Five-year view sees risks materialise for South African companies

Five-year view sees risks materialise for South African companies

Five-year view sees risks materialise for South African companies

The Institute of Risk Management South Africa (IRMSA) has warned that looking back over the past five years, many risks have materialised. IRMSA is about to launch its South Africa Risk Report 2020 – the sixth edition – but said it was disappointing because first, South African and industry risk profiles have remained largely the same; and second, most of…

South African directors to face increased legal scrutiny in 2020

South African directors to face increased legal scrutiny in 2020

South African directors to face increased legal scrutiny in 2020

South African directors are set to face new pressures and legal challenges in 2020, according to legal experts. Lee Astfalck, of Clyde & Co in Johannesburg, warned: “Following months of parliamentary enquiries, investigations and commissions, 2020 will see a significant shift towards active steps being taken by companies, regulators and state authorities in bringing directors to task for alleged misconduct.”…

WTW to buy South African management consultancy

WTW to buy South African management consultancy

WTW to buy South African management consultancy

Willis Towers Watson (WTW) has agreed to buy South Africa-based management consultancy PE Corporate Services (PECS) for an undisclosed sum. WTW said the acquisition “strengthens the human capital and benefits capabilities of WTW South Africa and complements its global services in talent and reward solutions”. PECS and WTW South Africa have been strategic partners since 2014. PECS, which has employees…

Is it conflict of interest or relationships?

Is it conflict of interest or relationships?

Is it conflict of interest or relationships?

Conflict of interest has been topical in recent history, with the debacle of ‘state capture’ and scandals such as Steinhoff raising questions about the effectiveness of the governance structures existing within the corporate and public sectors in South Africa. Lindiwe Magobholi, Institute of Risk Management South Africa (IRMSA) risk intelligence committee member, asks: “Are governance structures even there? Do they…

Seelan Naidoo leaves Allianz for Swiss Re

Seelan Naidoo leaves Allianz for Swiss Re

Seelan Naidoo leaves Allianz for Swiss Re

Swiss Re Corporate Solutions has appointed Seelan Naidoo as head of property and specialty lines, South Africa, effective 1 February 2020. Mr Naidoo will be responsible for underwriting strategy and the development of the property and specialty portfolios in South Africa and Sub-Saharan Africa. Based in Johannesburg, he will oversee the general property, mining and energy, and engineering and construction…

Justice Ron McLaren to head South Africa’s ombudsman service

Justice Ron McLaren to head South Africa’s ombudsman service

Justice Ron McLaren to head South Africa’s ombudsman service

The South African authorities are merging the insurance industry’s ombudsman service by appointing retired Judge, Justice Ron McLaren, to head both the non-life and life services from 1 January 2020. From the start of next year, the short-term (non-life) and long-term (life) insurance industries will have a single ombudsman when Justice McLaren, current Ombudsman for long-term insurance, also takes over…

South Africa dealt another ratings blow

South Africa dealt another ratings blow

South Africa dealt another ratings blow

S&P has revised its outlook on South Africa to negative but stopped short of lowering its rating – just two weeks after Moody’s also lowered its ratings outlook to negative. Moody’s Investors Service changed the outlook on its rating to negative two weeks ago, after finance minister Tito Mboweni described a rapidly deteriorating fiscal outlook due to billions of dollars…

Aaqelah Haq scoops South Africa’s Risk Manager of the Year award

Aaqelah Haq scoops South Africa’s Risk Manager of the Year award

Aaqelah Haq scoops South Africa’s Risk Manager of the Year award

Aaqelah Haq has scooped the Risk Manager of the Year award at the Institute of Risk Management South Africa (IRMSA) annual awards. Ms Haq, who works for the Western Cape Government, received her prize at a glittering ceremony in Johannesburg. Warren Young, of Sanlam, was named as runner-up. Risk Specialist of the Year was Mpho Modisane, from the Airports Company…

Risk managers warned to improve cybersecurity after major South Africa attack

Risk managers warned to improve cybersecurity after major South Africa attack

Risk managers warned to improve cybersecurity after major South Africa attack

Cyber risk management is an imperative to protect companies and their customers from ever-increasing cyber incidents, especially cybercrime. According to a recent report, there are more than 13,000 cyberattacks daily in South Africa. Munich Re of Africa (MRoA) is encouraging local firms to review their cyber risk exposures in the wake of a series of cyberattacks directed at the City…

US imposes sanctions on three South Africans amid corruption allegations

US imposes sanctions on three South Africans amid corruption allegations

US imposes sanctions on three South Africans amid corruption allegations

South Africans Ajay Gupta, Atul Gupta and Rajesh Gupta and their close associate Salim Essa have been sanctioned by the US government for their alleged involvement in what was described as a “significant corruption network” by the US Office of Foreign Asset Control (OFAC). Steven Powell and Edward James, of ENSafrica, explained: “In the US, OFAC maintains a list of…

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