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🌐 𝗔𝘂𝗴𝘂𝘀𝘁 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗨𝗽𝗱𝗮𝘁𝗲🌐 As we approach the final quarter of 2024, here are some pivotal developments shaping the South African insurance industry: 🔍 𝗥𝗲𝗰𝗲𝗻𝘁 𝗪𝗮𝘃𝗲 𝗼𝗳 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗥𝗲𝗹𝗲𝗮𝘀𝗲𝘀: Recent releases are setting new standards for compliance and risk management, compelling organisations to adapt swiftly. Staying ahead means not only understanding these regulations but also embedding them into your operational framework effectively. 🌍 𝗘𝗺𝗯𝗲𝗱𝗱𝗶𝗻𝗴 𝗖𝗹𝗶𝗺𝗮𝘁𝗲-𝗥𝗲𝗹𝗮𝘁𝗲𝗱 𝗥𝗶𝘀𝗸𝘀 𝗶𝗻 𝗥𝗶𝘀𝗸 𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸𝘀: Climate risk is no longer a distant concern—it's a core component of risk management. Incorporating climate-related risks into your framework is crucial for future-proofing your operations and ensuring long-term resilience. 🔐 𝗟𝗲𝘀𝘀𝗼𝗻𝘀 𝗳𝗿𝗼𝗺 𝗖𝗿𝗼𝘄𝗱𝗦𝘁𝗿𝗶𝗸𝗲: The colossal IT failure that halted flights, disrupted global markets, and caused chaos for corporations globally underscores the necessity of robust and well-tested threat detection and response strategies. Ensuring continuous monitoring and rapid response can significantly mitigate potential risks and enhance overall security posture. 🇿🇦 𝗦𝗼𝘂𝘁𝗵 𝗔𝗳𝗿𝗶𝗰𝗮’𝘀 𝗦𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝗱 𝗖𝗼𝗺𝗽𝗹𝗮𝗶𝗻𝘁𝘀 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸: The National Financial Ombud Scheme of South Africa (NFO) has introduced a new, streamlined framework for handling complaints, aiming to improve efficiency. This looks to enhance stakeholder trust and provide clearer pathways for addressing issues. 🏅 𝗚𝘂𝗮𝗿𝗱𝗶𝗻𝗴 𝗚𝗼𝗹𝗱 - 𝗧𝗵𝗲 𝗥𝗼𝗹𝗲 𝗼𝗳 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗢𝗹𝘆𝗺𝗽𝗶𝗰 𝗚𝗮𝗺𝗲𝘀: As the Olympic Games close, we explore the role of insurance in the Games. Let’s continue the conversation—how are these developments impacting your organisation? #RiskManagement #ClimateRisk #Cybersecurity #Regulation #Insurance #IndustryUpdate #Milliman