Steinhoff wins industry award for Riskonnect product innovations
Steinhoff Risk Solutions walked away with the industry specific risk initiative award in the Wholesale and Retail category at the recent Institute of Risk Managers South Africa’s awards gala dinner.
The award recognises Steinhoff Risk Solutions’ “Project Riskonnect” which they embarked upon in 2014, with the assistance of thryve, to consolidate insurance and risk management information and to enhance decision making – specifically for the retention or transfer of risk. The system has been rolled out to Steinhoff companies in Africa and Europe.
For Steinhoff, the Riskonnect system centralises risk management information across multiple geographic locations with specialised modules for incident management, asset value declarations, and measuring total cost of risk. This serves as an additional assurance mechanism for the board of directors at an entity level and provides a snapshot of the insurable, and potentially uninsurable, risk profile of each operation within Steinhoff.
Further benefits include integrated reporting and real time dashboards for incident management. The accuracy of reporting along with decreased third party pay-away fees and commissions to service providers has resulted in direct benefit to the Steinhoff Group.
The development and roll out of Riskonnect within Steinhoff has provided significant trend analysis and saves time and cost when administrating insurance risk management information across the Group. It also serves as a base from which to build and mature the insurance risk management capability across the Steinhoff Group.
thryve congratulates Steinhoff Risk Solutions on their achievement with the Riskonnect product and stands by SRS into the future to support the Steinhoff Group in achieving further risk management, governance and insurance administration efficiencies.
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