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Frans Koning recently obtained a CERA accredited enterprise risk management (ERM) qualification from the Actuarial Society of South Africa.

“If you fail to plan, then you plan to fail.”

“During and after planning, ensure that you identify all risks, since it would be the risks that you did not identify that might sink you.” 

These are two of the beliefs of Frans Koning, Senior Lecturer and Head of the Department of Mathematical Statistics and Actuarial Science at the University of the Free State (UFS), whose outputs in life – whether as lecturer or risk manager – are about planning. 

Koning, a qualified actuary with an interest in corporate governance, has been investing in his growth and development for the past three years by enrolling and obtaining an enterprise risk management (ERM) qualification from the Actuarial Society of South Africa, which is a member of the CERA Global Association (CGA). Having a Chartered Enterprise Risk Actuary (CERA) credential means that he worked through a world-class curriculum that is recognised globally and transferable internationally. This qualification gives professionals greater exposure to the C-suite and leadership, while empowering them to become a more highly valued resource for a company. 

Pulling out all the stops

CGA describes itself as a body that provides accredited risk professionals with strong ERM knowledge to drive better business decisions in finance and insurance. It associates characteristics such as professionalism, ethics and trust, impeccable standards and integrity with students who have obtained the CERA credential. “These professionals can communicate ideas effectively with leadership and is qualified to play varying roles within an organisation, from risk manager to chief risk officer and more,” it states. 

He had to pull out all the stops to obtain this qualification. “This was about 400 hours of study; and absolutely worth it. Since it was very interesting, I did not consider it hard work,” says Koning, who believes in a positive outlook on life. “I have never seen a successful pessimist,” he says. 

This qualification enables him to add extra value in the classroom, teaching Risk Management. Discussing hard questions in class, linking it to practice, i.e., modelling COVID-19 and discussing its effect on life insurance, is what he loves about this profession. He misses student interaction in the classroom, saying that interaction and discussions are not the same with a Blackboard/Teams/Zoom meeting.

A multitude of opportunities 

Koning, who has been with the university since 2003, believes his motivation of students makes a difference in their lives. “Teaching students and seeing them grow into actuaries and chief executive officers of companies gives me great satisfaction,” he states.

He lectures Life Contingencies, which is about calculating life insurance premiums and reserves, as well as Asset and Liability Management, which teaches students about managing the liabilities arising from selling insurance and managing the assets backing these. 

Teaching students and seeing them grow into actuaries and chief executive officers of companies gives me great satisfaction. – Frans Koning

 

As an independent non-executive director (NED) at African Unity Life (Ltd), he also chairs the risk committee and serves as a member of the audit committee. Koning is of the opinion that this qualification will be useful in more board positions than NED. This is but one of his options. According to him, there are a multitude of opportunities in the private sector, as all entities manage risk.

“I also intend to do some research in the space of enterprise risk management, something which I enjoy,” he adds. 

News Archive

UFS responds to concerns around high costs of higher education
2015-10-15

 

Dear Students

UFS responds to concerns around high costs of higher education

There is an understandable and shared concern among students in the country around the high costs of higher education. As you know, this also is a matter of deep concern on our campuses, which the University of the Free State (UFS) has made a priority in discussions with student leaders - and through new strategies to relieve the burden of costs on poor students and their families. In fact, in the past two weeks, the UFS leadership has again engaged students on the matter of fees in the future.

This is what we have done so far. We have maintained our position as one of the universities with the lowest tuition fees in the country. As you would have seen from recent newspaper reports on the cost of a degree at various institutions over the past five years, the UFS has had consistently low fees. This is not an accident; both the University Council and the executive leadership of the UFS is of one mind that we must offer a high quality education at minimum cost to all our students, despite the rising costs of operating a large multi-campus university with 30 000 students. Our commitment to you is to continue to keep those costs to students as low as possible, without compromising on the quality of education.

In addition, we took a decision earlier this year to become the first university to drop application fees for first-year students. We are proud of that achievement, since so many students fall at this first hurdle as they contemplate post-school education and training. We also waived registration fees for postgraduate students and now Research Master’s and PhD students can study tuition free under certain conditions. We raised more than R60 million from the private sector to enable talented students, who do not receive NSFAS funding, to complete their degree studies at the UFS. We set aside some of the university’s own funds to enable even more students to access finance for their studies. And we now have a special office set aside to counsel and assist students to apply for more than one scholarship to support their studies. The university does not follow a policy of maximizing exclusions. It has endeavoured and succeeded to turn around the majority of its potential deregistration cases. During 2015 we had 2 700 students at the risk of being de-registered, but our serious efforts resulted in only over 200 instances of exclusion we could not mitigate. As is the practice for the past few years, these students’ debt for 2015 has been reversed.

But, we do not only look for funds from outside to support our students. Last year we set up a Staff Fund to which ordinary members of the academic and support staff can contribute from their own, and sometimes very modest, salaries to enable Kovsie students to finish their degrees. We have volunteers who work on the No Student Hungry (NSH) Bursary Programme to raise funds for students who cannot afford a regular meal. We have an open line to rural and township schools to nominate poor students with good results for support by the Rector’s Fund, and some of those students are now in their final year of studies. And many of our staff support individual students in their homes and with their families, without being asked to do so. This is what we call the Human Project and it remains central to the way in which we deal with students.

We will of course continue to make representation to government, the private sector, and individuals to increase funding, especially for first-generation students, and for families where more than one student is at university. We will continue to take to the road to raise funds from companies and foundations to finance our students. We will expand on-campus opportunities for limited working hours for students who wish to earn some money to support their studies. As we have said often before, no student who passes all their courses or modules will be turned away simply because they do not have the funds to study.

The UFS discusses and agrees to fee increases with our students well in advance of the next academic year. None of these decisions are taken without the agreement of the student leadership and thus far these engagements, while tough, have always been done in good faith and with the students’ interests at heart.

It is important for you to know that, with the declining government subsidy, in real terms, and the expanding needs of our students, we will not be able to keep the university running without fees - even though this source of revenue comes mainly through scholarships and bursaries. We need to compensate staff, purchase new library books and renew journal subscriptions (which is very difficult given the low value of the Rand), upgrade computers and software, pay rates and taxes, purchase laboratory equipment, pay the water and electricity bills, expand internet services, upgrade campus security, and hire more academics to keep class sizes reasonably small. It is important for you to know that the university has managed to avoid increasing student fees as a result of much higher municipal rates. Our lecturers are not the highest paid in the country and financially we run a tight ship. We consistently achieve unqualified audits and we are known to be one of the universities that manage its NSFAS contributions with great efficiency. We do this because of our commitment to ensure that our students are able to enjoy a high quality of education on a stable campus where there is a deep respect for all campus citizens.

Despite all these efforts, the most important message we wish to communicate, is that the door remains open for continued discussion with student leaders as we continue to find ways of keeping university education open and accessible to all qualifying students. At the same time, the UFS leadership is involved in discussions with government about how to best manage the escalating cost of higher education for our dents.

Thank you for your support and understanding at this time and be assured, once again, of our commitment to students as a matter of priority to the university leadership.

Best regards

Prof Jonathan Jansen
Vice-Chancellor and Rector

University of the Free State
19 October 2015

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