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
IconBusiness Process Outsourcing
IconCall Centre Outsourcing & Sales
IconCompany Secretarial Services
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconEmergency Medical Rescue
IconFAIS
IconFire, Storm, Flood Damage Specialists
IconForensic Investigation Services
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLegal
IconLightning Damage & Surge Protection Specialists
IconNiche Insurance Products
IconOmbud
IconOutbound Sales
IconOutsourcing Companies
IconPolicy Administration
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 »

How anonymous can you be on social media? (US)

By Joy Wang (US) Norton Rose Fulbright   In November of 2017, a federal appeals court rejected employment-related site Glassdoor’s claim that its users had a First Amendment right to anonymity ...
Read More »

  

Cape Town launches map to track water usage

The City of Cape Town has launched a water map to assist residents to track their water usage. “Our water map marks residential properties using less than 10 500 litres per month with green dots. The map ...
Read More »

  

World Enters Critical Period of Intensified Risks in 2018

Structural and interconnected nature of risks in 2018 threaten the very system on which societies, economies and international relations are based, according to The Global Risks Report 2018 The positive economic ...
Read More »

  

South African fintech in 2018 – what can we expect?

Hot fintech start-ups to watch in the coming year                 Dominique Collett, senior investment executive at Rand Merchant Investments ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Retirement »

Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image

From The Glossary »

Icon

General Funds:

Unit trusts in this category invest in selected shares across the range of the JSE as well as across the range of large, mid and smaller capitalisation shares. These funds do not subscribe to a theme or investment style. Capital growth over the medium to long term is the investment objective. The benchmark is the JST All-Share Index.
More Definitions »

 
 
By using this website you agree to the Terms of Use.
Copyright © Stoker Risk & ICT (Pty) Ltd 2004 - 2018.
All Rights Reserved.
Icon

Advertise

  Icon

eZine

  Icon

Contact IG

Icon

Media Pack

  Icon

RSS Feeds