‘Risk management critical for business sustainability’

Corporate business institutions have been advised to utilise the services of insurance brokers for effective risk management and business sustainability.

Ayodapo Shoderu, president, Nigerian Council of Registered Insurance Brokers (NCRIB) gave the advice when the Chairman of Geepee Group of companies, Prakash Vaswani paid a courtesy visit to the NCRIB Secretariat in Lagos.

Shoderu said the fortunes of businesses and their sustainability are determined by risk management strategies put in place by management, of which insurance is pivotal.

“The extent of risk exposures by most business concerns, especially in the changing global environment calls for proactive initiatives by business managers and this will determine their continued existence” Shoderu noted.

The NCRIB President said that insurance brokers assist their clients in maximising their insurances as they provide them with different profitable rates, in addition to their rendition of personalised services.

Shoderu disclosed that public confidence in insurance brokerage services had been enhanced by the promulgation of the NCRIB Act 2003 through which the Council regulates the ethical conduct of its members and provide them with regular training exposures, to catch up with changing dynamics of the profession.