Deloitte SA Blog


How to cultivate a risk intelligent culture in financial services organisations

risk intelligent culture

VUCA – an environment of relentless Volatility, Uncertainty, Complexity and Ambiguity. Economic instability, increasing competition from non-traditional invaders, a plethora of regulatory change, and new roles for the Board and executive teams – Financial Services Institutions are operating in high speed, dynamic and ever changing times. How do we prepare ourselves in an unforgiving, competitive world, where the stakes are high? Do we batten down the hatches and wait for it to pass, or do we don our protective gear and launch ourselves into the turbulence? How do we continue to grow our businesses, be innovative and yet still manage the risks of operating in this new climate?

Our new piece, titled: Fit 4 VUCA: Towards a Risk Intelligent Culture examines how Financial Services Institutions can align their risks to support their environment, strategy, business model, business practices, risk appetite and risk tolerance. Our experience tells us that there has been progress in revamping governance practices and establishing infrastructures, but that there is still a considerable need for cultivating risk-intelligent cultures within the African Financial Services Sector.

Essentially, a risk-intelligent culture exists in an organisation when its employees’ understanding and their attitudes towards risk lead them to consistently make appropriate risk-based decisions. It is not about avoiding risk but rather about accepting the need for sufficient risk in order to create value. Risk management should not be limited to specific business areas and should not operate only as an audit or control function. It is not a reactive mind-set; it is about anticipating what could happen in the environment. It is about embedding this mind-set and these behaviours in the way an organisation operates, and it covers all areas, levels and activities.

So what are the characteristics of a strong risk culture? These can be summarised as follows:

  • Commonality of purpose, values and ethics
  • Universal engagement and application
  • Learning organisation that emphasises risk culture
  • Timely and honest communications
  • Understanding the value of effective risk management
  • Responsibility and accountability, both individually and collectively
  • Encouraging an environment of constructive challenge

The first step is to understand the existing risk culture and to measure how well it supports the organisation’s risk strategy and risk management approach. The Deloitte Risk Culture Framework and corresponding Risk Culture Survey provide a structure and process to help clients in their efforts to achieve this measurement.

Prepare and enable your organisation to lead, respond and set the standard for others. Activate your employees so they become active citizens and integral parts of the team, with a sense of personal responsibility in terms of winning the game.

Download the full report to read more about the Deloitte Risk Culture Framework and corresponding Risk Culture Survey.

If you have any questions or require more information feel free to contact Colin Smith at

2015/16 Budget – Quick Tax Guide

During his inaugural Budget Speech, the Honourable Minister of Finance Nhlanhla Nene addressed the nation on critical issues impacting the economy, setting out plans to stimulate growth in South Africa.

Deloitte brings you our perspective of the national Budget Speech through our Budget Infographic and Quick Tax Guide:

Quick Tax Guide

Deloitte has published our Quick Tax Guide, a pocket style guide comprising the latest tax table, rates and key tax changes for the 2015/16 fiscal year.

Click here to download our Quick Tax Guide.


Budget Infographic

Our Budget infographic distils all the statistics that were revealed in the parliamentary address into an easily accessible summary.

Click here to download the Budget 2015/16 infographic.

For more on the Deloitte perspective on the significant proposals in the Budget Speech, visit our 2015/16 Budget portal.

Please email the Deloitte SA Budget team to continue to conversation or follow us @DeloitteSA.


Budget 2015


Deloitte predictions for the 2015/16 Budget Speech

2015 budget expectations

Tomorrow, 25 February 2015, the Minister of Finance Nhlanhla Nene will present his first Budget Speech. South Africa is looking to Minister Nene to address critical challenges in the economy, which include energy constraints, labour market disruptions, skills shortages, administrative shortcomings and difficulties in industrial transformation.

Find out from our Taxation Services and industry experts about our Deloitte Budget expectations in our 2015/16 Pre-Budget Expectations Infographic.

Some of our expectations include:

  • No magic expected in terms of infrastructure spend
  • Wealth tax on the cards for personal income tax
  • National health insurance set to bring about reform and improve services
  • Possibility of an increase in value added tax in 2015

Click here to download the 2015/16 Pre-Budget Expectations Infographic


VAT rate increase – Will 2015 be the year of a rate increase?

On Wednesday, 25 February 2015, the Minister of Finance Nhlanhla Nene will present his first Budget Speech to Parliament. The speculation of a VAT rate increase remains a much debated and prevalent point and coupled with other VAT “efficiency and equity” queries, is still under review by Judge Dennis Davis’s tax committee.

A VAT rate increase is a topical annual moot point, as is the question whether SA’s VAT rate is comparatively lower than other countries, for example, European VAT jurisdictions where standard VAT rates are 20% or higher. Furthermore, the VAT rate has not been adjusted for over 20 years and is, therefore, a pertinent case in point.

Deloitte eCommerce / VAT Specialist Dr Anne Bardopoulos shares her expectations for the Budget Speech. To find out more about her expectations for the 2015/16 Budget, click here.

Follow @DeloitteSA and join the conversation using #Budget2015 on 25 February 2015.



What is the future of mining in South Africa?

mining indaba

Deloitte joined over 7,000 Mining professionals from 100 countries at the 21st Investing in African Mining Indaba this week.

