SIC Insurance PLC, Ghana’s largest general insurance company, has inaugurated a five-member audit committee to help strengthen the company’s Enterprise Risk Management strategies and to ensure a high level of corporate governance.

Nana Professor J.B Ato Ghartey of the Institute of Chartered Accountants and a former Controller and Accountant-General chairs the five-member committee. Other members are: Mr. Kwabena Hemeng Ntiamoah, Internal Audit Agency; Ms. Pamela Osei Agyekum, Internal Audit Agency; Mr. Christian Tettey Sottie, Board Member of the company and a former Controller and Accountant-General; and Mr. Nicholas Oteng, a seasoned Banker and a Board Member of the company.

The Director-General of Internal Audit Agency, Dr. Eric Oduro Osae, who swore the committee members into office, congratulated and urged them to bring their rich experience to bear on the company’s operations and performance with particular emphasis on enterprise risk management, good corporate governance and global best practices.

Dr. Osae reminded the committee members that the functions of the Audit Committee, as provided by the Public Financial Management (PFM) 2016 (Act 921) are mandatory, advisory and supportive roles. He added that he is “convinced the Committee would guide the company to minimize risks which is the primary responsibility of the members as well as help SIC Insurance to deliver and submit its reports on time as required by the law.”

Board Chairman Expresses Hope in New Committee

Dr. Jimmy Ben Heymann, Chairman of the Board of SIC Insurance, who chaired the event, thanked the members for availing themselves to serve Ghana’s largest insurance company. He stated that the profiles and experiences of the members of the committee give him the assurance that they would work assiduously to support the efforts of the Board of Directors and Management to see a vibrant SIC Insurance in the long term.

The Board Chairman of the company commended management and staff for the success chalked in 2021 amidst the pandemic. He urged the new committee to eschew complacency and work hard to achieve greater heights.

“In each corner or department you find yourself, remember you are a shepherd and steer the affairs. So whatever your assignment is at SIC remember that as a shepherd you are supposed to take care of it. Do it with passion and admirably. Let’s endeavour to do the right thing so that the company will grow from strength to strength.”
Dr. Jimmy Ben Heymann

In the intervening time, the Managing Director of SIC Insurance PLC, Mr Stephen Oduro, indicated that the company is poised to maintain its position as the premier company in the industry in this year, 2022.

“We have instituted some policies and structures to stay on top as the premier insurance company.”
Mr Stephen Oduro

The Managing Director thus, expressed optimism that the new committee and staff of SIC Insurance PLC will help to improve upon the company’s stellar performance recorded in 2021.

Mr Stephen Oduro professed that the company went through a lot of stressful situations a few years back, but the introduction of a business continuity plan ensured it stayed on course even throughout the COVID-19 pandemic.

“Prior to the arrangement for setting up our business continuity plan we were able to make more than our target. Our target was GH¢272 million but we made GH¢284million despite Covid-19 related challenges last year.”
Mr Stephen Oduro