In response to the rapidly evolving regulatory and technological landscape, the Risks, Audit, and Compliance Committee (RACC) of the Nigerian Insurers Association (NIA) has emphasised the need to upskill for a stronger and consumer friendly insurance industry.
The executive of RACC during a press briefing to announce its upcoming retreat slated for August in Abeokuta, Ogun State, identified its professional roles as critical in ensuring transparency, accountability, and trust across the insurance sector.
The renewed focus on upskilling and cross-functional collaboration with the regulator underscores our commitment to maintaining high standards of consumer protection and operational integrity, Olugbenga Akinlalu, chairman of RAC said.
Akinlalu emphasised that the retreat with the theme: ‘ “Insurance Industry Recapitalization: Strengthening Governance Activities for Maximum Benefits.” will focus on building capacity among members, promoting regulatory collaboration, and driving innovation in governance, compliance, and risk management across the insurance industry.
“One of our key mandates is to build capacity among insurance providers. This year, we are prioritizing upskilling to ensure our members can effectively deliver on their roles in internal control, compliance, and governance oversight,” Akinlalu said.
On its role as protection of consumers and builders of market confidence, RACC said; “want to assure you that there is no other officer better positioned to ensure compliance than us the compliance officers, who are responsible for making sure that all operators adhere to operational guidelines.”
“The regulator has clearly outlined principles for managing insurance customers, and these are embedded in our market conduct guidelines. We are the custodians of those guidelines and must ensure they are implemented.”
Read also: Modupe Kuti calls for national dialogue on personalised healthcare in Nigeria
Olugbenga Akinlalu said the 2025 retreat promises an impressive lineup of activities, including plenary and panel sessions featuring distinguished experts from Deloitte, KPMG, PwC, the regulator, and industry leaders.
High-level dignitaries, including the Director-General and Chairperson of the Nigerian Insurers Association (NIA), will also grace the occasion.
In addition, he added, RACC will be launching the second edition of its industry-focused magazine, covering critical themes such as Artificial Intelligence, internal controls, financial reporting, and sustainability, key issues shaping the future of insurance.
“From an internal control standpoint, we also have officers in this committee who work closely with process owners. We follow the ‘three lines of defense’ model: the first line includes marketers and those interacting directly with customers; the second line is compliance, which provides oversight and guidance; and the third line is internal audit, which assesses effectiveness.”
Whatever the customer-facing staff are doing, we are in the background checking to ensure it aligns with regulations and satisfies customer needs.
“We play a pivotal role in ensuring that regulations from both our primary regulator and other oversight bodies are adhered to at every level of operation. Internal audit then follows up to assess the effectiveness of the controls we have implemented.
Compliance officers ensure that, systematically, we follow all requirements. We are deeply involved in the day-to-day operations to make sure the entire industry maintains and improves consumer confidence, which is absolutely vital.”
