The study also recommends that the management of the insurance company should

The study also recommends that the management of the

This preview shows page 31 - 34 out of 38 pages.

The study also recommends that the management of the insurance company should continuously assess their risk management practices to see if they are still practical in the face of a continuously changing operating environment, for instance the new regulatory pressures of solvency 2 and Basel regulatory regimes. The management should leverage information technology in risk management by installing information systems that can carry out risk assessment & measurement more accurately and for monitoring their risk management programs for effectiveness. This should further be complimented by training of employees on risk management policies of the firm, with clearly defined roles and responsibilities for risk management.
Image of page 31
There is also need for African Life Assurance Company to address corporate governance issues in their risk management programs. Risk management programs that are supported by senior company officials are more likely to succeed, thereby enhancing financial performance. Lastly, the study recommends that the management of the insurance company should put in place risk management frameworks such as ERM that conform to international best practice. This will ensure that Ghanaian insurance companies achieve international standards and, therefore, become globally competitive.
Image of page 32
REFFERENCES African Life Assurance Ghana LTD. (2017). Retrieved November 23 November, 2018, from . Antwi. (2011). Decentralization: A Tool for Grassroot Development. Kumasi: Kwame Nkrumah University of Sciemce and Technology. Bomhard, N. v. (2005). Risk and Capital Management in Insurance companies. The Geneva Papers on rISK and Insurance Issues, 30 , pp 52-59. Corbett, R. B. (2004). A View of the future of risk management. Palgrave Mac Millan Journals, 6 , pp 51- 56. Elvis. (2015). Assessing Revenue Generation Processes and Strategies in the District Assemblies. Accra: Uiversity of Ghana. Farthing, D. (1992). Risk Management in the United Kingdom- Apersonal Retrospect. The Geneva papers on Risk and Insurance. Issues and practice., V 17 , pp 329-334. French, F. a. (2000). Profitability and Earnings. The Journal of Business, V 73 , pp 161-175. Gahin, F. S. (1978-79). Risk Control and Optimum Security Levels. The Journal of Insurance Issues and Practice., V2 , pp 58-80. Ganga, S. (2017). Retrieved November 4th / 11 / 2018, 2018, from . Hersbarger, D. a. (1992). Profitability of Title Insurance Companies. Journal of Insurance Issues, V 15 , PP 13-30. Hilson, R. a. (2005). A comparative Review of Risk Management Standards. Risk Management, V 7 , pp 53-66. Lee, R. a. (2000). Reflections on Risk Management: Dealing with the Extreme Unexpected. Business Economics, 35 , pp 20-26. Nimalathasan, N. a. (2013). Determinants of Profitability: A case study of listed Manufacturing Companies in Sri Lanka. Merit Research Journal of Art, Social Science and Humanities, V 01 , PP 001-006.
Image of page 33
Image of page 34

You've reached the end of your free preview.

Want to read all 38 pages?

  • Spring '20

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes