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Regulatory changes and a recent landmark legal ruling are propelling corporate remuneration practices into the spotlight. No longer confined to being primarily a human resource function, remuneration strategies are becoming an integral part of organisational strategy.
Artificial intelligence (AI) is set to reshape South Africa’s financial services sector in ways few appreciate, introducing a range of unforeseen risks. As financial services firms start experimenting with AI in client servicing and product design, financial advisers will have to go far beyond simply reassuring clients who have ‘bet’ the proverbial farm on a crypto asset or gone all in on a US-listed chipmaker.
By 2030, compliance in South Africa will no longer be a back-office obligation, it will be a competitive advantage.
Accountable institutions that still complain about the workload associated with beneficial ownership (BO) or know your customer (KYC) compliance are clearly not keeping an eye on the local news. Hardly a day goes by without a fresh horror story about crime, corruption, fraud, money laundering or murder as a small subsection of the country’s citizenry seek to enrich themselves by any means.
If you had to hazard a guess, when do you reckon the COFI Bill will be signed into law?