SIC Insurance repositions for improved service
SIC Insurance Company Limited has started its Enterprise Risk Management (ERM) programme to enable it to meet regulatory requirements from the National Insurance Commission (NIC).
Advertisement
The ERM programme, which began about a year ago, is being deployed through a structured and disciplined approach to align strategy, processes and systems to evaluate and manage the uncertainties the company faces in its bid to create value.
The company has subsequently reviewed and put in place a comprehensive and integrated set of components that support the achievement of its corporate objectives, which are also geared towards providing the strategic, operational and foundational layers to govern, embed, implement, monitor and continually improve risk management in the company.
According to the Managing Director, Mr Kwei Mensah Ashidam, the company’s ERM framework outlines the approach to decisions regarding risk management, the roles of all relevant parties, as well as the governance structure, policies and processes to enable risk management to be embedded as a component in all critical decisions.
The Head of Risk Management, Mr Frank Nimako Boateng, said the company’s core business included the acceptance, pooling and management of risk for the benefit of both policyholders and stakeholders.
“Effective risk management is thus vital in the insurance business where risk is a key driver of value,” he said.
He added that, SIC Insurance’s risk management philosophy was not based on seeking to eliminate all risks, but to identify, understand and manage effectively the risks arising from business operations.
He also disclosed that the company had a Board Risk Management Committee (BRMC) at the apex of its risk governance structure to ensure that a robust, comprehensive and effective system for risk management is in place.
Other Trending Stories
“The BRMC has also established a risk advisory committee at the management level to superintendent over the entire programme to mitigate identified risks, and ensure that relevant risk policies and programmes are implemented appropriately and consistently,” he said.