RisCura has been awarded a Level 1 BEE Contributor certificate in line with the Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. This is a significant milestone in RisCura’s work of embracing diversity and encouraging transformation in the financial services sector.
We want to share some of our efforts that are aimed at contributing to the elimination of unfair discrimination, transformation, providing equal opportunities to all and diversity management.
Included in our philosophy at RisCura is that at the end of the process, it’s the people who matter. We care and believe in long-term value, not only for clients but staff too. Due to this we have a share option scheme available to staff from previously disadvantaged backgrounds. This provides staff with meaningful stakes in the business. Our business is currently 100% owned by staff through employee share trusts and included in these trusts are staff from previously disadvantaged backgrounds.
Transformation at RisCura is not only helpful to the individuals we employ, but to us as a business and also the clients we serve. A diverse staff complement helps us to design products and services that are tailored to a range of clients and not only limited to a one-size-fits-all approach. When recruiting, our HR team actively seek individuals with previously disadvantaged backgrounds, including women and people with disabilities, focussing especially on those not represented in our business. Additionally, our recruitment process includes recruiting from rural areas, and not only big cities. Of the 144 staff employed at RisCura more than half are black South Africans and 50% of all staff are women. This transformation process is also monitored internally through committees such as our Employment Equity committee, comprising of a diverse group of staff from different areas within the business. The committee meets quarterly and provides updates to RisCura’s boards of directors.
We employ graduates from all over the country with no industry experience. We do this to level the playing field for those trying to gain entry into an increasingly small job market and to gain a fresh perspective on the industry through the eyes of these graduates. In exchange, the graduates work with some of the most experienced people in the industry, gaining valuable hands-on training and mentorship. Over the last two years, we have launched our Chartered Accountant Training Programme (a three-year programme) as well as the Youth Employment Service, recruiting in total 24 new joiners. Seven of the YES candidates have become permanent. Through the years, our graduates from all walks of life have gone on to become leaders in our industry.
All staff are encouraged to apply for formal staff development opportunities. Staff are assisted with funding that helps them to further their education and acquire professional memberships. In addition, we also have an in-house training programme called RisCulture. Since the start of lockdown we have introduced virtual training sessions to help experienced staff share their investment industry expertise with the rest of the business.
Corporate social investment
Ensuring that people have enough savings in retirement and living out their old age with dignity is a cause we tirelessly work towards. We do this in our business and have naturally incorporated this into our corporate social investment initiatives. These initiatives predominantly assist pensioners by ensuring that they have three meals a day so that they can take their medication and contribute towards retirement homes, for example. More recently, we launched an internal COVID-19 relief fund to assist the Solidarity Fund and community organisations. Other initiatives include supporting education, with a focus on financial literacy, as well as preserving the environment we operate in. We also assist organisations with pro bono services.
Supporting emerging black businesses
We have supported numerous black start-up businesses in the investment industry with financial and mentorship support. These range from initiatives started by previous employees to start-up businesses that we work with. Together with our clients we are committed to driving change in the industry. An example of how we do this is through our BEE manager development/incubation programme. The programme’s primary aims are to support start-up and emerging black asset managers by implementing a sustainable model to grow and nurture black investment skill and talent, increase current low levels of black participation in fund management in SA, position black talent for success through partnerships with highly controlled risk framework and to build black expertise and track records.
We hope to continue growing the industry so that it is inclusive and accessible to all.
If you would like to discuss collaborative transformational initiatives that are aligned with our vision of creating a diverse industry that provides equal opportunities for all, please get in touch with us at Info@riscura.com.