SIC Insurance, Ghana’s largest and leading general insurance risks underwriter, is at a very advanced stage of implementing its Enterprise Risk Management (ERM) programme.
The programme when implemented would enhance corporate governance and improve SIC Insurance’s ability to respond to changing business demands.
Additionally, it will equip staff with a more efficient capacity to evaluate the likelihood and impact of major risks while providing an integrated as opposed to solo approach to risk identification, measurement and management.
This was made known by Mr. Mike Allen Hammah, Chairman of the Board of Directors, at his graduation from the Ghana Insurance College in Accra.
Mr. Hammah noted that when fully implemented, ERM would provide the board and senior management of the company reasonable assurance that the company’s strategic and business objectives will be achieved.
He said as a backbone of the insurance industry in Ghana, SIC Insurance has 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 create the needed enterprise risk management enabled environment,” he said, and expressed optimism that when completed, the programme would create value.
The demand for Insurance in the country is growing and the role of directors has become vital as insurance companies must cover the needed grounds to bring insurance products and services to the doorstep of customers.
It is in this regard that Mr. Mike Hammah has undertaken the diploma course in insurance from the Ghana Insurance College.— Board Chairman
By Times Reporter