Page 57 - 2022 IRMSA Risk Report

South Africa Top Risks

EXPERT OPINION

Adv. Modidima Mannya Jonathan Foster – Pedley Totyelwa Dodo
Private Practice Advocate Dean and Director, Risk Intelligence
Henley Business School Committee
South Africa Member, IRMSA
,>«ˆ` V >˜}ià ÀiµÕˆÀi Vœ˜Ìˆ˜ÕœÕà Փ>˜ ÀiÜÕÀVià V>«>VˆÌÞ remain relevant amidst the only certainty: change. But it is
and capability-building to manage public resources effectively ˜ˆ} œ˜ ˆ“«œÃÈLi ˆv ÞœÕ V>˜˜œÌ w˜` > œL ˆ˜ Ì i wÀÃÌ «>Vi°
>˜` iVœ˜œ“ˆV>Þ° -ÕvwVˆi˜Ì >˜` ÀiiÛ>˜Ì ΈÃ V>˜ i݈ÃÌ ˆv
there are adequate resources to fund their development and Legacy institutions like universities are geared to only
maintenance. The current situation in SA and across the world «ÀœÛˆ`ˆ˜} µÕ>ˆwV>̈œ˜Ã] ˜œÌ VÀi`i˜Ìˆ>Ã] >˜` ViÀÌ>ˆ˜Þ ˜œÌ
points to ongoing incapacity and the inability to develop encouraging lifelong learning. But there are other institutions
V>«>Li ÃÌ>ÌiÃ ÜˆÌ ÃÕvwVˆi˜Ì >˜` ÀiiÛ>˜Ì ΈÃ ̜ >``ÀiÃÃ Ì >Ì `œ° v Üi >Ài ̜ i“LÀ>Vi Ì ˆÃ iÀ> œv i>À˜ˆ˜}] ՘i>À˜ˆ˜}]
>˜ œ˜}œˆ˜} iVœ˜œ“ˆV `iVˆ˜i] Ài뜘` ̜ À>«ˆ` V >˜}i >˜` Àii>À˜ˆ˜}] Üi ˜ii` ̜ ÌÕÀ˜ ̜ œÕÀ /6 / ÃiV̜À >Ã
and to restore sustainable economic growth and recovery – -܈ÌâiÀ>˜`] iÜ <i>>˜`] ,ÕÃÈ>] ˆ˜>] >˜` ˆ˜>˜` >Ûi
particularly following the various global and regional based > `œ˜i° "ÕÀ /6 / ÃiV̜À “ˆ} Ì Li > ÜÕÀVi œv `iÀˆÃˆœ˜
`ˆÃ>ÃÌiÀÃ] ˜>ÌÕÀ> >˜` œÌ iÀ܈Ãi° "6 ‡£™] Ü ˆV >“œÃÌ LiV>ÕÃi œv ˆÌà }i˜iÀ> `ÞÃv՘V̈œ˜] LÕÌ Ì iÀi ˆÃ ˜œÌ ˆ˜} v>Ži
LÀœÕ} Ì Ì i ܜÀ` iVœ˜œ“Þ ̜ > ÃÌ>˜`Ã̈] ˆÃ Ì i Vi>ÀiÃÌ nor laughable about the amount of funding it receives every
iÝ>“«i œv Ì i }œL> >VŽ œv ÃÕvwVˆi˜Ì >˜` ÀiiÛ>˜Ì ΈÃ ̜ Þi>À q ,nää“ q ˜œÀ ˆÌà vœœÌ«Àˆ˜Ì œv xä Vœi}ið º/ iÀi½Ã > v>À
Ài뜘` ̈“iœÕÏÞ] ivviV̈ÛiÞ >˜` “i>˜ˆ˜}vՏÞ ̜ «œÌi˜Ìˆ> better chance at getting employed and even starting your
