RIMAN partners BusinessDay to extend frontiers of risk management

Risk Management Association of Nigeria (RIMAN), a leading body for professional risk management training and practice, has signed a media partnership deal with BusinessDay Newspaper.

Risk Management Association of Nigeria (RIMAN). an industry body of risk managers, was established in 2000 by all the Deposit Money Banks (DMBs) and Discount Houses in Nigeria.

Over the years, institutions from other sectors of the economy as well as the public sector joined RIMAN as institutional members. Remarkably, recognising the relevance of the Association, organisations like the Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), Nigerian Stock Exchange (NSE), Securities and Exchange Commission (SEC), Bank of Industry (BoI), among others, have also joined as institutional members. The Association also has individual membership category.

In line with corporate governance best practice, RIMAN has Board of Trustees as well as Executive Council that oversees the affairs of the Association. The Board members are practicing risk professionals, well respected and knowledgeable, chaired by Folakemi Fatogbe, credit risk manager (CRM), who is also the director Risk Management, CBN, while the Executive Council, presided over by Magnus Nnoka, CRM, comprises individuals who perform/ undertake functions in risk management clearly related to the subject matters of cross-sectoral/multi-sectoral risk management.

RIMAN is helping already in commencing the only professional risk management certification examination (CRM) in Nigeria, in conjunction with the Chartered Institute of Bankers of Nigeria (CIBN) for exam administration.

In response to the need of the Nigerian business and academic environment, RIMAN has developed a Postgraduate Diploma in Risk Management in collaboration with the University of Lagos. The purpose of the Postgraduate Diploma in Risk Management is to provide opportunities for advanced study in the specialised area of risk management theory and practice; a programme that provides excellent training and research that meets international standards.

Notably, the existence of Credit Bureau Services in Nigeria was the brainchild of RIMAN as a collaborative effort with the Central Bank of Nigeria. RIMAN is also a Centre for Management Development (CMD) accredited management training institution. In advancing best-practice risk management over the years, RIMAN has established an international network.

Currently, membership of the Association has gone beyond deposit money banks (as pioneers) to other non-financial institutions, regulatory bodies, manufacturing/real sectors as well as the public sector in appreciation of the existence of risk management in every facet of our business and personal activities.

Undoubtedly, RIMAN has in over the last 20 years helped strengthen the financial institutions to avoid the avoidable collapse that happened before and after the banking sector consolidation.

With this media partnership with BusinnessDay, RIMAN is set to realise its objective of extending the frontiers of risk management to all sectors of the economy, and the public sector in Nigeria in particular. This will also help in projecting the plans of the Association to push risk management capacity building to other African countries and beyond.

Leveraging this partnership, the further drive will be made to strongly establish risk management as a discipline in all Nigerian universities.

“This is an opportunity as RIMAN moves to validate the excellent capacity-building achievements and entrench appropriate skill set required to promote right risk culture in our private and public institutions,” Nnoka said.

According to Rerhe Idonije, subscription manager, BusinessDay Media Limited, commenting on the partnership, the MoU is collaboration between two content-intensive brands (BusinessDay and RIMAN) and is geared towards promoting best practices and advocacy in risk management and related disciplines in Nigeria, in accordance with the specific respective obligations.

The singular and overriding objective of this partnership is to assist every reader in making intelligent decisions by empowering them with insightful, relevant content and analysis about conditions, risk management, trends in Nigeria’s business and finance environment, and also changes in the environments over time, Idonije said.