Samira Nwaturuocha: The Risk Management Specialist

Samira Nwaturuocha is the Chief Risk Officer for AXA Mansard,  a leading provider of health, Life, Property and Casualty Insurance and Investments products and services. As a successful leader on risk and resilience governance and controls, Samira also doubles as the Chief Security Officer.  After 10 years in the banking sector, Samira crossed over to Insurance about six years ago and has become accomplished in all areas of risk using a holistic approach for policy development, implementation and training in financial, credit, insurance and operational risk management and operational resilience.

Adept in identifying areas of opportunity to improve risk methodologies, policies, risk analysis and reporting with effective risk training workshops to enhance staff knowledge and competency, the Bachelor of Science graduate from Babcock University has gone on different risk courses locally and internationally. Recently, she made the 9to5Chick Top Career Women in Nigeria List for 2022, an annual compilation that honors inspiring mid and senior-level female professionals in the corporate world who are making a big difference at work, setting an example, and changing the rules. In this interview with Chiemelie Ezeobi, the professional member, Institute of Operational Risk, shared her passion for the job, career trajectory and how she has ensured balance 

Can you give specifics on what exactly you do?

I am a Chief Security Officer. Essentially, I manage risk and resilience on security topics across the entire spectrum of whoever needs financial, operational and core business risk as well as managing information security. I also oversee the controls of physical security, help and safety and resilience. So, within that frame work of resilience, I manage business continuity, crisis management and in today’s world, everything is I.T- driven. So, a core part of that is also I.T continuity management because as businesses are going digital, there is a need to also ensure that whatever you’re putting on that platform can last.

How did you find yourself in this field? 

As a curious mind, I had interest in a lot of things. How I got here is not common knowledge. After my youth service, it started off as me just looking for a quick job that could help me save to be able to do other personal ambitions that I had. 

I got an opportunity to work with Guarantee Trust Bank in marketing back in the days. After two years in marketing, I got married, I stayed at Kaduna but my husband stays here in Lagos. I wanted to challenge myself to do something different, so in the bank there, we go through a very elaborate three month training school and one of the topics that was very difficult for me in training school was on trading. Every time my customers wanted to buy, I will always call one of my colleagues to help me explain to the customer. After, there was an opportunity to work in risk management in that area, so for me, it was a way to challenge myself. 

That’s how I got into financial risk management. I started with interest risk management and overtime as I got my knowledge built, I was always curious to learn something new. I decided to get to work very early and sit with my older colleagues and have them to teach me. I will do their report and mine at the same time for teaching me as least I can pay them back with that. 

By the time I was done in financial risk, I just found something new everyday and I loved the challenge. I was then deployed to credit risk in the bank which is also a very interesting area as it is detailed and thorough and has to do with lending and documentation.

By the time I was doing that for a while, I started seeing myself like I don’t want to remain in a certain area of section, I wanted to have a holistic view so I sought for an opportunity to move to Operational Risk where I didn’t go to learn Operational Risk, fundamental risk, business continuity and that was how I digressed. 

After that you will always want to have a new and bigger challenge so I got an opportunity to work with AXA Mansard in a role that served as a leadership middle management role. I took that and I left banking. Insurance is also interesting and a bit more challenging and can be very complex. Everyday you’re dealing with something dynamic and new.

How many years did you work with GTB?

I spent about a little less than 10 years in GTB and I have been in Axa Mansard for about six and the half years. 

How so you manage to talk to your subordinates who go to the field to market AXA Mansard to the people. How are they able to convince people to put in their funds for their health insurance?

I think actually with health insurance, a lot of people feel when you talk to client and when it comes to insurance, there is a mindset that I am not going to consume it. So take my card insurance for example, I pay my premium and I don’t have an accident, I am not likely to consume it but with health insurance on the other hand, it is actually easier to sell because people are more likely to consume it.

