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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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Matsheka seeks raise bond program ceiling to P30 billion

14th September 2020
Dr Matsheka

This week Minister of Finance & Economic Development, Dr Thapelo Matsheka approached parliament seeking lawmakers approval of Government’s intention to increase bond program ceiling from the current P15 Billion to P30 billion.

“I stand to request this honorable house to authorize increase in bond issuance program from the current P15 billion to P30 billion,” Dr Matsheka said. He explained that due to the halt in economic growth occasioned by COVID-19 pandemic government had to revisit options for funding the national budget, particularly for the second half of the National Development Plan (NDP) 11.

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Lucara sits clutching onto its gigantic stones with bear claws in a dark pit

14th September 2020
Lesedi La Rona

Botswana Stock Exchange (BSE) has this week revealed a gloomy picture of diamond mining newcomer, Lucara, with its stock devaluated and its entire business affected by the COVID-19 pandemic.

A BSE survey for a period between 1st January to 31st August 2020 — recording the second half of the year, the third quarter of the year and five months of coronavirus in Botswana — shows that the Domestic Company Index (DCI) depreciated by 5.9 percent.

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Botswana Diamonds issues 50 000 000 shares to raise capital

14th September 2020

Botswana Diamond PLC, a diamond exploration company trading on both London Stock Exchange Alternative Investment Market (AIM) and Botswana Stock Exchange (BSE) on Monday unlocked value from its shares to raise capital for its ongoing exploration works in Botswana and South Africa.

A statement from the company this week reveals that the placing was with existing and new investors to raise £300,000 via the issue of 50,000,000 new ordinary shares at a placing price of 0.6p per Placing Share.

Each Placing Share, according to Botswana Diamond Executives has one warrant attached with the right to subscribe for one new ordinary share at 0.6p per new ordinary share for a period of two years from, 7th September 2020, being the date of the Placing Warrants issue.

In a statement Chairman of Botswana Diamonds, John Teeling explained that the funds raised will be used to fund ongoing exploration activities during the current year in Botswana and South Africa, and to provide additional working capital for the Company.

The company is currently drilling kimberlite M8 on the Marsfontein licence in South Africa and has generated further kimberlite targets which will be drilled on the adjacent Thorny River concession.

In Botswana, the funds will be focused on commercializing the KX36 project following the recent acquisition of Sekaka Diamonds from Petra Diamonds. This will include finalizing a work programme to upgrade the grades and diamond value of the kimberlite pipe as well as investigating innovative mining options.

Drilling is planned for the adjacent Sunland Minerals property and following further assessment of the comprehensive Sekaka database more drilling targets are likely. “This is a very active and exciting time for Botswana Diamonds. We are drilling the very promising M8 kimberlite at Marsfontein and further drilling is likely on targets identified on the adjacent Thorny River ground,” he said.

The company Board Chair further noted, “We have a number of active projects. The recently acquired KX36 diamond resource in the Kalahari offers great potential. While awaiting final approvals from the Botswana authorities some of the funds raised will be used to detail the works we will do to refine grade, size distribution and value per carat.”

In addition BOD said the Placing Shares will rank pari passu with the Company’s existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM and it is expected that such admission will become effective on or around 23 September 2020.

Last month Botswana Diamond announced that it has entered into agreement with global miner Petra Diamonds to acquire the latter’s exploration assets in Botswana. Key to these assets, housed under Sekaka Diamonds, 100 % subsidiary of Petra is the KX36 Diamond discovery, a high grade ore Kimberlite pipe located in the CKGR, considered Botswana’s next diamond glory after the magnificent Orapa and prolific Jwaneng Mines.

The acquisition entailed two adjacent Prospecting Licences and a diamond processing plant. Sekaka has been Petra’s exploration vehicle in Botswana for year and holds three Prospecting Licenses in the Central Kalahari Game Reserve (Kalahari) PL169/2019, PL058/2007 and PL224/2007, which includes the high grade KX36 kimberlite pipe.

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