CRMI pushes for mandatory risk management, reporting units across government agencies

The Chartered Risk Management Institute of Nigeria (CRMI) has called for mandatory risk management reporting by organisations registered in Nigeria and the establishment of dedicated risk management functions across ministries, departments and agencies (MDAs).

CRMI believes that this will help to strengthen institutional resilience, safeguard public trust and promote sustainable national development.

Kevin Ugwuoke, president, CRMI while speaking at the 25th anniversary and annual international conference of the Institute held in Lagos recently said that risks don’t arrive one at a time, but they connect, and a failure in one place could diffuse through an entire organisation.

The event themed, ‘The Resilience Edge’, he said means that identifying risks and writing controls is no longer enough.

“Resilience is the ability to make sound decisions under pressure, to keep essential activities working, to adapt as circumstances change, and to recover, while continuing to create value. That is the edge,” he stated.

However, looking ahead, Ugwuoke said that, “Our vision is a Nigeria in which risk management is not the preserve of banks, but part of the daily life of the nation: in every boardroom and every small business; in every ministry, department and agency; in agriculture and energy, health and education, manufacturing and technology; wherever public trust is held.

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“That is why we are advocating. We are pressing for organisations registered in Nigeria to report on how they manage risk, and for a risk management function in every ministry, department and agency. A more professional approach to risk, across all sectors, is the foundation of national resilience.

“But advocacy alone will not carry us. The Institute is a bridge between the private sector, the public sector and academia, and a bridge needs people at both ends. So I call on every one of you, regulators, executives, entrepreneurs, public servants, academics and students: connect with this Institute.”

He stressed as they celebrate that their “Chartered status, conferred by Act No. 39 of 2022, is our most important milestone. It is also a responsibility: to uphold professional competence, and to earn public trust through the quality of our advice and our conduct.

“We have made our contributions along the way. CRMI contributed to the national conversation on credit bureaus from as early as 2002, leading up to the CBN’s introduction of credit bureaus in Nigeria. With the CIBN, we launched the Chartered Risk Manager certification, now in its tenth set.” On that note, we are happy to announce the commencement of Executive Risk Management Certification, in collaboration with the prestigious Lagos Business School.

Blaise Ijebor, director, Risk Management,
CBN urged risk professionals to always look at fiscal and monetary policies after their operations to ensure compliance.

“Then you need to look at operational and compliance. And the risk duty, therefore, is to monitor the implementation and see how that affects your cash flow timing.”

Opeyemi Agbaje, the keynote speaker, who is also the chairman of the Board of PENCOM said that 25 years represents a remarkable journey of vision, perseverance, professional commitment, institution building and the collective determination to establish risk management as an essential pillar of sound organisational governance and sustainable development.

He noted that the theme, ‘The Resilience Edge’, speaks directly to the realities of time and the responsibility they share as risk management professionals.

He explained that resilience edge is the ability to anticipate change, absorb disruption, adapt effectively, recover responsibly, and transform challenges into opportunities for sustainable growth.

“It goes beyond the traditional understanding of risk management as a function concerned primarily with identifying threats and preventing losses. It positions risk management as a strategic instrument for protecting value, creating opportunities, enabling innovation, and strengthening decision-making.

“We operate in a world where uncertainty has become a defining feature of business, governance, and national development. Economic volatility , geopolitical tensions, technological disruption, cyber threats, climate -related challenges, regulatory changes, health pandemics and evolving stakeholder expectations continue to test the strength of organisations across every sector.

“In such an environment, the question is no longer whether organisations will encounter risks. The more important question is whether they possess the foresight, capabilities, and
leadership required to withstand disruptions, adapt to changing circumstances, and emerge
stronger.”

Eneni Oduwole, 1st vice-president, CRMI said the Institute would continue to be co-partners with growing national development from a point of risk governance and strategy.

“For us, our focus has been, like our theme says, resilience, building the resilience edge. So it’s not about having risk registers. It’s not about managing compliance from a checklist point of view or managing risk from compliance. But it’s about being very proactive, being very broad based on one’s outlook to risk management,” she said.