The acceleration of globalization has increased our shared risks and also provided the perfect backdrop against which COVID-19 has spread. As the world became more interconnected with people and goods moving around more easily, it was only a matter of time before a viral disease like COVID-19 – which originated in the Chinese city of Wuhan – became a global pandemic.
This pandemic has not only caused a health crisis and economic disruptions that are unprecedented; it is also changing the world and traditional approaches to risk management. Despite measures taken to contain the spread of the virus since 2020, the world is still in the grip of COVID-19 as we have entered the third year of the pandemic. The heightened uncertainty brought on by this crisis has implications for businesses and nations to be able to proceed on their planned trajectories, operate optimally and thrive.
The positive or negative effects of uncertainty on the objectives of an entity is what experts define as risk. While the dynamics of traditional risk categories have been fundamentally altered by the pandemic, the usual risk management approaches are no longer effective amid the uncertainty and complexity of risk in today’s world.
Before the pandemic, we were already witnessing the impact of rapid and disruptive technological changes on market developments and the society at large. There were already growing calls for enterprise risk management (ERM) practice to respond to the challenges and opportunities of new technologies like internet of things (IoT), artificial intelligence, robotics and social media platforms. The world, especially developing countries like Nigeria, faced challenges like population expansion, growing unemployment and rising inequality. Governments and businesses faced increasing demands for accountability and transparency.
While these challenges remain, there is a new urgency for risk leadership to transform and embed a risk culture, provide strategic vision and direction, and inspire performance across organizations. The need for building resilience into the DNA of organizations has become more critical. Collaboration within and between organizations has become a crucial ethos in business and nation-building.
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Technology, which is now an enduring and integral feature of the 21st century, must be optimized and its benefits equitably shared. In a country like Nigeria with its vast digital inequality, technology must be used more effectively to drive performance, efficiency, profitability and creative customer services in a post-Covid world.
In the Nigeria public sector, the adoption of digital technologies by upskilling/reskilling civil servants must be a policy priority. This should be part of a renewed commitment to increase investment in technology across the country. Recently, public attention has been drawn to the area of electoral integrity as it pertains to the use of technology. To ensure the integrity of the 2023 elections, efforts to transmit results electronically must not be derailed because of insufficient internet infrastructure in some local government areas. Experts have advised on the use of satellite and other technologies in the transmission of results electronically in off-grid areas. Such suggestions should be seriously considered and implemented.
These and other challenges require clear strategic risk-leadership in enabling organizations to meet their goals and create long-term shareholder value. The understanding and application of risk leadership concept is a crucial competency for Nigerian businesses, government departments and not-for-profit organizations.
This is why Conrad Clark Nigeria Limited (CCN) – a leading strategic risk and performance management consulting firm – is bringing together business and political leaders and other stakeholders at the 2022 Nigerian Risk Awards and Summit (NRA) to explore new thinking in risk leadership to equip the country’s leaders in addressing the challenges and opportunities they face. The summit will also explore the impact of regulation on private investment in technology, and the tools for handling technology risks in business and government.
The NRA is a biennial summit and awards ceremony, which recognizes and rewards individuals and organizations who have achieved measurable results through the effective implementation of good governance, internal controls and risk management systems. Themed, “Tech in Risk Governance and Leadership,” this year’s NRA is the 6th in the series, following five successful editions we have held over the past eight years. It will take place on July 7th, 2022, at the Civic Centre, Victoria Island, Lagos.
The NRA will also recognize and reward organizations and individuals who have achieved measurable results through the effective implementation of good governance, internal controls and risk management systems. Entries for awards opened on December 1st, 2021 and will close on March 31st, 2022. One of the award winners stands a chance to win an all-expense paid trip to the United States to attend a global risk management conference.
We are proud to have sponsored five individuals to the global event in the past with the kind support of one our U.S. partners, RIMS.
CCN is inviting individuals and organizations who have achieved measurable results through the effective implementation of good governance, internal controls and risk management systems.
Organizations are also invited to partner with the company in promoting better risk management, good governance and outstanding leadership in Nigeria. Value propositions for partners include speaking opportunity and strategic brand positioning at the summit.
Apply now: www.nigerianriskawards.com
For more information; email: [email protected] or call +2348095550641
