LCCI, RIMAN advocate risk management practices in organisations

Lagos Chamber of Commerce and Industry (LCCI) and Risk Management Association of Nigeria (RIMAN) have called for better risk management practices in organizations and particularly, in Small and Medium Enterprise (SMEs) in the country.

This is to enable them to survive the challenging economic situation and harsh business environment.

They made the call during a courtesy visit by RIMAN to LCCI on Thursday, 28th of April, 2022.

Victor Olannye, executive secretary of RIMAN, applauded LCCI as the first Chamber of Commerce in Nigeria for its significant role in the economic growth of Lagos State and Nigeria, promotion of sound business ethics, and delivery of best-in-class services among its members.

LCCI was extolled for doing well in providing excellent services in the promotion and protection of trade and industry in the best interest of the business community.

He further commended LCCI for its numerous contributions in tackling some key topical issues in the country such as urging the Federal Government to consider the economics of refurbishing and maintaining existing refineries after the importation of contaminated fuel into the country, offering businesses a great networking platform which has enhanced sustainable growth and helping improve business visibility by pathways to more business opportunities, and urging the Federal Government to deploy the instrument of diplomacy in reaching out to well-meaning world powers towards a speedy resolution on the Russia-Ukraine crisis.

Read also: Vetifly unveils innovation series to enhance business growth, development

The Director-General of LCCI, Chinyere Almona, remarked that RIMAN and LCCI share similar structures and benefits for members. She further said that though RIMAN is younger in existence than LCCI, the impact of RIMAN cannot be overlooked especially as newer institutions are increasingly agile, in tune with the local and global trends, and therefore local and global trends, and therefore with the capability to guide its members to respond appropriately to any shocks or volatilities.

“As long as we are working towards developing the economy, there’s no reason not to partner together, to get a wider range, a louder voice and wider impacts. Advocacy is important to let the government know how things are working, to speak with one voice about the challenge with risk management and how to manage it”, she said.

Almona further stated that what RIMAN is doing is important. She added that many years ago when risk management frameworks were being developed, the frameworks did not work by themselves, it required the involvement of everyone. Risk exposures must be managed by everybody, from the front office to the Executives. SMEs, even without knowing too much about risk management, are managing risks, and helping the private sector to be stronger. They however need to adopt a structured way of managing their risks.

The Executive Secretary established that for SMEs to be sustainable and live up to their pivotal role of helping to stimulate economic growth in Nigeria, they need to adopt risk management best practices.

LCCI and RIMAN agreed to broaden risk management knowledge among their members, and collaborate in key areas of capacity building, training and membership drive. This would not only improve value addition to members but will also contribute positively to the economic growth of Nigeria.