector

Business interruption is the top concern for the food and beverage industry, with 53% of 68 respondents citing the risk. Reputational risks, with a 31% rating, occupy the second spot, showing a decrease from 2017, according to the Allianz Risk Barometer 2018. Risks from natural catastrophes and fire are at number three and number five respectively, and both represent new…

$400m silicosis class action agreed for South African gold miners

$400m silicosis class action agreed for South African gold miners

$400m silicosis class action agreed for South African gold miners

Six South African gold mining houses have agreed a ZAR5bn ($400m) class action settlement with law firms representing thousands of miners who contracted the fatal lung diseases silicosis and tuberculosis. In the first class action settlement of its kind ever reached in South Africa, the agreement follows a six-year legal battle by miners to win compensation for illnesses they claim…

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