V>>“ˆÌˆià q Ì œÃi Ì >Ì ˆ“«>VÌ œ˜ iVœ˜œ“ˆV ÃÌ>LˆˆÌÞ] }ÀœÜÌ œÜ˜ LÕȘiÃà ˆv ÞœÕ i>À˜ > ÌÀ>`i° Ì ˆÃ VœÕ˜ÌiÀ‡ˆ˜ÌՈ̈Ûi] LÕÌ ˆÌ
and recovery. is really the law of demand: far too many people think white-
Vœ>À œLà >Ài Ì i Ü>Þ Ìœ }œ] “i>˜ˆ˜} Ì >Ì v>À viÜiÀ ޜÕÌ
˜ -č] `œ Üi >Ûi Ì i ΈÃ ̜ «œÜiÀ œÕÀ iVœ˜œ“Þ ˜œÜ >Ài V œœÃˆ˜} LÕi‡Vœ>À V>ÀiiÀð +Õ>ˆwi` ÌÀ>`iëiœ«i >Ài
>˜` ˆ˜Ìœ Ì i vÕÌÕÀi¶ / i LÀÕÌ>] ˜Õ“iÀˆV> ÌÀÕÌ ÃÕ}}iÃÌà in far greater demand than ever before – and can charge
Üi `œ˜½Ì° "v £ää “>ÌÀˆVՏ>˜Ìà ˆ˜ Ì i >Ãà œv ÓäÓÓ] œ˜Þ Èä more because of it. It’s also easier to access vocational
܈ ÜÀˆÌi Ì iˆÀ iÝ>“à ˆ˜ œÛi“LiÀ° "v Ì œÃi] œ˜Þ ÎÇ Üˆ ÌÀ>ˆ˜ˆ˜} LiV>ÕÃi œv Ì i ˆ˜VÀi`ˆLi ˜iÌܜÀŽ œv /6 / Vœi}iÃ
«>Ãð £Ó ܈ iÛi˜ÌÕ>Þ }œ œ˜Ìœ ˆ} iÀ i`ÕV>̈œ˜] LÕÌ œ˜Þ >˜` Ì i ˜>̈œ˜ q >˜` ˆÌ½Ã V i>«iÀ°» ­-Ì>vv Ài«œÀÌiÀ\ ¼ ̽à ̈“i
ÃˆÝ Üˆ }À>`Õ>Ìi ÜˆÌ ˆ˜ ÃˆÝ Þi>Àð / œÃi Ì >Ì `œ }À>`Õ>Ìi ܈ for South Africans to ger their hands dirty if we are going to
probably be swamped in student debt – and still jobless in À>`ˆV>Þ ÌÀ>˜ÃvœÀ“ œÕÀ VœÕ˜ÌÀÞ½] ->ÌÕÀ`>Þ -Ì>À®°
a country where youth unemployment is already one of the 7i >Ài ˜œ œ˜}iÀ ˆ˜ > Ž˜œÜi`}i‡L>Ãi` iVœ˜œ“Þ] LÕÌ >˜
ˆ} iÃÌ ˆ˜ Ì i ܜÀ`° Þ Ì i ̈“i Ì iÞ }À>`Õ>Ìi] >Ì i>ÃÌ > ˆ˜˜œÛ>̈œ˜ iVœ˜œ“Þ] >˜` Ì >Ì ˆÃ >à ˆ“«œÀÌ>˜Ì vœÀ Ì i LÕȘiÃÃ
µÕ>ÀÌiÀ œv Ì i œLÃ Ì >Ì i݈ÃÌi` Ü i˜ Ì iÞ ÃÌ>ÀÌi` ÃÌÕ`ވ˜} leaders to grasp as it is for the workers on the tools and on
܈ ˜œÌ i݈ÃÌ >˜Þ“œÀi° / iÞ Üˆ Li Ài«>Vi` LÞ œLÃ Ì >Ì Ì i à œ« yœœÀ° ÕȘiÃà ÃV œœÃ «>Þ >˜ ˆ˜VÀi`ˆLÞ ˆ“«œÀÌ>˜Ì
most of us haven’t even envisaged yet. Our students will role in shaping the kind of leaders we will need to help us
have graduated straight into obsolescence. It is not their enable the economic recovery – and inspire the growth we
v>Տ̰ 7i ˆÛi ˆ˜ > ܜÀ` œv ՘«>À>ii` ۜ>̈ˆÌÞ] ՘ViÀÌ>ˆ˜ÌÞ] ˜ii` ̜ ÃÕÃÌ>ˆ˜ Ì >Ì° čÌ i˜iÞ čvÀˆV>] Üi «Àˆ`i œÕÀÃiÛiÃ
