Risk Management Overview
The old adage "prevention is better than cure" encapsulates the discipline of Enterprise Risk Management in South Africa in a nutshell. Inadequate or deficient Enterprise Risk Management strategies not only result in certain business-threatening risks being uninsured but also equate to increased insurance claims under your insurance programme even when the risk is insured. Ultimately, this means you pay higher insurance premiums for your risk. To add to that, you are faced with disruption to your business and time wastage following an insured loss, which further increases the financial loss to your company. Another startling fact is that a large percentage of companies implode following a catastrophic loss (e.g. fire/consequential/liability loss etc) as the risks are either not insured or if they are insured, the sums insured are inadequate. Our custom made Risk & Insurance Analysis ensures that your insurance choice and the extent of that choice is an informed one.
Risk & Insurance Analysis
Chadwicks conducts a Risk & Insurance Analysis exercise on all our commercial clients and we are able to offer a complete Risk Management Assessment of your business at your request. This assessment takes a holistic view of your enterprise risk by identifying your risks and evaluating them in financial terms. We will identify areas which if changed or improved could save you money, reduce your insurance spend and benefit your business.
Enterprise Risk Management
It should also be remembered that Corporate Governance and Enterprise Risk Management now form part of Directors and Officers duties as set out in the Companies Act and the King 2 Report - be cautioned, in the interests of your ongoing business prosperity, that Enterprise Risk Management is now ignored at your peril given that Directors and Officers can be sued in their personal capacity for failing in their duties at board level.
For more detailed information about risk management in South Africa, please don't hesitate to contact us.