RIMSON decries state of risk management in budgeting, planning, governance


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Chuks Udo Okonta

The Risk Managers Society of Nigeria (RIMSON) has decried lack of full integration and implementation of Risk Management in Nigerian governments’ budgeting, planning and governance.

The President of RIMSON GUS Wiggle, said this in an address delivered at 2024 National Risk Management Conference and Awards Ceremony today in Lagos, adding that the various policy somersaults further confirm the lack of risk management in the development of various policies and that this has led to recurrence of avoidable economic and loss of lives.

He submitted that the conference theme: Global Economic Disruptions – Opportunities & Challenges for National Resurgence” is a platform for analysing the existing and emerging economic disruptions both from global and local perspective and also identify the numerous overlooked inherent opportunities for individuals, businesses and most especially for Nigeria as we forge ahead for the much needed economic resurgence.

“As highlighted during the Society’s numerous webinars addressing pressing national issues, the major lesson and issue identified by the Risk Management Society of Nigeria, which we have also been emphasising since the commencement of this current leadership is the lack of full integration and implementation of Risk Management in our budgeting, planning and governance.
The various policy somersaults further confirm the lack of risk management in the development of various policies. This has led to recurrence of avoidable economic and loss of lives,” he said.

He noted that RIMSON is amplifying the Call for Risk Management Integration and Implementation, stating that as a Society, RIMSON – the pioneer Risk Management body in Nigeria founded in 1985 by Risk Management professionals from diverse backgrounds – is still faithfully pursuing its mission of promoting risk management awareness, education and culture.

He maintained that the Society has observed commendable progress in risk management awareness in Nigeria over the years with room for greater improvement in the coming years.

“As a Society, we strongly advocate for integration of Risk Management into all sectors of the economy. We reiterate our call for the creation of a National Desk – Office – of the Chief Risk Officer of the Federation coordinating with the States and Local Governments to proactively formulate strategies for mitigating all risk. This will end risks affecting the nation being treated in silos but addressed as a whole,” he posited.

Wiggle submitted that this year’s conference was planned towards proferring effective strategies to address the increasing global uncertainties and hostile business operating environment and emerging challenges, adding that it was also meant to highlight the available Risk Transfer options that will ensure business growth, business continuity and economic resilience regardless of the emerging global economic disruptions.

He said the conference also looked at providing a roadmap for the nation’s current economic and security challenges, towards achieving a national economic resurgence that will reposition Nigeria to her frontline position in the comity of nations in the continent and globally.

On RIMSON’s vision for year 2024, he said as a risk management body, the body looks forward to a 2024 where: Risk Management integration and implementation will enhance our national security, healthcare, economy, and prosperity. Equipping the citizens and nation to maximize opportunities inherent in the emerging risks.

● We look forward to greater Risk Management advocacy cutting across every arm of governance, all geopolitical zones, and sectors of the economy through greater collaboration with relevant stakeholders.

● We look forward to the development of the much-needed manpower in the field of Risk Management through the Society’s training arm – The Center for Risk Management Development (CRMD).

● We look forward to amplifying the Risk Management message to the grassroots to further the Society’s mission of promoting Risk Management Culture in Nigeria.

As a Society, we strongly believe that this year’s conference will be a platform for equipping and challenging Risk Management professionals to greater effectiveness in discharging their much-needed roles in this age of disruptions, wiggle submitted.

He maintained that RIMSON would continue her advocacy and contributions for the integration and implementation of Risk Management into every sector of our national life with the support of all stakeholders for the greater good of our nation.

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