Tag: risk management

The evolution of consumer expectations in the insurance industry is reshaping the traditional insurer-customer dynamic. Customers are no longer satisfied with a one-size-fits-all approach; they are looking for a more personalised, meaningful, and continuous engagement with their insurance providers.

Insider risks pose a growing and formidable threat to organisations. The DTEX 2023 Cost Of Insider Risks Global Report sheds light on the alarming surge in the costs associated with insider risks, urging a shift from reactive to proactive strategies.

Auto insurance is leading the charge with the adoption of dynamic pricing, which entails developing policies that are more cost-effective for low-risk customers and using a different premium model for high-risk policyholders. There is significant potential for life and health insurers to capitalise on this momentum and embrace this model within subsets of their product offerings.

Chief Financial Officers (CFOs) not only have a serious fiduciary duty to themselves as individuals, but they also have a responsibility to their employer to ensure that every step of every financial process is in order and above board. The consequences of financial mismanagement are multiple – again, individually as well as for the company.

In February 2022, Finance Minister Enoch Godongwana amended the maximum offshore investment limit for Regulation 28 retirement funds from 30% of assets to 45%. But data shows that most funds haven’t maximised their exposure to the new limit, begging the question: why?

Simply put, consumers must be able to trust the food they buy. Quality control issues can easily and quickly lead to consumer dissatisfaction and negative sentiment towards a brand or product line. They may also lead to a costly product recall, or in the worst-case scenario, a consumer death and the massive destruction of brand value and reputation. 

It is essential to establish internal risk management control processes that align with specific strategic management outcomes. We firmly believe that effective Operational Risk Management Processes (ORMP) have two core aspects: alignment and attunement.

The South African Rand has endured considerable volatility recently, attributed to a myriad of global factors including commodity price fluctuations, financial market risk perceptions, and local political uncertainty. Amid this turbulence, South African individuals and businesses engaged in trade and investment have encountered both challenges and opportunities.

South Africa has been enlisted on the Financial Action Task Force’s (FATF) dreaded “Grey List” for over four months – fortunately, though, the country has not been standing still. Significant new provisions are shaking up the corporate landscape and by comprehensively implementing stricter controls, the country can transition more quickly from the Grey List to the coveted “Whitelist.”

Risks such as heavy rain, flooding, hail, frost, drought and fire are by no means new to the South African agricultural sector, but due to the effects of climate change, they are increasing in frequency and severity. These risks are also becoming more unpredictable amid changing weather patterns, which complicates risk management efforts for farmers.