RISK MANAGEMENT SAVES PREMIUM & LIVES

Enterprise Risk Management (ERM)

Risk Identification - Identify pote risks across all business units, including strategic, financial, operational, compliance, and reputational risks.

Risk Assessment & Prioritization -Evaluate risks based on likelihood and impact, categorizing them as high, medium, or low priority.

Risk Mitigation Strategies -Develop risk response plans, including avoidance, reduction, transfer (e.g., insurance), and acceptance

Governance & Accountability -Establish a clear risk management framework with defined roles, responsibilities, and reporting structures.

-Regulatory Ensure alignment with industry standards, legal requirements, and corporate governance principles.

Scenario Analysis & Stress Testing -Conduct simulations to assess risk exposure under various market and operational conditions.

Cybersecurity & Data Protection Implement robust IT security measures to mitigate cyber threats and data breaches.

Business Continuity & Crisis Management -Develop disaster recovery and emergency response plans to ensure resilience in critical situations.

Third-Party & Supply Chain Risk Management -Monitor risks associated with vendors, partners, and supply chain dependencies.

Key Risk Indicators (KRIs) & Performance Metrics -Track risk trends and measure effectiveness using data-driven insights.

Internal Controls & Audit -Implement periodic reviews, risk audits, and internal controls to detect and address emerging risks.

Culture & Risk Awareness -Foster a risk-aware culture through employee training, communication, and leadership engagement.

Enterprise Risk Reporting & Communication -Provide regular risk reports to senior management and stakeholders for informed decision-making.

Technology & Innovation Risks - Assess risks related to digital transformation, artificial intelligence, and emerging technologies.

Financial Risk Management -Monitor credit, liquidity, market, and interest rate risks to safeguard financial stability.

Continuous Improvement & Adaptation “ Regularly review and update risk management strategies to align with evolving business environments.