People find it much more relevant and important because it pertains to your own health or your loved ones. I find that when it comes to the health insurance, people are much more open to it actually than other areas of insurance. I think one of the challenge is the final power to pay a high premium but today where you can digitalise payment so that people can pay in installment, that also helps.

Most Nigerians are oblivious towards anything insurance. What do you think is the way out?

 I think it is not just about awareness, I think we can’t take away from the many other challenges Nigerians are faced with. I have customers sometimes who wants to buy a policy, they believe that your insurance product can help them, but they also have other pressing issues. It is also creating channels of convenient. We are moving to an era where customers can also pay their premium as they earn their salary monthly instead of as against yearly that is the norm.

Should we say when things change, we got to also change. The whole objective of risk management is so that you come out with better outcomes.  As the macro economy and other factors that drive our economy have deteriorated over time, if you want to maintain the same level of outcome as you had in those years, then you have also got to be doing a lots more in managing the deteriorating risk and by virtue of that amplifies the whole thing. 

What method do you get customers feedback?

Customers should be given multiple channels to  get feedbacks. If a customer makes a complaint on a product and they are not happy about certain things after they bought the product, now for me that could be a reputational risk because depending on how things go, it could be misconstrued to that customer.

So, the concept of mis-selling but even for business growth as well that is also a risk because that means that this customer isn’t going to come back. For me, it will be to listen to the customer and listening was actually where I got to understand that in the process of buying the product, certain details were not clarified and of course apologising to the customer and rectifying that but then going back end in bringing different people to come and resolve a problem and at the end of the day we found out that we need to go back to the other side which is the digital product and make some changes on the back end so that the customer can see the changes. Customer feedback helps you to improve the business.

Are you managing the risk for the company or the client?

Both.

Whose side do you take when at the cross road?

You have to balance it. A lot of time in my role, it is usually not between the devil and the blue deep sea, it always has to come with compromises. In my role, one of the things I have enjoyed overtime is working with people to collaborate but sometimes also having to influence as well and that comes with a lot of conversations and to see the other persons point of view and also getting them to see your own point of view in an amiable manner.

Would you advise young and up coming to get on this career? 

Yes, because I really enjoy what I do.

What inspires you?

Knowing that everyday I am going to meet something better. Over the years, I have definitely come to the realisation that I don’t like routine, so for me I have found fulfillment in this role as a Risk Manager. 

What tactics would you advise up and coming risk managers?

I would say first, curiosity. A curious person will enjoy being here, if you are inquisitive, analytical thinker and explorer then you are on the right track.

Have you ever felt like because I am a woman this is happening. Have you ever been discriminated?

Honestly, in terms of being able to do my work, No. I am not someone who back down easily so I think in that regard, I have not had the feeling. I would probably be interested in why you’re not listening to me. There were no moments I felt that way.

What are some of your favourite moments and your motivating factor? 

I love the challenge of brainstorming, just looking at a problem and being a problem solver. Sometimes, I find out that the reason a person isn’t able to find a solution is actually because they are not looking at the holistic picture. So, it is not working because it is not dependent solely on you and that for me is always interesting. 

Another thing that motivates me is seeing the continuous improvement that comes with that process because the risk management process is to first of all identify the risk and analyse it, then mitigate it. At the end of the day what you get is a much more an improved experience.

How do you relax?

I love to read. I grew up around books from historical literature to fiction and non-fiction. I find it relaxing to research too. I can spend hours on Wikipedia. 

In addition, your task is very tedious, how do you manage family life in your work? 

For me, support is very key and not to hype my husband, he is very supportive. On my own part, I try to find the quality of time. Over the years I learnt how to do things differently. The major thing is really having that support because on some days you don’t feel like going on but having someone who is really rooting for you helps.

What other passion would you have loved?

I think it would be teaching. I imagine I might still go and do that. There is a certain sense of satisfaction I get knowing that you can see how impactful your teaching was. For instance, when I point out certain things, I feel joy when the person never repeats the mistake again.