GRC – a process through control, definition, enforcement, and monitoring has the ability to coordinate and integrate these initiatives.
Insurance companies in Africa have emerged from a period of market uncertainty and are now looking at different, innovative and more compelling ways to create value while managing risks and staying on top of increasing regulatory requirements.
The growing regulatory environment, higher business complexity and increased focus on accountability have led more Insurance companies to pursue a broad range of governance, risk and compliance (GRC) initiatives across the organization.
However, these initiatives are uncoordinated in an era when risks are interdependent and controls are shared.
As a result, these initiatives get planned and managed in silos, which potentially increases the overall business risk for the organization.
Also, parallel compliance and risk initiatives lead to duplication of efforts and cause costs to spiral out of control.
Why the regulatory requirements?
- Effective risk management is a top priority of Insurance companies. They struggle to gain greater efficiency in their compliance initiatives. Insurance companies are beginning to realize that proactive investment in enterprise automation: governance, risk and compliance yield satisfactory ROI in terms of operational sustainability and business growth. Talk about profit.
Effective execution of risk and compliance is crucial for staying in the changing Insurance environment, especially with the growth and awareness happening in Africa.
– To effectively manage fraud risk as an Insurer, it’s important to maintain a proper corporate governance structure along with effective policies and procedures for fraud risk assessment, fraud prevention, fraud detection, and fraud investigation.
GRC aims to eliminate corporate “silos” and effort duplicities and to integrate organizational management, protection against fraud, waste and theft, and regulatory adherence.
However, those who devise GRC programs for their organizations often underestimate fraud risk.
As an example:
Health Insurers, think HMO’s, require a GRC solution to meet their risk and compliance needs as prescribed by regulatory authorities. Strategic and operational risks with associated controls can be captured in central libraries to provide a single platform for risk and control assessments.
Join Curacel as we explore best practices for effective GRC across your organization as an Insurance company. We will give you a solid of how setting up an effective GRC can help your overall business.
After this webinar, you will walk away with:
– Best practice approach to achieve actionable insights
– Effective methods to execute a better GRC for your organization
– Identifying hard and soft ROI for financial Sustainability
Register to attend the GRC webinar here.
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