*Unveils newsletter
Chuks Udo Okonta
The Risk, Audit and Compliance Committee (RACC) of Nigerian Insurers Association (NIA) has applauded the roles played by Compliance, Enterprise Risk Management (ERM) Audit executives in the implementation of Risk-Based Supervision (RBS) by insurance companies.
The Chairman of RACC Yemi Mayadenu, said this at the recently held Risk, Audit and Compliance Committee-Nigerian Insurers Association retreat in Abeokuta, Ogun State, adding that RBS is a great acid test to the effectiveness of insurance company.
He expressed happiness that so far, since the commencement of RBS none of RACC members has been recommended for sack or jailed. “And since last year I have not heard that any has been removed from his position as the Head of Audit, ERM or Chief Compliance Officer,” he posited.
He appealed to his colleagues in assurance function, to buckle-up to ensure that their various companies are ready for the recapitalisation, as the industry warns up for another rounds of recapitalisation.
He noted that the focus of the retreat was to see that assurance function playing a key role in contributing to the growth of their respective companies and the industry at large especially on the regulator lofty objective of growing the insurance industry premium.
Speaking on feats achieved by his tenure, he noted that the results recorded during his tenure as your president have been the joint effort of all members. “During this tenure we placed importance on knowledge sharing sessions and information sharing. This was done through the monthly KSS, Subcommittee KSS, Retreats, Mentoring, Sharing of Conference &Training materials among members on our Platform and now Newsletter publication.
“All these initiatives have really contributed to the effectiveness of our members in their various companies and team bonding among us as a single family. I must thank you all for your support in making this happen.
“During my tenure, it will amaze you that I was not the only Chairman. We have many chairmen that run the affairs together. But let me mention very few of them who always stood in for Chairman – I believe you know them. Akinlalu, our able Vice-Chairman and Mrs. Modupe Akinwande, our able Chairperson, ERM Subcommittee. I specially thank you.
“Let me also appreciate Julius Elusakin, The Chairman of the Sub-Committee and the entire Training and Research Sub-committee who played dual role as the Retreat Planning Committee and Editorial Team for our Newsletter and Mrs. Agbogun, Our able NIA representative.
Finally, my sincere appreciation goes to all the participants in this year’s edition of our retreat and your respective MD/CEOs,” he said.
On the newsletter, he submitted that the publication would go a long way to contribute and improve the committee’s monthly knowledge Sharing Session (KSS) which is one of the remarkable initiatives of his administration.
He maintained that the initiative is considered as the bedrock of achieving sound assurance function in the industry, adding that besides, the executive were equally charged to cascade same KSS to their respective subcommittees. “Hence, subcommittees’ meetings usually go beyond deliberation but rather knowledge impartation and sharing of quality ideas. These benefits are highly visible in our monthly meeting participants strength. I can boldly say that RACC is the only committee with the highest committed members among all the Technical Committees of NIA.
On behalf of the Committee, I sincerely appreciate the sponsor of this edition, Data Pro Limited. Your contribution to the industry is immeasurable. You have been our close partner and especially in the provision of various compliance solutions to our industry which has been helpful in our assurance functions. We look forward to an enduring relationship,’ he posited
Mayadenu thanked the editorial committee for the great effort invested in the success of the publication.
He also applauded the appointments of the Commissioner for Insurance/Chief Executive Officer of National Insurance Commission (NAICOM) Olusegun Omosehin; Director-General Nigerian Insurers Association Mrs. Bola Odukale and elections of Chairman Nigerian Insurers Association Kunle Ahmed President Chartered Insurance Institute of Nigeria (CIIN) Mrs. Yetunde Ilori.
The Director-General of NIA Mrs. Bola Odukale, who unveiled the newsletter, commended members of the committee for their contributions to insurance industry’s growth, whilst imploring them to esteemed professionalism as they execute their duties as risks management professionals.
