MUTAPA Investments Fund chief executive officer John Mangudya says good risk management is crucial in promoting a positive business environment as well as investment.
Mangudya said this in a speech read on his behalf by Mutapa’s chief investment officer Simbarashe Chinyemba at the risk management awards held at Zesa Holdings on Thursday.
Mangudya said the successful completion and commissioning of major projects such as the Hwange Units 7 in Hwange can be attributed to a risk management culture at the power utility.
“It does not require any emphasis that electricity is a key enabler for investment and economic growth. What Zesa has done to take a leading role to promote good risk management should be emulated,” he said.
“These include a significant 42% reduction in fatal occupational accidents involving employees at the workplace, especially at ZETDC [Zimbabwe Electricity Transmission and Distribution Company].
“In addition to this, there has been a 37% reduction in transmission and distribution asset losses and a general 28% improvement in compliance issues be they statutory, internal policies and standards.”
Mangudya, however, bemoaned the theft and vandalism of Zesa Holdings infrastructure which exposes human, property and livestock to the risk of electrical accidents.
“These losses slow down the rate of infrastructure expansion and development as funds that are meant for network expansion are then channelled towards replacement of stolen and vandalised equipment.”
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Zesa Holdings executive chairman Sydney Gata said the power utility’s teams have significantly reduced risks in the country's power infrastructure.
“Through data-driven decision making, process improvements and the implementation of cutting-edge technologies, we have been able to enhance the reliability, efficiency and safety of electricity supply across the country,” he said.
