The Chairman, Access Bank, Mrs. Ajoritsedere Awosika, has called for risk management practices to be upheld not just within the banking sectors and private sectors but also when planning the federal budget.
This was also the opinion of the Chairman, Board of Trustees, Risk Management Association of Nigeria (RIMAN), Ms Folakemi Fatogbe who both spoke at RIMAN’s 21st annual conference where risk professionals gathered to discuss ‘Sustainable and enterprise risk management:2022 and beyond.’
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Awosika said: “We look forward to a time in Nigeria, where the budget will be put to test by an organisation like RIMAN to de-risk the budget for the country in order to prefer solutions and to be very sensitive to those issues that go wrong.
“Risk exists in all socio-economic matters, environment, governance, and so on. So, when I talk about the budget, I mean that the budget is the soul of the implementation and management of the people in getting specifics to be done for them. So, in carrying out these activities, there are risks associated with them. “
On risk management practices for banks, she said: “The idea of sustainability certification should be taken very seriously by the banks. Issues of risk management must be a fulcrum of looking at all the other areas in the bank not just credits, but in audits and other management issues.
On her part, Fatogbe said: “Sustainability is very important right now because there are so many things at risk. And sustainability is important because it talks about how institutions can actually succeed and succeed for the majority of their people.”
The President of RIMAN, Mr Ezekiel Oseni speaking on the sidelines, said: “As we’re all aware that COVID-19 was a big challenge to businesses causing a lot of disruptions and we still expected more disruptions in the years ahead with the Internet of things and other emerging technologies. So, for businesses to be sustainable, we have to think ahead of time, we have to put the right policies in place, we have to change our mindsets, we need to also seek opportunities that come with those changing technologies and as well as identify the risk and also mitigate them.”
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