Risk managers must encourage agility within business

Risk managers must encourage agility within business

Risk managers must encourage agility within business

Businesses in South Africa have no choice but to transform digitally if they are to become agile enough to survive the next ‘black swan’ event. That was the warning from Spiros Fatouros, CEO at Marsh Africa, speaking at the Institute of Risk Management South Africa’s first virtual annual conference. He told delegates: “We realised very quickly that the pandemic was…

Rising unemployment posing major threat in South Africa

Rising unemployment posing major threat in South Africa

Rising unemployment posing major threat in South Africa

Unemployment could reach more than 50% of the South African population this year, causing a major threat to stability. That was the stark warning from Herman Mashaba, politician and leader of ActionSA, speaking at the Institute of South Africa Risk Management Association’s annual conference, held virtually for the first time. Delagtes heard of the convergence between politics and risk, with…

South Africa ranks among worst for cargo crime

South Africa ranks among worst for cargo crime

South Africa ranks among worst for cargo crime

South Africa ranks among the worst countries in the world, and bottom of the pile on the African continent, for forecasted losses due to cargo theft, underscoring the significant economic impact of the issue. Freight transport insurer TT Club and business improvement company BSI highlight the growing risk in a new report – Freight Crime in South African Supply Chains.…

Global digitalisation trend embeds cyber risks in every aspect

Global digitalisation trend embeds cyber risks in every aspect

Global digitalisation trend embeds cyber risks in every aspect

Chief technology officers (CTOs) and risk management teams have been warned they must rise to the challenge of securing data and IT systems infrastructure against the rising wave of cyberattacks. The warning comes as it emerges that the average cost of a cyber breach for a South African firm currently stands at some US$2.14 million, according to the IBM 2020…

South African regulator studying UK court ruling on business interruption

South African regulator studying UK court ruling on business interruption

South African regulator studying UK court ruling on business interruption

South Africa’s Financial Sector Conduct Authority (FSCA) is studying the UK court ruling on business interruption (BI) policy wordings, in which the UK decided some 370,000 policyholders were entitled to claim payments. Claims will depend on the precise wording of each policy, but the UK ruling gave clarity as to how BI policies should work in the Covid-19 environment. The…

Covid-19: South African risks and opportunities

Covid-19: South African risks and opportunities

Covid-19: South African risks and opportunities

“Never let a good crisis go to waste,” said Rahm Emanuel during the 2008 global financial crisis. “This catchphrase has been reprised by many who remain optimistic despite the current challenges we find ourselves in,” noted Mighty Mhlanga, Institute of Risk Management South Africa member. “The current landscape presents one of the most perplexing and difficult environments for individuals, business…

Risk intelligence key to a sustainable future

Risk intelligence key to a sustainable future

Risk intelligence key to a sustainable future

Only by building risk-intelligent organisations will leaders be able to overcome six distinct global threats identified by the Institute of Risk Management South Africa (IRMSA). Christopher Palm, IRMSA’s chief risk adviser, suggested: “Leaders at the highest levels of the private and public sectors must embrace an enterprise-wide culture of integrated risk management to secure their future.” Looking at the threats,…

Social media remains key reputational risk

Social media remains key reputational risk

Social media remains key reputational risk

A recent tweet by a director of Cricket South Africa relating to a cancelled sponsorship highlights an issue for South African boards: the risk represented by social media. Social media have become a key communications channel, but they pose particular risks for organisations and especially their directors, according to Parmi Natesan, CEO of the Institute of Directors in South Africa…

Coverage trade-offs needed to create pandemic pool solution, says LIIBA

Coverage trade-offs needed to create pandemic pool solution, says LIIBA

Coverage trade-offs needed to create pandemic pool solution, says LIIBA

London and International Insurance Brokers Association (LIIBA) CEO Christopher Croft said any government backed pandemic insurance solution will need a series of trade-offs to maintain the involvement of private insurers without making cover too restrictive for buyers. He also said the insurance industry has work to do to repair its reputation that has been hit by its response to Covid-19.…

First South African insurer settles BI claims

First South African insurer settles BI claims

First South African insurer settles BI claims

South Africa’s fourth-largest non-life insurer Guardrisk is the first South African insurer reported to have settled business interruption (BI) claims related to the impact of Covid-19, reaching agreement with up to 700 small business clients that were fighting its decision to reject their BI claims. Guardrisk was recently taken to court by Café Chameleon CC, where the insurer lost its…

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