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Wednesday, April 26, 2017
Insurance Cooperative vs. Takaful
>> Risk Management
Risk management is an important aspect of all our lives. We are exposed to risk both in terms of threats to service provision and from the potential of lost opportunities. It is essential that we can demonstrate to our customers that we are fully considering the implications of risk as we deliver our business for the benefit of the shareholders and employees of Buruj.
Since then, steady progress has been made in embedding risk with in cooperation of KPMG and senior managers. Moreover; through training and workshops risk management is now an integral part of our culture, planning, processes and project management.
Ultimately, effective risk management will help to ensure that Buruj’s maximizes its opportunities, and minimizes the risks it faces, thereby improving our ability to deliver our priorities and improve outcomes.
Buruj cooperative insurance company is committed to adopting best practice in the identification, evaluation and cost effective control of risks to ensure that they are reduced to an acceptable level or eliminated, furthermore maximize opportunities to achieve Buruj’s objectives and deliver core service provisions. It is acknowledged that some risks will always exist and will never be eliminated.
All employees must understand the nature of the risk and accept responsibility for risks associated with their area of work. In doing this they will receive the necessary support, assistance and commitment from senior management and members.
Buruj’s risk management objectives are a long term commitment and an inherent part of good management and governance practices. The objectives need the full support of board members and active participation of managers.
Risk Management obligations, is to provide the health and safety of its board members, employees and its customers. Risk management is also obliged to protect its material assets and to minimize its losses and liabilities.
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