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CBN, RIMAN seek improved risk management in banks

By on December 16, 2015

The Central Bank of Nigeria will continue to support initiatives aimed at boosting risk management practice in the nation’s financial institutions, the Director, Risk Management, CBN, Mrs. Folakemi Fatogbe, has said.

She said plan by the Risk Managers Association of Nigeria and the Chartered Institute of Bankers of Nigeria to set standard in risk management in the country, especially with young people coming into the field of risk management, would be backed by the central bank.

According to Fatogbe, the CBN will throw its weight behind any move to professionalise risk management in the country, adding that “there is need to have a funnel for young people coming into the field of risk management; and this would really assist and set standard.”

She spoke in Lagos during the execution of a Linkage Agreement between RIMAN and the Federal Polytechnic, Oko, Anambra State.

The event was witnessed by representatives of deposit money banks, accounting and audit firms and other allied service providers

The President/Chairman of Council, CIBN, Mrs. ‘Demola Osibogun, who was also at the forum, said that the changes in the economic landscape globally and in Nigeria had resonated the importance of risk management in banks and other financial institutions.

She said the institute had therefore resolved to deepen the intellectual capacity of its members through strategic partnership with reputable institutions.

Osibogun said, “The essence of the linkage programme is to produce qualified professional bankers who have been equipped with knowledge and skills required to cope with changes in the ever-evolving financial industry.

“I am most delighted that Federal Polytechnic, Oko, is also joining the league of institutions that have embraced this initiative.”

The President, RIMAN, Mr. Jude Monye, while expressing gratitude that the agreement had eventually come to fruition, noted that “CIBN has given us a baton, and it is a vision that we will run with.”

He said the programme would help to produce competent risk managers, who will become competitive and relevant.

Monye said, “While the programme is designed to confer identical knowledge capacity as other world-class risk certification examinations, it also harmonises its scope with the Nigerian document risk environment, hence creating not only certified risk managers but subject matter experts in the area of Nigeria country risk management.”