Icon

Directory

IconAccounting & Tax
IconActuaries
IconAdministrators
IconAppraisers & Valuers
IconArbitration Services
IconASIB
IconAssessors & Loss Adjusters
IconAssist and Lifestyle Benefits
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBroker Acquisition Financing
IconBrokers for Brokers
IconBusiness Process Management
IconCall Centre Outsourcing
IconCompany Secretarial Services
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconFAIS
IconFire, Storm, Flood Damage Specialists
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLegal
IconLightning Damage & Surge Protection Specialists
IconMedical Rescue
IconNiche Insurance Products
IconOmbud
IconOutsourcing Companies
IconPremium Financing
IconPublic Loss Adjustors
IconPublications
IconRating Agencies
IconReference Books & Material
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconSpecialized Claims Investigations & Assessing
IconSurveys and Research
IconTraining Courses & Workshops
IconUnderwriting Managers
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
IconWholesale Brokers
IconZZZZZZ
Image
  Subscribe To »

New SA crime syndicate highlights need for effective risk management

Published

2012

Wed

18

Apr

The spate of robberies in the jewellery industry - including the recent case of R23million worth of stock stolen from a Johannesburg diamond dealer - whereby the criminals dress in a leading security firm’s guard uniforms could be as a result of a new crime syndicate, highlighting the need for the South African businesses to ensure they implement effective risk management strategies.

 

This is according to Natasha Maroun, Managing Director of Gem & Jewel Acceptances - a specialist insurance underwriter, writing on behalf of Compass Insurance - who says criminals are beginning to use alternative modus operandi in order to escape detection. “As a result, it has become increasingly critical for retailers to consult with specialists in order to develop tailor-made risk management strategies, as criminals become increasingly unpredictable in their methods.”

 

“The suspects in the diamond dealer case seem to have had inside information, as the criminals had enough time to know how to dismantle the alarm, remove hard drives from the surveillance cameras and cut through the one-tonne safe.”

 

Maroun says all clients carrying high values of stock should mitigate the risk by employing the services of two security companies, without each other’s knowledge. “If a jewellery store owner for example, employed the services of a second security firm, the second company’s alarm would have been set off once the perpetrators broke in, even if the one system that they were aware of was disabled.”

 

“The retailer has the right to enquire about the security company’s employees’ criminal records, background checks and their minimum standards for employment.”

 

Maroun says it is also essential for retailers to have fidelity cover which covers any loss suffered as a result of the retailer’s employees participating in a theft. “Unfortunately, no insurance company will cover a loss suffered as a result of a service provider that the insured company engages. ”

 

“It is also a good idea for retailers to belong to industry networks which are very effective in circulating information about criminal syndicates to its members. The Jewellery Council network for example sends images of perpetrators to all network members as soon as an incident occurs. The key here is that a syndicate may operate in Cape Town and then move to a new region to try again. However, if a store in Johannesburg has received a photograph or a copy of the ID of the person, they will already be on the lookout for the same face.”

 

Maroun says this has proven very successful in catching criminals. “Historically, businesses didn’t want to share information with competitors but in today’s world, with syndicates devising innovative new ways to commit crime, this has become an ever more essential business practice.”

 

“One can implement appropriate security measures yet one can never really determine when, where or how a theft may occur, so the best safety measure any jewellery store can have in place is a comprehensive insurance policy to cover against any loss,” concludes Maroun.

 
Source: Empire Communications
 
« Back to previous page Print this page » |
 

Breaking News »

FSB - FAIS Department 2014 Annual Report

The information below was extracted from a supplementary report to the FSB’s Integrated Annual Report which provides an overview of activities of all divisions in the FAIS department for the year which ended ...
Read More »

  

Coming to grips with a turbulent and complex labour environment

Next year will bring with it even more change and upheaval in South Africa’s labour environment as organisations struggle to come to grips with the nuances of new and amended laws and regulations around equal ...
Read More »

  

A return to pre-crisis levels of global trade is unlikely but potential for growth exists

By Coface, the international credit insurer Following thirty years of unprecedented expansion, global trade is experiencing a period of radical change. Is the slowdown a cyclical phenomenon or long-lasting and ...
Read More »

  

PoPI is not a Flower - Part 1

South Africa’s Constitution is regarded as one of the best in the world when it comes to safeguarding the rights of its citizens. From it evolved a number of interventions aimed specifically at preventing ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Retirement »

Image

Quick Survey »

  Sponsored by
Image
Can there be fair discrimination in the workplace?



|Results »
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image

From The Glossary »

Icon

Acquisition Costs:

Costs incurred in the acquisition of new (and renewal of) insurance contracts. Acquisition costs include those costs that vary with, and are primarily related to, the acquisition of insurance contracts (for example, commissions, certain underwriting and policy issue costs and inspection fees).
More Definitions »

 
 
By using this website you agree to the Terms of Use.
Copyright © Stoker Risk & ICT (Pty) Ltd 2004 - 2014.
All Rights Reserved.
Icon

Advertise

  Icon

eZine

  Icon

Contact IG

Icon

Media Pack

  Icon

RSS Feeds