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.
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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.
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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.
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