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BancABC Head of Risk speaks on her new role

BUSINESSPOST: What does your new role at BancABC entail and how has been your experience thus far?

LINDIWE MOGOSTI: My role as Head of Risk is to ensure proactive management of enterprise wide risks within the Bank’s risk appetite. This includes promoting a risk culture in the organisation and ensuring that the process of identifying, measuring, controlling and reporting of risks is aligned to the Enterprise Risk Management framework to ensure optimum risk. The experience has been interesting, challenging and exciting at the same time. I had been with my previous employer for 14 years, and the environment was different to that of BancABC. It has therefore been an adjustment and a process of appreciating our operations and risks.

2) You recently joined the ABC team, how would you say the experience you garnered throughout your career has prepared you for this moment?

I believe that the 14 years with Barclays Bank has prepared me well for this role. As a Global Bank, I had the privilege of being exposed to Global operations and opportunities to learn from experiences in other operations across the Group. My career started in Treasury Operations and later moved to Treasury Front Office. Treasury is a very controlled environment, and therefore from the first day of working, Risk and controls were critical. It is this background that made engrained risk and controls which are now part of my DNA.

3) What goals have you set for yourself as Head of Risk at BancABC?

BancABC is a young bank, which has grown rapidly over the last 10 years. Risk however is a moving target and banking 10 years ago is vastly different to banking today and continues to evolve. My goals therefore are to ensure that our risk management practices remain relevant and continue to evolve in line with the changes in the banking landscape. It is also to ensure that I can drive a risk culture where everyone owns risk regardless of their position at the bank, and continuously evolve with the changing needs, as that collectively will ensure we have a stronger risk environment.

4) What is your opinion on the financial landscape from a risk perspective?

The financial landscape is dynamic, becoming more competitive and always evolving with changes in customer demands as well as the increasing regulatory and legislative requirements. This makes risk management more complex, with a need to stay ahead of these changes and ensure that controls are relevant and risk is minimized.

5) There has been a number of money laundering accusations locally of recent, in your opinion, do you think these accusations affect foreign investment opportunities? From a risk perspective, what role can banks and other financial institutions play to curb further discrepancies?

Financial Crime, which encompasses money laundering, is a global challenge, and there is an expectation that we all contribute towards controlling and minimising this challenge. We have also seen news reports where large global banks have received heavy fines by their regulators for poor AML controls. This just shows the significance of AML and the need to have robust controls of manage it.

We also know that Botswana has recently been blacklisted by the EU over concerns of weak AML controls among other issues.  This, therefore, along with the accusations seen in the papers could impact our ability to attract foreign investment opportunities should fail to demonstrate our ability to mitigate and control AML. It is critical that we collaborate as an industry, including regulators to ensure that come up with strong controls that can curb AML, and that we invest in systems and process that can detect AML. It is also critical that we share and learn from each other as well as regional members to ensure that we can also adapt the changes and stay ahead of the trends related to AML.

6) What Risk strategies are in place to align BancABC’s actions with the current #ChangingForYou narrative that we have been seeing?

#ChangingForYou is centred on the bank changing and responding to the customer and needs, which, as noted previously are dynamic and always changing. This means that the bank is more outward focused and has the customer at the centre of everything we do. From a risk perspective, it is to ensure that internally, we are equally aligned with relevant processes and controls to mitigate the changing risks that come with this various initiatives.

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Business

China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.

The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.

In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.

Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.

China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.

Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.

On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.

According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.

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Business

Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Business

Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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