The Risk Management Association of Nigeria has called for a stronger corporate governance to manage risks in COVID-19 regime to alleviate the adverse effects on organisations’ goals and objectives.
In a webinar presentation at the 20th Annual General Meeting, the association’s head, Eileen Shaiyen, said: “Entrenching a stronger corporate governance to manage risks in COVID-19 regime requires the board of directors to know when to step in and when not to, and how and when to engage in external activity – such as communicating with stakeholders, regulators, and others.”
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Shaiyen also said to improve risk management and corporate governance in COVID-19 regime, organisations must undertake stronger board and risk committee oversight.
“There must be efficient mechanism to get concise and timely risk information to all board of directors while ensuring that managing the risk and roles of the board and management becomes blurred,” she added.
She argued that with the recent required move towards more agile decision making, management reporting must be reliable, timely and with clear prioritisation.
