-SIC Boss urges sector players
By: Prosper Agbenyega & Benjamin Asiamah
The uncertainties associated with the financial services sector calls for a risk management approach in businesses. These are remarks made by the Managing Director of State Insurance Company (SIC), Mr. Benjamin Acolatse.
According to him, there is the need for regulators of financial and public companies to demand at a far greater level of disclosure about the risks they manage and the control mechanisms they have in place so as to be able to mitigate these risks.
In the light of this, Mr. Acolatse who was speaking at the SIC@ 50 business forum on the theme “Risk management for sustainable national development,” urged stakeholders in the industry to manage risk effectively to insulate businesses in times of crisis.
The forum brought together stakeholders from the insurance and banking sectors to discuss emerging risks in the sector and ways to manage them.
On her part, the Minister of Trade and Industry, Hon. Hannah Tetteh said the growth of the Ghanaian economy calls for financial institutions to modify their risk management practices to keep pace with the changing environment, commending the insurers in Ghana for managing and responding positively to challenges of investment returns and high claims ratio particularly with motor insurance.
