Investments in tech can reduce banking risks — Managers

Risk Managers Association of Nigeria (RIMAN) has urged banks to increase investment risk assessment tools to reduce risks that come with digital banking.

President of RIMAN, Mr. Magnus Nnoka, said this at the 20th Annual International Conference of the Risk Management Association of Nigeria in Lagos, where stakeholders gathered to deliberate on ‘Risk Management in a Digital Era’.

Nnoka said: “The rise in digital assets and channels consequently, lead to emerging and evolving risk types, therefore, we are seeing the increasing digitisation of risk.

“Digital risk transformations should be pursued intentionally by organisations because It will be increasingly challenging for the risk management approach to stay analogue while customer-facing activities and operations race ahead into digital.”

Managing Director of First Bank of Nigeria Limited, Mr. Adesola Adeduntan, who was represented by Group Executive Treasury & International Banking Group of First Bank, Mr. Ini Ebong, said the risk leaders are expected to provide the required support that will enable their organisations to remain resilient.

“Today’s risk management function must have a seat at the table and be involved in the digital transformation journey, from strategy to implementation as risk leaders and professionals need to be active players in setting the organisations’ technology and digital vision. Being an interested spectator is not an option.”