Star Assurance risk management policy statement
At Star Assurance Company effective risk management is highly essential to achieve our vision, mission, and objective.
Risk arises in all aspects of our operations and at all stages within the life cycle of those operations. It offers both opportunity and threat, and must therefore be managed appropriately. Risk management is an integral part of responsible management practice. It involves establishing an appropriate risk management infrastructure and culture, and applying logical and systematic risk management processes to all stages in the life cycle of any activity, function or operation. By minimizing losses and maximizing gains, risk management enables the Company to achieve its corporate objectives.
An enterprise-wide approach to risk management is adopted by Star Assurance Company, meaning, every key risk in each part of the Company is included in a structured and systematic process of risk management. The risk management processes are embedded into our systems and processes, ensuring that our responses to risk remain current and dynamic. All risk management efforts are focused on supporting our objectives, ensures compliance with relevant legislation, and fulfills the expectations of Staff and other Stakeholders in terms of corporate governance. Different risk related or assurance provider functions align their various goals and reporting processes into one cohesive and structured framework. All of Star Assurance Company’s financial, operational, environmental, and strategic risks are identified, assessed, and appropriately managed.
This policy statement confirms Star Assurance Company’s commitment to adopting a strategic, consistent and structured enterprise-wide approach to risk management to achieve an appropriate balance between realizing opportunities for gains and minimizing losses. The policy reflects the ISO 31000:2009 which provides the overall framework for risk management at Star Assurance Company.