A Bill sponsored by the Senator representing Ogun West Senatorial District in the National Assembly, Sen. Tolu Odebiyi seeking to provide for the establishment of the Chartered Risk Management Institute, Nigeria has passed second reading on the floor of the Red Chamber today, Tuesday 18th January, 2022.
The very important Bill titled, ‘The Bill For An Act To Establish Chartered Risk Management Institute’ is one of the Bills that featured in the year 2022 Order Paper of the first day of legislative proceedings.
While leading the debate on the floor of the Senate, Sen. Odebiyi notes that risk management skills are very limited in the Corporate and Public Sectors in Nigeria.
The Senator who is also the Vice Chairman, Senate Committee on Marine transport said that, “Strong Risk Management Institution and legislation is needed to bring to bear the expertise of industry risk practitioners by professionalizing risk management.
The lessons learnt from the various global and national financial crises have taught policy makers, corporate bodies and individuals the important role of implementing excellent risk management practices. The various banking crises/ failures in Nigeria can largely be attributed to failed risk management practices and corporate governance”.
“There have also been notable corporate collapses and scandals in the non-financial sector that were attributed to lack or failure to implement sound risk management practices”.
The Bill co-sponsored by a former Banker and chartered accountant, Sen. Tokunbo Abiru, pointed out that major global corporations collapsed due to poor risk management.
The sponsor of the Bill further said that “The proposed Institute’s central curriculum as regards risk management will focus mainly on Financial Risk and Non-Financial Risks. It is imperative to note that, the Risk Management Association of Nigeria (RIMAN) has been at the forefront of Risk Management in Nigeria and working in collaboration with the Chartered Institute of Bankers of Nigeria (CIBN) while also receiving corporate industry supports from agencies such as Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), KPMG, Securities and Exchange Commission (SEC), Asset Management Corporation of Nigeria (AMCON), Nigeria Exchange Group (NGX), Federal Inland Revenue Service (FIRS), DELOITTE, Nigeria Sovereign Investment Authority (NSIA) and some Merchant banks in the country.
Signed:
SEN. TOLU ODEBIYI
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