• Friday, June 14, 2024
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BusinessDay

Future of risk management seen to have no boundaries

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The future of risk management is seen to continue to have no boundaries and rapidly dynamic as capacity required to effectively manage emerging risks will continue to change.

Magnus Nnoka, president, Risk Management Association of Nigeria (RIMAN) said this at the Association’s Membership Induction Programme held at the weekend.

“The risk management approaches of yesterday and today will not suffice for the risk of tomorrow,” Nnoka said.

He urged the risk managers take advantage of the various training and capacity building programs including the professional Certified Risk Manager of the Association to remain abreast of skill requirements in their profession.

He noted that the risk management is in a new age of catastrophe and increasing uncertainty, faced with major challenges in dealing with natural and technological hazards in an increasingly interdependent and inter connected world.

“We must begin to envision the changing risk landscape that lie ahead of us as well as how we can come to terms with the many ways of managing the inevitable consequences on the society,” he said.

From his perspective, the only way to truly understand the global transformations that are underway – along with their impacts – is to think laterally. In other words, to use “peripheral vision” and approach associated risk management problems creatively.

“As we formally welcome you today (Saturday) into Nigeria’s elite professional association of risk managers, I am very clear in my mind that you have all accepted to lead the rest into the future of risk management that will be characterized by uncertainty,” he said.

“As I welcome you today on behalf of the Board of Trustees, Executive council and entire members of RIMAN, second of its kind in sub-Saharan Africa, take a moment and reflect on what kinds of risks we would all be facing at the end of this decade,” Nnoka said.