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Deloitte Risk Conference 2017
Creating and sustaining value
The Deloitte Risk Conference 2017, held earlier this month, brought together global thought-leaders in the field of risk management under this year’s umbrella of “Creating and sustaining value”. With speakers including Nhlanhla Nene, Trevor Manuel and Justice Malala, the conference was a must-attend event amongst South Africa’s corporate elite.
- The conference kicked off by discussing how business in South Africa is now perceived as being exploitative, self-interested and aiding in corruption. This follows a series of scandals that have hit the country recently.
- Keynote speaker and Old Mutual Chairman, Trevor Manuel, then explained that good corporate governance should be a firm’s first safeguard against both internal and external risks.
- Ian Stewart, Chief Economist at Deloitte UK, gave a wider, global view on risk and volatility, explaining how the global economy had entered a “new normal”, with slower growth and more volatility after the Global Financial Crisis.
- According to a panel of speakers, for South African businesses the biggest risk from the ongoing local political turmoil is a prolonged low growth environment.
- From an investment perspective, many companies have grown tired of South Africa’s political risk, and are looking offshore and into other countries on the continent.
- Cybercrime was one topic with little positive sentiment. Businesses can barely keep up with cyber security innovations and defend themselves against constantly evolving forms of attacks.
- The topic of regulatory compliance highlighted how challenging complying with regulation and legislation has become in the last few years. On a global scale, analysts forecast that banks would have paid over US$400bn in fines between now and 2020 due to failure to comply with a rapidly changing regulatory environment.
- Possibly the most important economic risk facing decision-makers in South Africa is the outcome of the ANC national elective conference in December, according to political analyst Justice Malala.
What our experts say
“Companies need to aspire to the long-term view. The importance of risk management is now being built into company strategies as lower growth and higher volatility further compound existing risks.”
How can Deloitte help
Contact us to discuss how you can better prepare for the regulatory landscape and the benefits of robust compliance strategies.