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Firms challenged on risk management

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Local business operators have been urged to be proactive in risk management as they are susceptible to shocks facing others on the market due to globalisation.

A Senior Risk Consultant at Marsh Africa, Thuli Mpaza, made the call during a half-day training workshop for local businesses organised by insurance and risk management consultancy firm, Marsh Malawi.

She said, following their exposure to the global market, local businesses need to be proactive and systematic in risk management.

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“Risk management is critical because we are exposed to more than what we face in our offices as we are operating in a global world. Risk management functions should help businesses make radical decisions,” she said.

In his remarks, Marsh Malawi Managing Director, Oscar Mpando, said the local industry has in the recent past made positive strides in embracing changes in approach to risk management.

He, however, called on businesses to be holistic and look beyond insurance as a risk management tool.

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The forum attracted key players in the sector, including Malawi Stock Exchange-listed National Bank of Malawi, Electricity Generation Company (Egenco) and Press Cane.

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