SPEECH DELIVERED BY THE PRESIDENT OF THE RISK MANAGERS SOCIETY OF NIGERIA, ENGINEER JACOB ADEOSUN DURING A COURTESY VISIT TO THE LAGOS CHAMBER OF COMMERCE AND INDUSTRY (LCCI) ON TUESDAY, FEBRUARY 23, 2016.
• The Director General, LCCI
• Top Management of LCCI here present
• Members of RIMSON delegation
• Ladies and Gentlemen
• Gentlemen of the Press
I am most delighted to be granted audience by the Director General of the Lagos Chamber of Commerce and Industry for 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 LCCI leadership for sustaining its mission of promoting and protecting the interests of its members and the business community, at large through public policy advocacy as well as encouraging members’ adherence to the observance of the highest standards of business ethics.
WHO WE ARE
The Risk Managers 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 Nigerian member of the International Federation of Risk Management Associations (IFRIMA), a global body with presence in over 20 developed economies. This places RIMSON 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. We are also committed to encouraging the study of and research into risk management in Nigerian Tertiary Institutions.
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. In tough time, risk management is critically required to turn around and overcome severe challenges. What is the role of risk management in time of prosperity? Risk management is exceptionally required to preserve, conserve, diversify, grow and sustain the wealth and prosperity. Therefore, in all endeavors, risk management should be in the front burners. In line with 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. The public and the private sector therefore require 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. 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 all stakeholders on this aspect as our contribution to national economic growth and development.
COLLABORATION WITH STRATEGIC STAKEHOLDERS
The Risk Managers Society of Nigeria is engaging strategic stakeholders for support and collaboration, in order to embed risk management practice in Nigeria.
There are lots of misconceptions by entities on risks which have resulted in lopsided approaches to their management. For instance, some people believe that risk is only concerned with insurance; several others feel that health, safety and environment treatment resolves risk problems. The truth is that these treatments are partial leaving several other critical risks unattended until they manifest into catastrophic losses.
It is in this vein that we have identified the LCCI as one of the most cardinal institutions that could assist in achieving our goals. Our belief is that the LCCI being a galvanizing force in the Commerce industry has the capacity that can be deployed towards the actualization of this initiative.
We would appreciate a synergy with your Chamber to highlight the importance of Risk Management to business growth and development.
It has often been lost on most business analysts and policy makers that there could not be genuine economic growth and development without due cognizance paid to Risk Management. This knowledge gap would be eliminated if our request to partner with your Chamber is granted.
It is also pertinent to stress that RIMSON members enjoy the goodwill of technocrats in different sectors of the economy who are versatile in modern techniques of Risk Management and who are willing to share their knowledge and experience with others. I am therefore enlisting the support of LCCI in ensuring that your members in active commerce and business embrace Risk Management by joining RIMSON. Their attendance at our coming Risk Management Conference will be a very good start in this noble cause.
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 LCCI and our great Society.
Thank you for your kind attention.
ENGR.JACOB ADEOSUN (B.Sc; AIRM; ACII; MAIChE; MNSE; FRSAN)