Risk Insights had a deal with the JSE to use AI-powered rating tools to advance ESG reporting for listed companies.
The dispute between Risk Insights and the JSE is intensifying, with both parties giving conflicting accounts over the status of a contractual relationship.
The disagreement comes amid scrutiny of Risk Insights founder Anushka Bogdanov’s claimed PhD.
The contract in question has also become the subject of a cease-and-desist letter, which Risk Insights says on Facebook that it received yesterday. The letter, which the company says relates to a contract between it and the bourse signed in February, follows queries from ITWeb to both parties on the status of the deal.
ITWeb’s investigation was spurred on by a podcast Bogdanov posted on YouTube three days ago, in which she said: “And for the record, the JSE has not cancelled its current contract or our exclusivity. Our work with them continues.”
Risk Insights’ Facebook post says it has “returned the documents for clarification and remains committed to governance and transparency,” while noting that one letter was “dated in the future”.
In February, while an investigation into whether Bogdanov had a PhD was ongoing, the JSE announced a collaboration with Risk Insights to accelerate environmental, social and governance (ESG) reporting for listed companies and asset managers.
ESG reporting is increasingly important for investors seeking insight into companies’ initiatives, yet there is no standard measurement to allow investors to reliably compare efforts across the market.
The JSE maintains that the contractual relationship for Risk Insights to work with it on ESG measurement ended on 4 August 2025. “We confirm that the JSE is, as of 4 August 2025, no longer pursuing any contractual arrangements or any other initiatives with Risk Insights,” the exchange told ITWeb.
Risk Insights disputes this, saying it has “not received any documents from the JSE indicating that the commercial contract… has ended or was terminated”. The company adds that JSE executives involved in the collaboration were aware of the “issues” surrounding the veracity of Bogdanov’s PhD.
At the end of July, the JSE publicly censured Bogdanov after she “confirmed and admitted to the JSE that she did not have a PhD degree from the London Business School,” following a five-year verification process. The exchange imposed a R500 000 fine and banned her for 10 years “from serving as a director or officer of any JSE-listed company”.
Bogdanov has criticised the JSE for not providing a reasonable opportunity to respond prior to the statement and indicated the matter could be subject to legal challenge.
The exchange has stood by its statement. Andre Visser, JSE director of Issuer Regulation, told ITWeb that Bogdanov “did not (nor could she) submit the required supporting documentation for the PhD qualification she falsely stated to have obtained in 2007/2008”.
This dispute was followed by Bogdanov stepping down as a director of Risk Insights to “focus on legal and health matters, while ensuring the company remains strong under experienced leadership,” she said.
The Risk Insights contract with the JSE, which ITWeb reported in February, aimed to enable a seamless flow of ESG data, supporting informed decision-making by investors, analysts and other stakeholders, while increasing access to sustainable capital.
At the time of the announcement, Mark Randall, JSE director of Information Services, said the exchange’s “commitment to broaden our capital markets through sustainable investment remains top of our agenda. The introduction of this offering to our clients puts data in their hands to fully assess the ESG of their investment decisions.”
Risk Insights specialises in ESG analytics. Its ESG GPS platform is designed for listed companies in Africa and has rated all listed companies across nine major African stock exchanges.
“Collaboration with the JSE represents our commitment to South Africa and a more sustainable Africa,” said Risk Insights CEO Andrey Bogdanov in February.
