CHAIRMAN’S REPORT:  2nd Annual ITC Compliance Conference 2010

Executive Summary
The conference was well balanced and illustrated theoretical and practical Governance, Risk and Compliance issues to the delegates.
The fact that the subject matter is broad, diverse and relatively new in South African corporate life added a cutting edge to the presentations and was reflected by the questions asked and the expectations of the conference.
The underlying principles affect both private and public policy and deliverables making the subject matter presented by most presenters both challenging and engrossing.

Day One: 24 MayNohlanga Motaung, Head Legal and Governance, Gauteng Economic Development Agency (GEDA) took the delegates through the principles of where and how to start, her questions of: Why Compliance Development Stages of a Compliance Risk Management Plan Practical implementation of the plan demonstrated the principles that were discussed and elaborated on by other speakers throughout the conference.

Dr.Janette Minnaar van Veijeren, in Association with the Ethics Institute of South Africa, quoted from a KPMG Integrity Survey that found that ethics and compliance programmes had a favourable impact on employee perception and behaviour. Her very entertaining and humorous presentation covered the cost of crime – and in particular the under-reporting of white collar crime. Also covered were King III and other international best practice. This very elegantly positioned the South African developments in Compliance programmes.

Donald Dinnie, a director at Deneys Reitz heads up the general insurance litigation division of this renowned law practice, and his presentation highlighted case law over time especially in the field of disclaimers. His last example on Vehicles Left at Owner’s Risk Jacobs v Imperial Group, and the more recent Viv’s Tippers v Pharma Staff Services, Supreme Court of Appeal 25th March 2010 raised the room temperature discernibly!!!

Day Two : 25 May
The delegates were welcomed and asked for a Quick verbal feedback/subjective assessment on the previous afternoon’s streams:
A Companies Act
B Consumer Protection Act
C Legal Compliance Management System
D Protection of Personal Information Bill (POPI)
It would appear from this ‘straw poll’ – Stream C satisfied the attendees that were there the most.

The first speaker, Samantha Ramkissoon, at the next morning session – assisted greatly with her approach on GRC (Governance Risk and Compliance) – the second speaker highlighted an often forgotten pat of the GRC puzzle – Information Technology.
However from a regulator and law enforcement perspective Tandi Gcilitshana, Director Business Regulator and Consumer Affairs,  Eastern Cape from the Dept.of Economic Affairs clarified what regulators saw as disturbing realities as well as challenges to policy interventions – this presentation concluded on a number of key themes that are worthy of taking note for businesses and industry in general.

The  speaker after tea : Harry Joffe of Discovery Health imparted on the practical consequences of FAIS on the Insurance industry, and in particular highlighting the need for Skill re-evaluation in industry – taking his company’s experiences into account.

The final speaker, Madelaine Ronquest took the challenge of Compliance even further with a review of banking interpretation experience and the need for environment evaluations to be undertaken of (and for) the Bank’s evaluation of its risk profile in its largest asset class – property.