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BUSINESS

CBN Advises Risk Management Practitioners on Emerging Risks

July 12, 2023 • 2 min read

The Director, Risk Management, Central Bank of Nigeria, Dr Blaise Ijebor, has urged risk management practitioners to keep up with trends that will pose as risks for their organisation.

Ijebor, gave this charge during the 2023 Certified Risk Manager Induction. 80 professionals were inducted at the event in Lagos on Tuesday.

While urging them to stay agile and adaptable, ready to respond to the dynamic nature of their work, he also encouraged them to be brave, taking on challenges and seizing opportunities.

In a statement, Ijebor identified several significant implications for risk management.

These, he said, included the rise of interconnected systems, the creation of value from data, the weaponisation of information, shifts in the cybersecurity risk landscape, and regulatory changes.

Ijebor said, “People complain about the changing regulations in the industry but this is necessary because we the regulators contend with new technologies which we have to manage efficiently so that these new technologies do not cause harm in the digital economy.

“Cyber-crime is no longer about money these days. The criminals are now playing a long-term game of boosting their CV and so with each passing day, the cyber-crime racket grows bigger. So risk managers have to adopt new technologies and also adopt management risks as well.”

In his opening remark, the President, and Chairman of the CRMI council, Prof Ezekiel Oseni, urged the inductees to be well equipped in the field and be the solution that helped to find ways out of business obstacles without compromising their profession.

He said, “CRMI is the only chartered risk management institute in Nigeria established by the National Acts of Parliament.

“I will use this opportunity to say that CRMI is the only chartered risk management Institute in Nigeria established by the National Acts of Parliament.

“We therefore advise eminent individuals, personalities and members of the public to be aware of institutions not chartered by the Act of National Assembly that are going about as Chartered risk management institutes and conferring fellowship status on people.

“We also want to extend our hands of fellowship to risk management groups and associations that may want to partner with CRMI.”