• Saturday, April 13, 2024
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Institute entrenches risk management for business, public sector survival

Institute entrenches risk management for business, public sector survival

To survive economic uncertainties worsened by high rate of inflation and foreign exchange pressure, the Chartered Risks Management Institute of Nigeria (CRMI) has called for effective risk management practice across all levels of government and businesses.

To strengthen the advocacy, the Institute said it will conduct a thorough multi-sector and multi-industry survey and report its findings in Q3 2024 on the top ten risks businesses and government agencies are exposed to as a guide for key stakeholders and decision-makers in the Nigerian business environment.

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Ezekiel Oseni, president of the Governing Council of CRMI in his welcome remarks at the Institute Strategy Session held recently said in furtherance of the Institute’s promise to strengthen the practice of risk management in Nigeria, it is sponsoring a Bill to the National Assembly for the public sector to imbibe and entrench robust and fit-for-purpose risk management frameworks in all its agencies, departments, and ministries.

“This will ensure that these entities enjoy the benefits of risk management including operational efficiency, reduced financial losses, and reputational damage amongst others.”

He however advised that one of the low-hanging fruits to consider immediately to conserve the nation’s foreign exchange should be aggressive and purposeful advocacy for the replacement of the average Nigerian’s preference and taste for foreign goods and services that can be sourced or produced locally in the country.

This requires a reorientation at all levels whether it be at the family, community, or organizational levels. This change of direction must be evident in the decisions being made and implemented at all levels of the economy whether it is at the constituency, sub-national, national level, or in the private or public sectors.

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The event deliberations focussed on furthering and entrenching its mandate to strengthen the risk culture imbibed by all players in the Nigerian economy whether in the public, private, financial or non-financial sectors.