V >œÃ >˜` >“Lˆ}ՈÌÞ° "6 ‡£™ >à Lii˜ Ì i }Ài>ÌiÃÌ on building the leaders who will build the businesses that
disruptor we have ever known in a world that is becoming will build Africa. It starts with applying our unique ladder
iÝ«œ˜i˜Ìˆ>Þ “œÀi `ˆÛiÀÃi >˜` “œÀi Vœ“«iÝ° / i ÌÀÕi of learning programme to reduce structural barriers to
worry is that they are our future leaders – and they cannot i`ÕV>̈œ˜] Ì ˆÃ VœÕ«i` ÜˆÌ œÕÀ « ˆœÃœ« Þ œv i>À˜ˆ˜}
get jobs. They’re the ones we will be pinning our hopes Ü ˆi i>À˜ˆ˜}° / >˜ŽÃ ̜ "6 ‡£™ >˜` Ì i œVŽ`œÜ˜
on to build back better and power an economic recovery Ì >Ì vœœÜi`] Üi >Ûi `iVœœ˜ˆÃi` œÕÀ V>“«ÕÃ] LÀˆ˜}ˆ˜}
«Ài“ˆÃi` œ˜ VÀi>̈˜} «ÀœÃ«iÀˆÌÞ vœÀ iÛiÀޜ˜i] ˜œÌ ÕÃÌ Ì i i`ÕV>̈œ˜ ̜ Ì i Ài“œÌiÃÌ «>ÀÌà œv Ì i VœÕ˜ÌÀÞ] ۈÀÌÕ>Þ >˜`
shareholders.
asynchronously.
œ`iÀ˜ i>À˜ˆ˜} ˆÃ L>Ãi` œ˜ µÕ>ˆwV>̈œ˜Ã] VÀi`i˜Ìˆ>ˆÃ>̈œ˜
>˜` ˆviœ˜} i>À˜ˆ˜}° +Õ>ˆwV>̈œ˜Ã ÌÀ>`ˆÌˆœ˜>Þ œ«i˜ Ì i `ÕV>̈œ˜ ˆÃ Ì i ŽiÞ Ìœ LÀi>Žˆ˜} œÕÌ œv Ì i VÞVi œv «œÛiÀÌÞ
`œœÀ ̜ œLÃ] LÕÌ Ü >Ì œLö Ì œ˜Vi ̜œŽ £x ̜ Óä Þi>ÀÃ Ì >Ì Õ˜`iÀ«ˆ˜Ã œÕÀ ˆ˜ˆ VœivwVˆi˜Ì] Ü ˆV ˆÃ œ˜i œv Ì i ܜÀÃÌ
for the technical skills you learnt to become obsolete. Now in the world. SA does have the skills to power our reset
that has been cut to 2 to 5 years. There’s also the high after this great disruption – the problem is we don’t have
barrier to entry in terms of both cost and geography to enough. We need to massify the right education to unlock
universities and universities of technology. Credentialisation the potential that lies in every single one of us. There is a
ˆÃ Ì i i>À˜ˆ˜} ÞœÕ `œ >Ì ÜœÀŽ] }iÌ̈˜} ˜iÜ ÃŽˆÃ ̜ >`>«Ì plan. We just need leaders with the will to implement it.
̜ ˜iÜ ÃÞÃÌi“à >˜` Ü>Þà œv ܜÀŽ] Ü ˆi ˆviœ˜} i>À˜ˆ˜}
is something that must be adopted by all of us if we are to

IRMSA RISK REPORT • SOUTH AFRICA RISKS • EIGHTH EDITION 55