BY ROSMARY ONUOHA

The Board and Management of Guinea Insurance Plc has said that it is determined to institutionalise a global best practice risk management framework that aligns to its business strategy which is consistent with its business philosophy.

In achieving this, Akintola Williams Deloitte has been engaged to develop a risk management framework that addresses the full spectrum of risks faced by the company. The implementation of the framework will be internalised such that it will align with our strategy, values, attitudes and shared beliefs across the company and this will result in profit for the shareholders.

According to the company, the concept of Enterprise Risk Management framework has become a tool for business survival, a benchmark for measuring operational efficiency as well as enhancing profitability of any entity.

The pursuit of such initiative should be consistent with a genuine desire to embed sustainable practices towards preserving the value of an entity. “We live in a world driven by risks and uncertainties and we must continually ask “What can go wrong? Risk is anything that can go wrong,” the company said.

The Board and management of Guinea said that they are confident and more importantly committed to ensuring that effective risk management framework is implemented to mitigate any going concern threat and uncertainties so as to achieve sustainable growth and profitability through continuous improvement in operations and processes.