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Contents

Special Interest Articles

General Introduction 1

Award-Great Place to work 2

Quantification of ERM 2

Quantification of ERM (cont’d) 3

Individual Highlights

Microsoft Excel Tips 4

Cartoon/ Jokes/NSIA’s Advert 5

Photo Splash/Down syndrome 6

Retreat Pix 7

Coping with Office stress/Staff

Birthdays 8

Editor’s Note

Welcome to the second quarter issue of Risk Management Newsletter. Barely a quarter passes without an ERM newsletter. The newsletter for this quarter will not only focus on Enterprise Risk Management themes but will accommodate other interesting highlights. This newsletter publication is well positioned to support four main objectives;

Increase the level of communication and interaction amongst all staff

Enhance our overall knowledge on Enterprise Risk Management

Continue to foster companywide awareness on ERM implementation in NSIA and keep stakeholders abreast of the on-going implementation process in the company

Update staff on recent development and happenings in the company that cuts across professionalism, work-life balance, re-creational activities, awards and social life

This Newsletter strives to deliver content that will help us take advantage of this opportunity to advance the risk management capabilities of all NSIA’s staff. This edition includes articles covering a wide variety of topics, starting off with;

Highlight on “The Best Place to Work Award”

Quantification of Enterprise Risk Management

Microsoft Excel tips

Photo splash and …………

As the regulatory focus on ERM implementation increases, so does our opportunity for professional growth. Whether we are doing ERM for regulatory compliance purpose or we are practicing ERM because we see it as added value, ERM implementation is now an integral part of every successful business process

We hope you will enjoy this issue! We have received some positive feedback recently, so we are encouraged that we are headed in the right direction. However, we are continually looking to improve, so if you have any feedback on how we can better meet your needs, please let us know by sending an email to Chigoziem and Olufade. Remember, without you we would not have a newsletter

NSIA INSURANCE second QUARTER

NEWSLETTER

AWARD- GREAT PLACE TO WORK

In key ramifications, NSIA has recorded a consistent growth in performance, attributable to her philosophy of investing in her people, who rank amongst the best in the insurance industry.

We at NSIA believe that this award is well deserved and with great optimism believe that the company continues to improve in her work place cultures.

For the third time running, the Great place to work Institute of Nigeria has ranked NSIA Insurance Limited as one of the Best companies to work for in Nigeria.

What makes the company one of the best companies to work for in Nigeria? The answer is not farfetched; Employees of NSIA insurance know and see the organization as their second home. The work environment is conducive for work. Each staff is treated with respect and their creative endeavorsare supported by the management. This makes them feel like coming to work the next day

Overview

Insurance is a risk-taking business. As risk managers, we must ensure that the risks taken are

intentional, measurable and understood, as well as aligned to the organization’s objectives. This can be

achieved through a well-designed risk management framework, with effective governance and high

quality risk information. To provide management with the information it needs, risks should be

quantified through various lenses, at aggregate and more granular levels.

In this article we will focus on two important ERM quantification techniques which are; Economic

capital and Stress testing. Each provides management with different information needed to influence

capital management, investment and other business decisions, and require coordinating information

across the enterprise.

Economic Capital

Economic capital is the amount of risk capital a firm, usually in financial service industry, needs to

ensure that the company stays solvent. Economic capital is calculated internally and it is the amount

of capital the firm should have to support any risks it takes.

Quantification of Enterprise Risk Management

The measurement process involves converting a given risk to the amount of capital that is required to

support it. The calculations are based on the institution's financial strength (e.g., credit rating) and

expected losses. Financial strength is represented by the probability of the firm not becoming insolvent

over the measurement period and is the confidence level in the statistical calculation.

Economic capital is used for measuring and reporting market and operational risks across a financial

organization. Economic capital measures risk using economic realities rather than accounting and

regulatory rules, which have been known to be misleading. As a result, it is thought to give a more

realistic representation of a firm's solvency. However, Economic Capital framework seems to

determine how much capital should be held to support the actual risks the company faces; this should

be aligned with a company’s risk appetite definition and its unique objectives. investopedia

Stress Testing

A simulation technique used on asset and liability portfolios to determine their reactions to different

financial situations. Stress tests are also used to gauge how certain stressors will affect a company or

industry. They are usually computer-generated simulation models that test hypothetical scenarios.

Stress testing is a useful method for determining how a portfolio will fare during a period of financial

crisis. The Monte Carlo simulation is one of the most widely used methods of stress testing.

