Don’t just talk risk, talk opportunity

Don’t just talk risk, talk opportunity

Don’t just talk risk, talk opportunity

Ahead of the launch of the Institute of Risk Management South Africa’s annual risk report,  its chief risk adviser and report co-founder Christopher Palm talked to Sean Pyott, managing director at Thryve. The nature of risk conversations shifted during 2020. You would like risk to be used more broadly and not just focused on negative consequences. Could you elaborate? CP:…

Covid-19 taking heavy toll in South Africa

Covid-19 taking heavy toll in South Africa

Covid-19 taking heavy toll in South Africa

The Covid-19 pandemic is taking a heavy toll in South Africa as the country accounts for the majority of Covid-related deaths on the continent. Zanele Makhubo, chair of South Africa’s Institute of Risk Management (IRM) and RIG director, ERM and business continuity in the public sector, warned: “There has been a marked increase in the mortality rate in the country…

Santam to pay Covid-19 BI commercial claims in South Africa

Santam to pay Covid-19 BI commercial claims in South Africa

Santam to pay Covid-19 BI commercial claims in South Africa

Santam will pay out to commercial policyholders with a contingent business interruption (CBI) extension in South Africa hit by the Covid-19 national lockdown in April, following the country’s Supreme Court ruling in December. But large corporate policies handled by its specialty business will be tackled on “an individual basis” due to their “bespoke and complex nature”. Meanwhile, Old Mutual has…

Corporate risk now at critical level in South Africa

Corporate risk now at critical level in South Africa

Corporate risk now at critical level in South Africa

As South Africa enters a new adjusted level-three Covid-19 lockdown, its critical businesses have been re-evaluating their risk strategies with concerns for the year ahead. Gillian le Cordeur, chief executive officer of the Institute of Risk Management South Africa (IRMSA), said the government was left with little choice but to act even though the impact on the economy and jobs…

Are risk managers doing enough on business continuity?

Are risk managers doing enough on business continuity?

Are risk managers doing enough on business continuity?

Risk managers across South Africa have been urged to take another look at their business continuity plans as the country faces a second wave of Covid-19. The Institute of Risk Management South Africa (IRMSA) hosted a debate on the impact of the Covid-19 second wave and concluded there are six critical things risk managers have to ensure from a risk…

Covid-19 second wave: cancel Christmas or save the economy?

Covid-19 second wave: cancel Christmas or save the economy?

Covid-19 second wave: cancel Christmas or save the economy?

With South Africa in the throes of Covid-19’s second wave and the potential of another lockdown, the Institute of Risk Management of South Africa (IRMSA) wants to support effective risk assessment and proactive decision-making by the government and private sector. Christopher Palm, chief risk adviser at IRMSA, said the question of whether to cancel Christmas or save the economy isn’t…

Swiss Re Corporate Solutions granted direct insurance licence in South Africa

Swiss Re Corporate Solutions granted direct insurance licence in South Africa

Swiss Re Corporate Solutions granted direct insurance licence in South Africa

Swiss Re Corporate Solutions has been granted a direct insurance authorisation from South Africa’s insurance regulators. Both the Prudential Authority and the Financial Sector Conduct Authority have approved the licence for Swiss Re Corporate Solutions Africa, which is located in Johannesburg and fully operational. The company said it will underwrite some of the largest and most complex risks in South…

Cyber risk associated with disruptive and transformative technologies

Cyber risk associated with disruptive and transformative technologies

Cyber risk associated with disruptive and transformative technologies

Covid-19 has shaken up the virtual world – and cybercriminals along with it, warned Jonathan Crisp, risk intelligence committee member at the Institute of Risk Management South Africa. He said: “In speaking to Junaid Amra, head of the forensics technology solutions division at PwC, it is somewhat terrifying to hear the extent and sophistication of organised cybercrime, and that it…

Santam to appeal after losing CBI court case in South Africa

Santam to appeal after losing CBI court case in South Africa

Santam to appeal after losing CBI court case in South Africa

Santam is to appeal against a court ruling that found South Africa’s largest non-life insurer liable to pay a client’s claim relating to a coronavirus lockdown. Insured hotel group Ma-Afrika successfully argued it was wrong to reject claims made under contingent business interruption policies after they were forced to close, following government lockdowns in the eye of the Covid-19 pandemic.…

President Ramaphosa receives South African Risk Influencer of the Year award

President Ramaphosa receives South African Risk Influencer of the Year award

President Ramaphosa receives South African Risk Influencer of the Year award

South African President Cyril Ramaphosa, as chair of the National Command Council established under the Disaster Management Act, has been honoured by the Institute of Risk Management South Africa (IRMSA) for the impact the risk-adjusted strategy had on responding to the enormous risks posed by the Covid-19 pandemic on the country and its people. Jackson Mthembu, minister in the presidency,…