President Muhammadu Buhari has signed into law the Chartered Risk Management Institute of Nigeria Bill, 2022, recently passed by the National Assembly.
According to reports, the Act has given legal backing to the now-defunct Risk Management Association of Nigeria (RIMAN), vesting the power to teach and regulate the practice of risk management in the Institute.
The details read in part: “This Act establishes the Chartered Risk Management Institute of Nigeria, charged with the responsibilities to control the risk management profession and serve as a professional body for persons seeking to become chartered risk managers in Nigeria.
“Risk Management is multidisciplinary, connecting all fields of human endeavour. It provides a structured approach to the timely identification, assessment, control and reporting of events, activities and uncertainties that may impede the achievement of set goals,” it added.
The Institute, according to the new Act, is to, among other things:
(a) determine the standards of knowledge and skills to be attained by persons seeking to be members of the Institute and raise those standards as circumstances may require;
(b) conduct professional examinations leading to the awards of certificates as may be prescribed by the Institute;
(c) establish and maintain a register of members and publish the lists of members; and
(d) perform other functions conferred on it under this Act.
“It is important to note that the Risk Management Association of Nigeria (RIMAN) has been at the forefront of entrenching global best practices in Risk Management across all sectors of the economy. This has led to the quest for an Act to establish the Chartered Risk Management Institute of Nigeria, to help produce professionally trained individuals who will be involved in the management of risks in the Private and Public Sectors of our Country as well as teach risk management using international best practices.
“With the dearth of Risk Management skills in Nigeria, a qualified Risk Management Institution backed by legislation. This has led to an Act Establishing the Chartered Risk Management Institute of Nigeria,” the details revealed.
It added further that the Institute would among others: “entrench appropriate skill set required to promote the right risk culture in our Private and Public Institutions, provide expert opinion and support to public discourse and for making risk informed decisions, a platform for an integrated or enterprise approach to managing risk in all sectors of the economy;
“Validate the existing international network and make Nigeria a hub for Risk Management Training in Sub-Saharan Africa;
“Regulate its members, set ethical conduct, similar to other professional bodies such as CITM, CIBN, NBA, etc, and set standards in tandem with global best practices for effective risk management and corporate governance;
“Help manage risks associated with the rising technological innovations in our new world and assist in curbing cybercrime and other technology related risks;
“Provide our public and private institutions with a platform to engage in building the right capacity, skills and culture to achieve the right risk environment for national development, assist our educational institutions in the advancement of Risk Management education in Nigeria.
“Indeed, the Institute will serve as a repository of knowledge for facilitating a holistic and coordinated approach to managing prevalent and emerging risks. It will help Nigeria to have skilled professionals who will deepen our collective practice and study of Risk Management,” the details added.