Stress Test Analysis is an analysis or simulation designed to determine the ability of a company to

deal with an economic crisis in worst case scenario or to test if the company has enough capital to

withstand the impact of an adverse development. investopedia

Conclusion

Both internal and external risk management drivers vary from company to company, but enhancing

risk management is a common goal across the insurance industry. Producing high quality risk

information to inform management decisions is critical to an organization’s success

Economic capital and stress testing both require coordination across the organization to provide

management with vital risks information. There is no single correct approach and careful consideration

is required both in setting up the right approach for the organization and the plan to implement. As the

external environment and strategic objectives differ from organization, so too should our risk

quantification.

Microsoft Excel Keyboard

Description Shortcut Key

New File Ctrl N

Open File Ctrl O

Save File Ctrl S

Move between open workbooks

Ctrl F6

Close File Ctrl F4

Save as F12

Display the print Menu Ctrl P

Select whole Spreadsheet

Ctrl A

Select Column Ctrl Spacebar

Select Row Shift Spacebar

Mi

Vlookup is a vertical lookup in an array of data; Vlookup has 4 parts namely

Lookup value (should always be in the first column) Table array Column index number Range Lookup (type FALSE or type 0)

Essentially, you select a table, you tell Example Let’s say I want to find out Beth’s final score

The Format is =Vlookup(Value, Array, Column, Range)

I tell Vlookup what value to search for (“Beth”) The array to search from (A2:E6) The column to return (5, meaning the fifth column of the A2:E6 array) Then for range “0”, to say I don’t need an exact match (whic

In our next article we will review tips on

Microsoft Excel Keyboard Shortcut

Shortcut Key Description Shortcut Key

AutoSum Alt =

Spell Check F7

Read Row Total Insert Delete

Ctrl F6 Read Column Total Insert Enter

F4 Go to a cell Command Ctrl G

Insert a new worksheet Shift F11

Change the font Ctrl Shift F

Change the font size Ctrl Shift P

Ctrl Spacebar Cut Control X

Shift Spacebar Copy Control C

Microsoft Excel Vlookup Tips

is a vertical lookup in an array of data; Vlookup is a function that allows you look up a value in a spread sheet.

Lookup value (should always be in the first column)

Range Lookup (type FALSE or type 0)Essentially, you select a table, you tell Vlookup the value to search for; you tell it which column you want to return

Let’s say I want to find out Beth’s final score

(Value, Array, Column, Range)what value to search for (“Beth”)

The array to search from (A2:E6)The column to return (5, meaning the fifth column of the A2:E6 array)Then for range “0”, to say I don’t need an exact match (which makes it work on an unsorted list)

In our next article we will review tips on Hlookup and Pivot Table

gsahdhdghjj

Shortcut Key

Alt =

F7

Insert Delete

Insert Enter

Ctrl G

Shift F11

Ctrl Shift F

Ctrl Shift P

Control X

Control C

is a function that allows you look up a value in a spread sheet.

the value to search for; you tell it which column you want to return

h makes it work on an unsorted list)

Won’t you rather insure with us JOKES

Jealous husband (Joke 1)

HUSBAND: My wife where are you?

WIFE: At home love.

HUSBAND: Are you sure?

WIFE: Yes.

HUSBAND: Turn on the blender.

WIFE: (turns blender on) reeereeeereeee

HUSBAND: Ok my love goodbye.

Another day

HUSBAND: My wife where are you?

WIFE: At home love

HUSBAND: Are you sure?

WIFE: Yes

HUSBAND: Turn on the blender

WIFE: (turns blender on) reeereeeereeee

HUSBAND: Ok my love goodbye

The next day, the husband decides to go home without notice, and finds his son alone and he asked him son where is your mother?

SON: I don't know but she went out with the blender.

Lesson Learned: Do not be wise in your own eyes

Five frogs (Joke 2)

Five frogs are sitting on a log. Four decides to jump off. How many are left?

Answer: Five

Akpos and class teacher (Joke 3)

The following conversation ensued between Akpos and his teacher in class:

Teacher: Answer this math problem; if your father earns N100,000 a week and gives half to your mother. What will he have?

AKPOS: A heart attack!

What is Down syndrome?Every cell in the body contains genes that are grouped along chromosomes in the cell’s nucleus or center. There are normally

46 chromosomes in each cell, 23 inherited from the mother and 23 inherited from the father. When some or the person’s entire

cell has an extra full or partial copy of chromosome 21, the result is Down syndrome.

Thus, Down syndrome (DS) also called trisomy 21 is a condition in which extra genetic material causes delay in the way a child

develops, both mentally and physically. Down syndrome is not a diseases,

managed.

We at NSIA are an advocate for these special people, this is evident in our support, generous donations and joining the Down

Syndrome Foundation on March 21, 2015 to create a public awareness fo

living with Down Syndrome into the society. We are immensely grateful to all members of staff for their contribution and

participation during the “NSIA WALK 4 DOWN SYNDROME

NSIA’s presentation of a brand new Toyota Hiace Bus to the

What is Down syndrome?genes that are grouped along chromosomes in the cell’s nucleus or center. There are normally

46 chromosomes in each cell, 23 inherited from the mother and 23 inherited from the father. When some or the person’s entire

of chromosome 21, the result is Down syndrome.

