CILRM inducts members, confers fellowships

The Chartered Institute of Loan and Risk Management’ of Nigeria (CILRM) has inducted deserving members who had met the requirements of the institute as fellow, senior, full, associate and graduate members in ceremonies held in Abuja, Lagos and Portharcourt.

Some individuals and corporate organisations who have distinguished themselves in propagating risk management initiatives in the country were also honoured as corporate members, distinguished fellows and patrons of the institute.

At the induction ceremony in Lagos, Oladipupo Abiodun Bailey, president/chairman, CILRM, implored the new members and fellows to exhibit the ideals, expertise and integrity CILRM members were noted for. He called on them to demonstrate these ideals and thrive on the virtues of their profession through exemplary conduct.

Speaking on the raison d’etre of the institute, Oladipupo said: “CILRM is established primarily to fill the void in the specialist professional discipline of loan and risk management practice, thereby complementing the noteworthy contributions of individuals, academia and other professional bodies. The evolving and highly competitive global economic scenario; with its demand for top flight efficiency and effectiveness, have made it essential for specialist professional focus on loan and risk management.”

Jaji Sherifat Folashade, head of service, Lagos State, who also doubles as a matron of the institute, reminded the new members that the institute imposed an onerous responsibility of excellence, honesty and transparency, expected to reinforce their personal and professional relationships with clients and the public, “since whatever they do or fail to do have implications for the image and reputation of the Institute.”

Delivering a paper titled, Operational Risk, New Trends, Challenges and Solutions, at the ceremony, Darshan Desai, head, Risk Consulting Practice, Dun & Bradstreet, South Asia Middle East Limited, noted that operational risk was everywhere, that losses from it could be devastating but that managing operational risk could help to optimise costs.

At the end of the pre-induction capacity building programme, the institute submitted that Nigeria should develop a prototype of Sarbanes-Oxley Act to serve as strategic business risk management, and with immediate effect, develop the will power for whistle blowing and enforce necessary sanctions where necessary.