Held on 20 November 2019, iTOO hosted over 120 brokers at yet another exciting Experiential Learning at The Venue in Melrose Arch. This time, exploring our Directors and Officers (D&O), Commercial Crime and Trade Credit products.
To mark International Fraud Awareness Week, the award-winning journalist and author of Steinheist, Rob Rose, kicked-off the day by unpacking the inside story behind the Steinhoff scandal. Rob had the delegates captivated as he recounted the story behind South Africa’s biggest corporate fraud.
This astonishing piece of investigation by Rob reveals how Steinhoff crash wiped more than R200-billion off the Johannesburg Stock Exchange (JSE) and knocked the pension funds of millions of ordinary South Africans.
In conclusion he also shared his thoughts on what the scandal could mean for the future of governance and corporate ethics in South Africa.
Fraud and corruption are alarming risks threatening businesses and individuals. This not only has financial implications but also a significant impact on image and reputation.
In line with fraud awareness, our experts, Jonathan Healy and Gareth Joubert also shared insights on some of the expert products within iTOO, effectively providing delegates with business driven fraud risk management initiative and tools to manage risk against fraud.
Our Financial Lines product champion, Jonathan Healy delved into the iTOO Commercial Crime insurance offering and the role this cover plays in protecting business against direct financial loss arising out of fraud and dishonesty. Jonathan further discussed the risks associated with corporate governance, which could result in personal liability to directors and officers and how this liability risk can be covered by a Directors & Officers insurance policy.
Wrapping up the day, Trade Credit MD, Gareth Joubert explained the core purpose of a Trade Credit policy and the importance of a sound holistic credit management solution. It is imperative for a business to fully understand the impact of all areas of their credit exposure. Remaining with the theme, Gareth emphasised on the significance that the lack of credibility or a poor reputation could have on a business’s ability to attract credit.
This experiential learning was allocated 2.5 CPD hours.
For more information on how you or your business can be covered against the risks highlighted above, contact your broker or JONATHAN HEALY: JonathanH@itoo.co.za or 011 351 2845 and GARETH JOUBERT: GarethJo@hollard.co.za or 011 351 2130