CRMI advises FG on risk management

The President and Chairman of the Council of Chartered Risk Management Institute, Ezekiel Oseni, has advocated for the integration of risk management principles into the governance framework of all three tiers of government.

Oseni emphasised that this measure would serve as a protective shield for Nigeria’s economic stability and enhance its ability to attract both foreign and domestic investments.

He made this call yesterday at the 22nd annual International Risk Conference organised by CRMI, where stakeholders converged to discuss “Embracing Disruption: Navigation Risk in an Era of Global Transformation.”

Oseni said, “We are in a world where uncertainty and the level of volatility are unpredictable and there is the need for effective risk management in governance across the three tiers of government. This would assist in the efficient allocation and utilisation of limited economic resources across the sectors and projects.”

According to him, by embracing effective risk management practices, Nigeria can safeguard its economic stability, attract foreign and domestic investments, and foster sustainable growth across all its sectors.

He added that it would assist in identifying risk factors and provide necessary mitigations that would ensure the projects are effectively and time delivered.

Oseni said the institute would assist in boosting the credit ratings of the economy by rating agencies and international market analysts.  “I, therefore, call on the government across all levels to introduce Risk Management Functions in the MDAs and other arms of government.”

He noted that the government should call for convocation of all key stakeholders including the various security agencies to develop a national risk management framework for the economy, while calling on the private sector to embrace quality risk management not only for the sake of compliance but for the long-term sustainability of their organisations.

On his part, the Managing Director of Bank of Industry, Olukayode Pitan, stressed in his keynote address the importance of embracing risk management practices, adding that it was a vital step in addressing the challenge of reducing non-performing loans in BOI.

Pitan who was represented by the Executive Director, Large Enterprises, BOI, Simon Aranonu, said, “In an environment where the sands are constantly shifting, public sectors have a critical role to play in serving their citizens in balancing the opportunities created by the disruption alongside the threats created by these opportunities.”