Business
FG tasked on implementation of risk management to protect economy
The President and Chairman of Council of Chartered Risk Management Institute (CRMI), Ezekiel Oseni, has called for integration of risk management principles into the governance framework of all three tiers of government.
Oseni during the 22nd annual International Risk Conference yesterday said this would serve as a protective shield for Nigeria’s economic stability and enhance its ability to attract both foreign and domestic investments.
He added that risk management would assist in identifying risk factors and provide necessary mitigations that will ensure government projects are timely delivered.
“We are in a world where uncertainty and the level of volatility are unpredictable. There is the need for effective risk management in governance across the three tiers of government. This will assist in efficient allocation and utilization of limited economic resources across the sectors and projects.”
He also called on the private sector to embrace quality risk management not only for the sake of compliance but for the long-term sustainability of their organizations.
On his part, the Managing Director of Bank of Industry, Olukayode Pitan, stressed on the importance of embracing risk management practices, stating it is a vital step in addressing the challenge of reducing non-performing loans in banks.