Leading insurance broker, Minet Uganda Ltd, has advised manufacturers on how to effectively manage, prioritise and respond to new emerging risk, so as to maximise returns.
The breakfast meeting held at Imperial Royale Hotel, in Kampala, today was held under the theme: “Building Resilient Businesses: Understanding how the smallest and most negligible risks can become the biggest organisational disaster.”
The key subjects tackled by the discussants included: effective ways to conduct a companywide risk assessment, understanding which risks posed the greatest threats to a business’ growth, goals and objective. Also discussed, was the critical role of Human Resource and workplace culture in effective risk management and mitigation.
“From supply chain to reputational risks, internal and external fraud, cybercrime and trade credit risks to management of millennial employees, today’s manufacturer has to set up a robust Risk Management Program to survive these complex hurdles amidst a very competitive environment,” said Maurice Amogola, the Chief Executive Officer, Minet Uganda.
Minet is a trusted pan- African risk advisor that meets uncertainties of tomorrow by delivering risk and Human capital solutions today. As the leading Insurance broker in Uganda and the largest Aon Global Network correspondent, Minet has access to a network of 50,000 colleagues in 120 countries as well as proprietary data that enables it manage risks and provide clients with unrivalled advantage.
A 2019 survey conducted by Aon, included economic slowdown (slow recovery), damage to reputation or brand, accelerated rates of change in market factors and business interruption among the top five (5) risks facing businesses.
The keynote speaker, Mustapha B. Mugisa from Summit Consulting, advised the manufacturers to always seek the services of a professional risk advisor like Minet, to not only minimise costs but also to guarantee value for money.
“Professional risk advisors are important because they ensure the most relevant risks to your kind of business are covered from the get go. Strategic decisions like procurement of plant equipment, operational processes, the kind of people to hire, supply chain efficiencies and data handling all require professional advice, to minimise risk,” Mugisa said.
Managing millennials in this fast-paced environment is another challenge that the Ugandan manufacturer cannot escape, seeing that 80% of the country’s population is below 35 years of age.
A key success factor is in management of the human resource to especially prevent burnout or stress, Pepe Minambo, a strategy and culture transformation consultant, from Motivator Africa, advised.
Participants were largely drawn from the Middle Tier I and II, manufacturing groups, under the Uganda Manufacturers Association (UMA).
A few large scale manufactures including Steel & Tube attended the workshop as well.
“Manufacturers often prioritise financing, taxation and supply chain issues. Today we demonstrated to them that essentially, effective risk management would help them address all the challenges they often grapple with in one go,” said Alex Onen, Manager Industry Division, Minet Uganda.
He noted that Minet designs programs precisely tailored to meet their clients’ needs after a careful and detailed analysis of one’s business and its risk areas.
“At Minet we follow a structured process that ensures all aspects are captured in a logical and seamless manner. This includes, risk identification, designing of insurance program structures, insurance tender processes, placement of insurance and review of documents plus after sales services like claims and reports,” said Onen.
