The risk landscape in which the Rogers Group operates has been impacted by three major events, namely the pandemic (“COVID-19”), the decision of the European Union (“EU”) to classify Mauritius as a High-Risk Jurisdiction and the oil spill caused by a bulk carrier in Mauritian waters. The oil spill has
adversely impacted the reputation of Mauritius as a prestigious tourist destination and raised international concerns over the preservation of our natural resources.
These unprecedented events have brought much uncertainty and challenges across most sectors of the economy in Mauritius. Rogers incurred significant negative financial impacts in the Hospitality, Property (shopping malls - Ascencia) and FinTech (consumer finance business) served markets following the lockdown and closure of our borders due to COVID-19. The downgrading of the country’s rating by the EU has brought an additional layer of uncertainty and is likely to have an adverse impact on the reputation of the country.
The management team of Rogers has demonstrated much agility with the launch of the Vivacis
Resilience Programme before lockdown with the aim to contain the health, social and economic effects of the pandemic. An initial assessment of the potential impact and evaluation of the relevant risk response was performed. Much focus was placed on areas such as safety, liquidity, advocacy as well as support to economic and social causes that helped alleviate the sufferings of the most exposed persons and communities in Mauritius. The strategic thinking process launched last year was reignited and revamped in view of the changing risk landscape, risk appetite and long-term sustainable goals of the Group. This was an opportunity for Rogers to redefine a clear plan to address the new challenges posed by the crisis. We strongly believe that the Group’s ability to navigate the pandemic and economic crises and remain resilient depends on a sustainable, agile risk response from management.