Down syndrome (DS) also called trisomy 21 is a condition in which extra genetic material causes delay in the way a child

. Down syndrome is not a diseases, therefore cannot be cured. The situation can only be

We at NSIA are an advocate for these special people, this is evident in our support, generous donations and joining the Down

Syndrome Foundation on March 21, 2015 to create a public awareness for the acceptance, inclusion and recognition of people

living with Down Syndrome into the society. We are immensely grateful to all members of staff for their contribution and

NSIA WALK 4 DOWN SYNDROME”. May God bless the spirit you showed

NSIA’s presentation of a brand new Toyota Hiace Bus to the Down Syndrome Foundation

genes that are grouped along chromosomes in the cell’s nucleus or center. There are normally

46 chromosomes in each cell, 23 inherited from the mother and 23 inherited from the father. When some or the person’s entire

Down syndrome (DS) also called trisomy 21 is a condition in which extra genetic material causes delay in the way a child

therefore cannot be cured. The situation can only be

We at NSIA are an advocate for these special people, this is evident in our support, generous donations and joining the Down

r the acceptance, inclusion and recognition of people

living with Down Syndrome into the society. We are immensely grateful to all members of staff for their contribution and

Down Syndrome Foundation

NSIA Nigeria representative taking a group picture with other NSIA staff at annual retreat in AbidjanNSIA Nigeria representative taking a group picture with other NSIA staff at annual retreat in Abidjan

Men of valour at the retreat

NSIA Nigeria representative taking a group picture with other NSIA staff at annual retreat in Abidjan

STAFF Birthdays -(April- June 2015)

Omojola Banji

Bright Nwabuwa

Borha Oseghale

Kehinde Omoregie

Aremu Oluwatobi

Olaitan Isaac Eseh

Fubaraibi Brown

Adebambo Adenike

Tobi Onadipe

Njoku Christian

Seun Adebayo

Nnamdi Obunike

Akujieze Chinyere

Sylvester Okafor

Cynthia Philips

Ikenna Onuoha

Oreva Otobor

Disu Omokhaye Tayo

Idehen Chukwuma

Chinenye Anikpe

Inemo Preghafi

Ibe Paul

Grace Ashimolowo

Musa Abideen

Njoku Ijeoma

Clement Olanipekun

Funke Moses

Amara Ezimora

Ibe Blaise

Folarin Titilope

Merci (beaucoup)!!!

Apr-02

Apr-05

Apr-15

Apr-11

Apr-16

Apr-28

May-01

May-04

May-06

May-11

May-11

May-12

May-14

May-16

May-17

May-18

May-25

May-27

May-31

May-31May-31

Jun-05

Jun-05

Jun-10

Jun-17

Jun-19

Jun-19

Jun-20

Jun-20

Jun-27

How to cope with stress in the office!

Stress is basically a reaction to a perceived threat that is either real or imagined. These days most employeeto hospital are stress related.

Early signs of impending burnout include:

•Exploding easily at inconsequential matters• Frequent headaches or migraine• Weight loss or gain• Insomnia and depression• Extreme tiredness and fatigue• Heart palpitation and inability to focus

Top ten tips to beat corporate stress:

• Learn to delegate: Spread the workload, spread the responsibility• Avoid a non-conducive working environment: If your office is too hot or cold, it will certainly stress you out by making you feel frizzy or • Plan your day: An unexpected event can cause so much stress. Plan each day with prioritized tasks and stick to them.• Avoid caffeine: Although coffee, tea and other caffeinated drink tastes great, drink water instead.• Take regular exercises: A 15 minutes’ walk is a good form of exercise. Better still visit the gym at least once a week. • Keep your sense of humour: Always smile or laugh at any slightest chance. It leaves you with good and healthy feelings or participates in the French class (LOL)!

How to cope with stress in the office!

Stress is basically a reaction to a perceived threat that is either real or imagined. These days most employee visits

Early signs of impending burnout include:

•Exploding easily at inconsequential matters

• Heart palpitation and inability to focus

• Learn to delegate: Spread the workload, spread

working environment: If your office is too hot or cold, it will certainly stress you out by making you feel frizzy or sweaty.• Plan your day: An unexpected event can cause so much stress. Plan each day with prioritized tasks

• Avoid caffeine: Although coffee, tea and other caffeinated drink tastes great, drink water instead.

A 15 minutes’ walk is a good form of exercise. Better still visit the gym at

• Keep your sense of humour: Always smile or laugh at any slightest chance. It leaves you with

or participates in the