Law Union & Rock Insurance Plc has developed its Enterprise Risk Management to ensure that the risks underwritten by the firm are professionally carried out.
The Managing Director of the firm, Mrs. Toyin Ogunseye, said the company had put in place an ERM committee which reviews and approves the company’s risk management policy.
“This includes the review of risk appetite and risk strategy, retention levels, classes of insurance, reinsurance and other risk mitigation mechanisms,” she said.
The managing director said the firm assures the adequacy and effectiveness of risk management and controls; oversees management’s process for the identification of significant risks across the company as well as the adequacy of prevention, detection and reporting mechanisms among others.
Ogunseye noted that the firm has continued to operate professionally and also improved its services to attain a leadership position in the Nigerian insurance industry. She stated that Law Union & Rock strictly adheres to good corporate governance structure.
The firm, she explained, has an established governance committee, which has oversight responsibility to review and report to the board on matters of corporate governance and board composition.
She said the committee also provides oversight review of the company’s internal systems for achieving compliance with legal and regulatory requirements, particularly as it pertains to good corporate governance.
The committee, Ogunseye added, established the criteria for board and board committee memberships; assess the contribution of current directors in connection with their re-nomination and make recommendations to the board among others.
The Law Union & Rock Insurance boss said that the firm has professional and high calibre people on its board, with the responsibility to strategically guide the company and ensure its effective management.
Ogunseye noted that the board discharges its duties through a number of standing committees whose charters are reviewed regularly.
The managing director assured that the firm will continue to put in place all necessary structures to ensure that it brings qualitative insurance services to the door step of every Nigerian.