SIC Insurance to implement risk management programme to improve services

SIC Insurance is to implement an Enterprise Risk Management (ERM) programme to equip staff members with a more efficient capacity to enhance its ability to  to respond to the changing business demands.

The programme, when implemented, will enhance corporate governance, improve SIC Insurance’s ability to respond to changing business demands and also evaluate the likelihood and impact of major risks, while providing an integrated, as opposed to silo, approach to risk identification, measurement and management.

The Chairman of the Board of Directors of the company, Mr Mike Allen Hammah, disclosed this at a graduation ceremony at the Ghana Insurance College in Accra. 

Mr Hammah, who was among the graduating class of the Diploma in Insurance organised by the college, noted that when fully implemented, the ERM would provide the board and the senior management of the company with reasonable assurance that the company’s strategic and business objectives would be achieved.

He said as the backbone of the insurance industry in Ghana, SIC Insurance had taken a giant leap with the implementation of its ERM programme. 

“The board is supervising the review of all existing risk management practices, augmenting internal controls and helping management to implement all recommended action plans to the Ghana Insurance College,” he said, and expressed optimism that when completed, the programme would create more value. 

The demand for insurance in the country was growing and the role of directors had become vital, as insurance companies must cover the needed ground to bring insurance products and services to the doorstep of customers, he said.