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Afsatu Kabba chats risk management

Afsatu Kabba chats risk management

Afsatu Kabba, Wednesday 11,th lectured a considerable number of expert insurers on a range of issues surrounding risks and how to prevent them.

At the Inaugural International Risk Management and Insurance Seminar held at Njala Venue Lumley beach Freetown, Afsatu told representatives of Government and private insurance agencies that risk is unavoidable but can be managed.

She defined risk management as the identification, assessment, and prioritization of risks whether positive or negative, followed by coordinated and economical applications or resources to minimize, monitor, and control probability and impact on some unfortunate events and maximize the realization of opportunities.

Smiling, but in an upright mood, she said, however, that risk comes from uncertainty in financial markets, project failures, legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertainty or unpredictable root causes.

That several risk management standards have been developed including those identified by the Project Management Institute, National Institute of Science and Technology, Actuarial Societies, and ISO standards.

She furthered that the methods, definitions and goals are varied according to the risk within the context of project management.

She said that the concept of risk management is not new and that it is connected to the human way of life.

“Every person in his or her surrounding responds to risk,” she said. “Some institutions appoint a risk manager, a very senior position who is expected to be following step by step risk identification, risk evaluation, risk control and risk financing.”

She emphasized on the frequency and severity of the occurrences of accidents and disasters in Sierra Leone, which she said underscores the need and importance for risk management consciousness in the country.

”Is it against this that I therefore urged Government to somewhat engage on risk management policy and legislation thus providing an effective and efficient territorial security, immigration control and the monitoring of illicit cross-border trade along the country’s territorial coast line and borders,” she said.

The seminar which was organized by the United States based Saddleback-Re in collaboration with the Sierra Leone Insurance Commission (SLICOM) with the theme; “the role of risk management and insurance solutions in addressing Africa’s socio-economic development” saw the regional manager/consultant Saddlaback Re Mr. Kortor Francis Kamara delivering a lecture on risk management solutions.

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