The message from stakeholders such as the Minister of Mineral Resources and CEO of Anglo Platinum is clear – the mining industry needs a step-change in order to survive, and innovation is the answer.

I encourage you to download the following thought pieces we launched at the Mining Indaba, which speak to the innovation imperative as well as our views and solutions to the challenges facing the mining sector in Africa.

If you have any questions or require a more detailed discussion on content presented in these articles, feel free to contact Andrew Lane (Energy and Resources Leader) at

2015/16 Budget Expectations – What our experts have to say

On Wednesday, 25 February 2015, the Minister of Finance Nhlanhla Nene will present his first Budget Speech to Parliament.

Deloitte Africa Taxation Services Managing Partner Nazrien Kader shares her expectations for the Budget Speech.

“The interest of ‘arm chair’ budget observers is piqued. When Minister Nhlanhla Nene presents his very first Budget Speech for 2015/16 on 25 February 2015, he will be under intense scrutiny – firstly, because of the numbers he will present and the signals these are likely to give about Government’s intentions and secondly, perhaps unfairly, because he will be compared to his predecessors: Minister Manuel for his ‘swagger and style’ and Minister Gordhan for his ‘no nonsense’ approach.”

To find out more about Nazrien Kader’s expectations for the 2015/16 Budget, click  

Join the conversation #Budget2015 on 25 February 2015. Follow @Deloitte SA and @NazrienKader

image blog tax

Challenges and opportunities for agribusinesses in South Africa


The South African agricultural industry is changing at a rapid rate as is its operating environment.

Consolidation is fast becoming the norm and for businesses to remain competitive it has to juggle a number of key drivers and differentiators to ensure financial progress and sustainability.

Many agribusinesses remain fairly stagnant in their operating and Go-To-Market (GTM) models which creates certain challenges in the growth and development of these entities.

In this article, Omri van Zyl (Leader – Deloitte Africa Agribusiness) shares his views in areas such as:

  • Strategy and vision
  • Corporate strategies
  • Capital restructuring
  • Organisational operating model

and list key factors to consider for the future.

Click here to download the article 

State of Mining in Africa – In the spotlight

state of mining in africa

We are pleased to launch the second edition of the State of Mining in Africa – In the spotlight report.

We have taken a snapshot view of several mining regions across Africa and review the critical elements for a successful mining operation.

Click here to download the report

Key points

  • Exploration is down – Exploration spend across Africa is at an estimated $1.7Bn for 2014, however, the DRC continues to gain exploration spend ‘market share’
  • Less than 30 Mining projects across Africa – There are just under 30 new mines planned to come into full production between now and 2018 totalling $18Bn in investment
  • DRC & Zambia copper projects dominate by number at 9 – The DRC is developing more projects and taking much more investment spend going forward
  • It’s all about head grade as “high risk” doesn’t mean “no-go” The DRC does, however, remain to be perceived as more difficult to do business with an ease of doing business rating of 184 compared to Zambia’s 111
  • Infrastructure build is on track, but still not meeting the demand of mineral projects on the continent.

This is a consolidated point of view of the Deloitte mining leaders across Africa, backed by our research.

Click here to download the report

Digital workforce engagement for mining companies


Deloitte Digital, together with a technology partner Wyzetalk, has developed an innovative and cost effective mobile-based workforce engagement solution. This engagement platform has been developed due to the fundamental lack of effective communication in mining companies between management, organised labour and coal-face employees.

Effective Digital Workforce Engagement can eliminate current challenges experienced in the mining sector, which may include:

  • Ineffective communication platforms
  • Increasing pressure to deliver accurate safety messages in an attempt to reduce fatalities
  • Increasing mistrust fuelled by external factors
  • Lack of engagement and dialogue
  • Inability to access close to real time insights

Effective workforce engagement allows for 2 way communication to build trust, create opportunities for dialogue across all workforce segments and importantly delivers close to real time insights, which guide the organization to develop and execute effective strategies to achieve operational efficiencies.

Experience this innovative approach to Workforce Engagement at the Deloitte stand: 125 at Mining Indaba 2015 from the 9th – 12th February 2015.

Click here to visit the Deloitte Mining Indaba 2015 website


Deloitte invites you to the Manager Ready conference

manager ready2

No position is more critical than your frontline leaders, yet research shows they often arrive in their roles ill-prepared to handle an array of ever-changing challenges.

Click here to register for the conference

Deloitte invites you to a conference at the Michelangelo Hotel on the 12th February from 7:30 – 10:00 where we will discuss challenges facing South African companies and how these may be addressed by accelerating the development of existing first-level managers (frontline leaders) through accurate diagnosis of their strengths and weaknesses.

We will talk about best practice diagnostic and development solutions that can be used to resolve the challenges typically confronted in first-level management positions such as:

  • Coaching an employee about performance.
  • Making decisions about safety, people, quality, and resource allocation.
  • Dealing with unhappy customers and resolving conflicts.
  • Analysing data to look for trends or problems.
  • Delegating tasks with appropriate follow-up.

The conference will also look at how Managers can use and develop best practice competencies required of their positions in today’s volatile business environment and the event is designed to focus on HR’s role in steering the organisational strategy. Organisations world-wide are faced with similar managerial challenges and a shift in approach is required to solve these problems.

Click here to register for the conference

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