A prudent time for a corporate political risk assessment

A prudent time for a corporate political risk assessment

A prudent time for a corporate political risk assessment

Increasing internal conflict within the ruling African National Congress in an important election year, as well as broader societal unease, have raised a vital debate within South Africa on how companies should identify and respond to political risk. The Institute of Risk Management South Africa (IRMSA) said that, while the issue has always been on the country’s strategic risk radar,…

Cricket South Africa board standoff provides lessons for risk professionals

Cricket South Africa board standoff provides lessons for risk professionals

Cricket South Africa board standoff provides lessons for risk professionals

Cricket South Africa (Cricket SA) is reported to have lurched into yet another crisis, with the Members’ Council rejecting the interim board’s proposal that the new board be composed of a majority of independent directors, potentially flying in the face of good practice. The move by the Council goes against widely accepted international best practice, including the King IV Code…

South Africa tops global list for business process services

South Africa tops global list for business process services

South Africa tops global list for business process services

In a boost to business confidence, South Africa has won an award as the top global location for business process services. It was named ‘Most Favoured Offshore CX Delivery Location’ for 2021, in the Annual Front Office BPO Omnibus Survey. The South African Department of Trade Industry and Competition (DTIC) said: “This is a welcome achievement for the South African…

Double triggers and risk pools central to innovative pandemic covers

Double triggers and risk pools central to innovative pandemic covers

Double triggers and risk pools central to innovative pandemic covers

South Africa’s experience with non-physical damage business interruption (BI) claims following the 2020/2021 Covid-19 pandemic illustrates the devastating economic impact of this type of risk event and the need for a broader solution, according to Munich Re of Africa (MRoA). “The estimate for loss of profit claims due to non-physical damage BI comes in at ZAR20-30bn; claims from a single…

Shaping the future of risk management

Shaping the future of risk management

Shaping the future of risk management

Jonathan Crisp, director of BarnOwl and Institute of Risk Management South Africa risk intelligence committee member, explores how risk managers and their organisations can get a return on investment from risk management. In the Institute of Risk Management South Africa’s (IRMSA) 2021 Risk Report, there is a quote from the futurist Gerd Leonhard, which I believe sums up the value of…

F&I Insurance names new MD

F&I Insurance names new MD

F&I Insurance names new MD

Donovan Harvey, a financial management specialist and WITS MBA graduate, has been named as managing director of South African firm F&I Insurance. F&I focuses on specialist insurance risks – including industrial and manufacturing risks, and hospitality risks – and has also expanded its business model to include general and commercial insurance. In his new role, Mr Harvey plans to facilitate…

New hail risk model launched for South Africa

New hail risk model launched for South Africa

New hail risk model launched for South Africa

A new hail catastrophe risk model has been launched by Willis Re, to quantify the risk from damaging hail events across South Africa. Developed in collaboration with Willis Research Network partners at NASA’s Langley Research Centre and the Karlsruhe Institute of Technology (KIT) in Germany, Willis Re said the model “delivers a robust view of hail risk for the (re)insurance…

IRMSA CEO set to leave after a decade

IRMSA CEO set to leave after a decade

IRMSA CEO set to leave after a decade

Gillian Le Cordeur is to leave her job as chief executive officer of the Institute of Risk Management South Africa (IRMSA) after ten years in the role. IRMSA recently made the announcement, saying there will be a structured handover before she formally leaves at the end of April. It added that more details will be published nearer the time. In…

Multibillion-rand PPE fraud highlights need for better risk management

Multibillion-rand PPE fraud highlights need for better risk management

Multibillion-rand PPE fraud highlights need for better risk management

Alarming disclosures by South Africa’s Special Investigating Unit (SIU) that more than ZAR13bn-worth of government-purchased personal protective equipment (PPE) is subject to a fraud investigation, again demonstrates the need for more risk management in both the public and private sector. Gillian le Cordeur, chief executive of the Institute of Risk Management South Africa (IRMSA) said: “While the institute welcomes the…

Howden to rebrand Matrix in South Africa

Howden to rebrand Matrix in South Africa

Howden to rebrand Matrix in South Africa

Howden is to rebrand South African broker Matrix, following last year’s acquisition of the company. It will take the parent company’s name. In the past seven years, Matrix MIRB, led by CEO Gary Ankcorn, has built up its portfolio, managing ZAR1bn (£65.5m) of client premiums. The renamed Howden South Africa will continue to provide bespoke treaty, facultative, structured reinsurance alongside…

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