Growing concern over operational risk

Risk body to debate the issue – A must-attend event for risk managers

Increased uncertainty and the alarming potential for systems failure during the pandemic is leading to a renewed focus on operational risk in organisations and the debate is being driven largely by the insurance industry.

This critical issue will be ventilated and discussed at a webinar on June 15, hosted by the Institute of Risk Management (IRMSA) in association with global professional services company Marsh Inc. – a leader in insurance broking and risk management.

Spiros Fatouros, Marsh Africa CEO says, “In the past twelve months we have noticed increased conversation on the topic as loss is reported resulting from insufficient or failed internal processes. The causes vary from human error to poor, outdated or badly managed systems. It’s our firm belief the insurance industry needs to reimagine resilience and re-examine the fundamentals of operational risk with a view to tightening up existing protocols and where new best practice can be implemented.” 

IRMSA’s Acting CEO Gillian le Cordeur says, “This webinar could not come at a more critical juncture as South Africa is now dealing with a potential COVID-19 third wave and where there is likely to be even more uncertainty. Operational risk management requires organisations not only to have the right mitigating tools in place but also the correct mindset. We are confident this webinar along with our valued partner Marsh Inc. will address these issues and give a clear indication of how strategic thinking needs to change.”

Among the broad issues that will be covered are risk control and self‐assessments, identifying top operational and emerging operational risks as well as looking at specific operational risk scenarios.

Notes Le Cordeur, “Globalisation as well as the recent changes in the technical, political and social climates arising from the Covid-19 pandemic, are resulting in insurance companies being increasingly exposed to greater and more complex risks. Thus, to successfully operate in the market, insurers are being compelled to take considered and controlled risks. Consequently, their need for active risk management is increasing. That is why this webinar aimed at all risk professionals is so vital.”

A joint keynote address will be given by Jane March, MD: Placement and Terashni Pillay, designation from Marsh Africa. Other speakers include Thokozile Mahlangu CEO of the Insurance Institute of South Africa; Deolinda Delcarme Senior Manager: Legal, Risk & Compliance at Sanlam and Darlington Munhuwani Chief Executive Officer of Allianz Africa.

The event is scheduled to start at 8.30am and runs through to 11am. It is free to IRMSA members and R250 for non-members. More details are available from Roxanne Moodley on or 011 555 1800.

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