The Risk Managers Association of Nigeria says risk, in all its ramifications, cuts across all sectors of the economy, adding that the issue is not limited to the financial services sector alone.
The President, RIMAN, Mr. Jude Monye, who said this at a news conference announcing the activities of the association, said risk was no longer restricted to financial institutions owing to the complex nature of business and its attendant risk in modern time.
Consequently, he said RIMAN was committed to helping various organisations develop and train their manpower for the purpose of risk management.
According to Monye, the challenges of risk are more pronounced in financial institutions than other sectors of the economy because of the nature, operations and significance of banks in the economy.
He remarked that other business entities including hospitals need professionally-trained risk management officers.
While stating that RIMAN was set to take risk management to other sectors of the economy, the president said the association was already developing its module to cope with the emerging challenges.
Monye said, “RIMAN is not for financial sector only; it is for everybody. Credit basically exists in financial sector but it also exists in other sectors like energy. As an association, we have migrated to risk management and this has to do with all kinds of risk.
“We have lawyers, bankers, insurance and energy among us but risk is more pronounced in financial institution in this country.”
While noting that risk management in the country was done on silos basis, Monye advocated the establishment of National Risk Assessment Centre.
He said, “What we’ve had in Nigeria since 1970s is the concentration of risk. This happened because we started downplaying on other sectors and we pushed for oil and gas.
“If we have the National Risk Assessment Centre, the Chief Risk Officer for the country will identify measures and proffer mitigating factors for all the risks confronting the country. And this should be domesticated in all the federating states,” Monye said.
Last year, RIMAN signed an agreement with the Chartered Institute of Bankers of Nigeria for the purpose of training.
-punchng