There is need for national risk assessment in Nigeria – CBN

Folakemi Fatogbe, Director, Risk Management, Central Bank of Nigeria (CBN), says there is need for a national risk assessment of Nigeria to know precisely how to address its challenges.

Fatogbe said this on Thursday in Abuja at a roundtable on “risk management’’ organised by the Risk Managers Association of Nigeria (RIMAN).

She said that adequate risk management in all sectors of the economy was important in achieving the government’s hope for a more diversified economy.

She explained that without risk, there could be no development; however, the key was to be able to efficiently and economically identify, access, control and manage the risk that came with development.

Fatogbe said there was need for risk management to be deployed in the management of contracts, capital and infrastructure spending, threat and crisis management.

“The path to economic development is filled with risk opportunities and to improve the country’s status and performance in all aspect of social, economic and political growth, risk management is the key.

“We need to have a more proactive systemic and integrated risk management national approach that can identify risk as they begin to emerge.

“Not only to impact our ability to effectively manage them, but also to take advantage of the opportunities that may come hand in hand with them,” she said.

Fatogbe said the CBN had different programmes aimed at minimising risks.

She said the apex bank currently had intervention programmes in the agricultural, micro, small and medium enterprises sector as well as the infrastructure sector.

She called on the RIMAN and other strategic organisations to collaborate with other institutions and government in advancing the course of risk management.

Also, the President of RIMAN, Mr Jude Monye, said the association was committed to promoting standards of conduct and professionalism within the financial sector.

“The need for efficient management of risk in the financial and other sectors cannot be overemphasised.

“We are working tirelessly to ensure that risk management is professionalised in this country. Nevertheless, this is not a task we can achieve effectively without the backing of our regulators,” he said.

The News Agency of Nigeria (NAN) reports that RIMAN is as ansociation created in March 2000 to promote best practices and advocacy in risk management and related disciplines in Nigeria.

Currently, all commercial, merchants, development, micro-finance banks and the CBN are members of the association. (NAN)