The history of GUINEA INSURANCE PLC dates back to the year 1948 when British West African Corporation Limited (BEWAC) opened an Insurance Department and became Chief Agents in Nigeria for Legal and General Assurance Society Limited of London. In 1950, the Agency was extended to Norwich Union Fire Insurance Society Limited, United Kingdom. In response to Business Growth and to maximize available opportunities, Legal & General Assurance Society Limited, Norwich Union Fire Insurance Society Limited, Northern Region Development Corporation Limited and British West African Corporation Limited jointly incorporated an insurance Company.
Thus, Guinea Insurance Company Limited became operative from December 3, 1958. The Overseas shareholders held 51% majority shares before the indigenization decree of 1976, reversed the holding to 60% Nigerian interest, 40% overseas. The Overseas Shareholders divested their 40% holding to existing Nigerian Shareholders in 1988 thereby making the Company 100% Nigerian.
After the 2007 Recapitalization exercise in the industry, Guinea Insurance Plc is licensed by the National Insurance Commission (NAICOM) to operate as an Insurer for all classes of General Insurance business. A copy of our new license is enclosed herewith; now, the Company has been fully restructured and repositioned to meet the ever-changing needs of our numerous customers as well as the challenges of the new millennium.
GUINEA INSURANCE PLC is now managed by a crop of highly skilled and committed professionals, driven by modern technology and supported by vibrant and resourceful Board of Directors led by Sir Emeka Offor [KSC]. The company is positioned to provide excellent insurance services of global standard that yield high value-added to our numerous customers.
The Head Office centrally located at Guinea Insurance House, 33 Ikorodu Road, Jibowu, Lagos together with the wide range network of branches spreading all over the country, we are poised to serve you better.Job Overview:
To minimize risk of loss by defining and ensuring compliance with the approved risk management framework and processes for identification, controlling, managing and reporting operational , underwriting and claims, strategic and reputational risks across all businesses of the GIP.
Job Responsibilities;
Establish framework, procedures and practices to ensure that operational, strategic and reputational risk is appropriately identified, measured, monitored and controlled
Drive implementation of operational risk action plan approved by the board
Oversees the implementation of operational risk approach and strategies that are aligned with the GIP’s vision, mission and corporate objectives
Identifies specific business risks in light of strategy and business specific operational changes
Determine and approve operational risk tolerance limits
Formulate and ensure compliance with sensitive operational risk policies
Develop strategies for mitigating all business and operational risk
Oversee and ensure the integrity of operational risk assessment process across the business
Provide direction and drive assimilation of Operational risk management culture across all levels and functions Company wide
Establish risk mitigation and control processes
Ensure quarterly surveys are carried out on all identified stakeholders
Ensure timely regulatory renditions of reports
Regularly estimate economic capital for strategic, reputational and operational risks
Estimate and ensure stress testing on strategic and reputational risk
Develop risk models for measuring strategic and reputational risk
Establish and maintain effective BCM for business resilience in GIP
Requirements;
A first degree in any discipline.
Relevant Master’s degree, preferably in Risk Management.
Minimum of 5 years post qualification experience in operational risk management within the Financial Services Industry , of which at least 3 must have been in the Insurance Sector
Recognized professional certification such as ACII, ACIIN, MIRM, CFA, ACCA, ACA, etc.
Skills and Competencies Requirement;
Required Knowledge, Skills & Abilities
Knowledge of operational risk best practices
Advanced knowledge of operational, strategic and reputational risk measurement methodologies
Insurance Operations
Technical Expertise
Environmental / Industry Analysis
TQM
Documentation
Generic Skills
Strategic Focus/ Orientation
Integrity and Discretion
Initiative/ Proactive
Entrepreneurship
Analytical skills / Problem solving
Resilience, Tenacity and Integrity
Interpersonal skills
Communication (oral & written)
Supervisory Skills
Leadership
Mentorship
Initiative/Entrepreneurship/ taking ownership
Team building / conflict management
Organization & coordination
General managerial /administration
