SPEECH DELIVERED BY THE PRESIDENT OF THE RISK MANAGERS SOCIETY OF NIGERIA, ENGINEER JACOB ADEOSUN DURING A COURTESY VISIT TO THE COMMISSIONER FOR INSURANCE, ALHAJI MUHAMMED KARI IN LAGOS ON WEDNESDAY, FEBRUARY 24, 2016.
• The Commissioner for Insurance, Alhaji Mohammed Kari
• The Deputy Commissioner for Insurance
• Top Management of NAICOM here present
• Members of my delegation
• Ladies and Gentlemen
• Gentlemen of the Press
I am most delighted to be granted audience by the Commissioner for Insurance on this auspicious visit. I bring greetings from all members of Risk Managers Society of Nigeria (RIMSON). Please permit me to note that this visit is envisioned to catalyze the process of taking risk management to a higher level in Nigeria. This visit will also serve as a forum to commend the National Insurance Commission for the effective regulatory roles which it is playing in the supervision and growth of the insurance industry in Nigeria, particularly since the emergence of your good self as the Commissioner for Insurance. NAICOM’s commitment to Risk Management development is not in doubt. Your opening remarks and declaration on risk management at the December 3, 2015 Commercial Risk Africa’s seminar in Lagos is a recent testimony. We also note the intent and significance of NAICOM’s Guideline for Development of Risk Management Framework for Insurers and Reinsurers in Nigeria. Through these roles, NAICOM has continued to restore public confidence in the insurance industry and reposition the industry positively in the minds of the insuring public. Our prayer is that the Almighty Allah will grant you continued grace of good health and wisdom to excel in office.
WHO WE ARE
Risk Management Society of Nigeria was established in 1985 as a Society of Corporate Bodies and individual professionals dedicated to the advancement of Risk Awareness and Risk Management culture in Nigeria. It is a self-financing Society with membership cutting across all facets of the Economy: Insurance, Banking and Finance, Oil and Gas, Manufacturing, Government Parastatals, etc. It is worthy of note that RIMSON is the only registered Nigeria member of the International Federation of Risk Management Associations (IFRIMA), a global body with presence in over 20 developed economies. This places the Society at a vantage position of having access to international facilities and faculties in addition to those that exist locally.
It is most heartwarming to note that over the years, RIMSON has continued to contribute towards human capital development initiatives through regular specialized training, notably in oil and gas, commerce and industry, contemporary strategic seminars in Enterprise Risk Management, professional advocacy which enhanced the local content development, promotion of best practices from communiqués of national and international conferences, synergy with local and international bodies – the joint professional training with the Institute of Risk Management London in 2010 as well as the 2014 collaboration with The Nigerian Council of Registered Insurance Brokers and The Institute of Loss Adjusters of Nigeria Workshop on Challenges & Solutions in Insurance Claims Administration as a few recent references.
Today, RIMSON has opened a Window of Opportunities for up-coming risk managers to study and be properly certified as Associates in Risk Management by The Institutes of the USA. Whilst the membership drive has begun, it is hoped that the moves would enhance professionalism in risk management, as well as broaden the scope of practice in Nigeria.
RISK MANAGERS AND THE NIGERIAN NATION
Permit me to applaud the on-going initiatives of the present administration towards reviving the Nigerian economy, at this trying time. As it is the practice in advanced economies, Nigeria needs to incorporate and integrate the role of risk managers in government’s economic recovery strategies to achieve desired results. Government requires risk management initiatives to prioritize and drive new investments and projects to unlock untapped resources and opportunities in addition to preventing avoidable waste of scarce resources and national wealth.
RIMSON is determined to expand the frontiers of risk management practice within the public and private sectors in Nigeria. More organs of government agencies and the professionals therein need to embrace the risk management doctrine. The small, medium and large scale enterprises in the private sectors and their managers require risk management in order to remain competitive and to excel. We need to get everyone on board the risk management flight to actualize the Nigerian dream. We shall continue to advise government on this aspect as our contribution to national economic growth and development.
COLLABORATION WITH STRATEGIC STAKEHOLDERS
The Risk managers Society of Nigeria is currently engaging strategic stakeholders for support and collaboration in order to embed risk management practice in Nigeria. It is in this vein that we have identified your Commission as one of the most cardinal institutions with positive attitude to risk management. Permit us to seize this opportunity in requesting your approval, support and collaboration on the following:
• NAICOM’s collaboration with RIMSON on key Risk Management training programmes geared at closing the skills gap in this field. We have identified ‘Risk Management for Public Entities’ as an immediate area of need.
• RIMSON is looking forward to establishing a branch in Abuja in the nearest future in line with the Society’s constitution.
• We believe that Risk Management professionals should be engaged in all departments, ministries and agencies of government. These individual risk managers should be professional members of RIMSON.
• RIMSON will introduce an assessment measurement or index of risk indicators for sectors of the Nigerian economy. This will be done periodically e.g. quarterly or half yearly. RIMSON corporate and individual members will play pivotal role and we shall work with NAICOM on the modalities for the implementation.
• Participation of NAICOM nominees at our Risk Management programmes with particular reference to our 2016 Risk Management Conference scheduled for Thursday, 5th and Friday, 6th May 2016 . We indeed anticipate and will appreciate a sizeable number of delegates from the Commission.
• Nomination of a NAICOM speaker to represent the voice of the Regulator during the May 2016 Conference. The NAICOM speaker will be expected to join a panel of discussants in x-raying the Conference theme: “Risk Management As Catalyst for Economic Growth”.
• The last, but most importantly, is the esteemed presence of the Commissioner for Insurance as a Guest of Honour at the May, 2016 Conference and to give a goodwill message during the plenary on Thursday, 5th May 2016.
Our belief is that being a frontline insurance professional and risk manager yourself; NAICOM would play significant roles for the growth of our Society.
INVESTITURE AND NATIONAL CONFERENCE
In line with the vision of RIMSON, the Planning Committee is already working assiduously towards making the Investiture of the new President and the National Conference of the Society grand. We believe that these twin events, scheduled for Thursday, 5th and Friday, 6th May 2016 at the LCCI Conference & Exhibition Centre, Ikeja would be utilized as a launching pad to drive the renewed awareness in risk management propagation for which we need your esteemed presence and support. The theme of the Conference is “Risk Management As Catalyst for Economic Growth”. The event would also feature awards of distinction to corporate bodies and individuals that had and are contributing to the growth of the Society. We promise to formally avail you all necessary information about the events, in due course.
Once again, we appreciate the opportunity of this visit, with an assurance that it has opened a new vista of relationship between NAICOM and our Society.
Thank you for your kind attention.
JACOB ADEOSUN B.Sc; AIRM; ACII; MAIChE; MNSE; FRSAN