As Nigeria’s insurance industry navigates a fast-changing regulatory and technological environment, the Risks, Audit, and Compliance Committee (RACC) of the Nigerian Insurers Association (NIA) has reiterated its commitment to strengthening consumer protection and enhancing operational excellence across the sector.
During a press briefing to announce its upcoming annual retreat, slated for August in Abeokuta, Ogun State, the RACC executives underscored the critical role risk, audit, and compliance professionals play in ensuring transparency, accountability, and public trust in the insurance ecosystem.
Upskilling for a Stronger Industry
Speaking at the briefing, Olugbenga Akinlalu, Chairman of RACC, highlighted the importance of equipping officers with the right skills to adapt to industry demands.
“Our renewed focus on capacity building and collaboration with regulators reflects our commitment to maintaining high standards of governance and consumer protection in the insurance industry,” Akinlalu stated.
Themed “Insurance Industry Recapitalization: Strengthening Governance Activities for Maximum Benefits”, this year’s retreat will prioritize equipping members with advanced knowledge in governance, compliance, and risk management.
“We are prioritizing upskilling so our members can deliver effectively on their critical roles in internal control, compliance, and governance oversight. As custodians of market conduct guidelines, we must ensure operators adhere strictly to regulatory standards and that customers are fully protected,” Akinlalu added.
Building Consumer Confidence Through Oversight
RACC reaffirmed its mission to serve as the backbone of compliance and consumer protection within the industry.
“There is no one better positioned to guarantee compliance than risk, audit, and compliance officers. We work behind the scenes to ensure that every customer-facing activity aligns with regulations and ultimately safeguards consumer interests,” he said.
Akinlalu further explained how the committee’s work is grounded in the ‘three lines of defense’ model:
- The first line includes customer-facing staff like marketers and service agents.
- The second line, compliance officers, provide oversight and ensure regulatory adherence.
- The third line, internal audit teams, evaluate the effectiveness of controls and processes.
“Our role is pivotal in driving consumer confidence. We ensure that regulations from both the primary regulator and other oversight bodies are fully implemented and monitored across all levels of operation,” he emphasized.
Highlights of the 2025 Retreat
The 2025 retreat promises a rich lineup of activities, including plenary and panel sessions featuring experts from Deloitte, KPMG, PwC, regulators, and other industry leaders. High-profile attendees such as the Director-General and Chairperson of the NIA are also expected to grace the event.
Additionally, RACC will launch the second edition of its industry-focused magazine, spotlighting critical themes such as:
– Artificial Intelligence in insurance
– Strengthening internal controls
– Financial reporting standards
– Sustainability practices shaping the future of the industry
“This retreat is more than a gathering; it’s a strategic platform for fostering innovation, regulatory collaboration, and stronger governance practices to benefit consumers and operators alike,” Akinlalu concluded.
