Standard Alliance Group trains directors, audit c’ttee on IFRS/ERM

Chuks Udo Okonta

Standard Alliance Insurance Plc and Standard Alliance Life Assurance Limited have said they organised training on International Financial Reporting Standard (IFRS) and Enterprise Risk Management (ERM) for their directors, audit committee members and key management to equip them for better performance.

A statement by the underwriting companies’ Group Corporate Communications Manager, Nelson Egboboh, said the two-day training session held in Lagos.

He said: "The training was important to make our directors, audit committee members and key management staff conversant with the International Financial Reporting Standards and risk management practices."

He said the training was strategic, especially as the participants were the brain behind the success stories of the organisations, adding that with this training, the firms are sure of raising and making their standard of handling financial reporting and risk management issues a template for the insurance industry in Nigeria."

Egboboh listed directors that attended to include Aliyu Yahaya Sa’ad, (Chairman, Standard Alliance Insurance Plc), Olorogun O’tega Emerhor (the company’s Vice Chairman and Chairman, Standard Alliance Life Assurance Limited), Ayo Ajayi, Dr. Ramsey Mowoe and Bode Adediji.

Other directors included Ede Osayande, Omolola Oshiafi, Rhe Emerhor-Iwuagwu, Messrs. Tom Imokhai and Austin Enajemo-Isire.

It could be recalled that the Financial Reporting Council of Nigeria and the National Insurance Commission (NAICOM) make it mandatory for companies to train their directors and other key management staff to enhance their knowledge about international best practices.