The Risk Management Society of Nigeria (RIMSON) says it is intensifying efforts to integrate risk management principles across all sectors of the economy to drive national growth.

The president of RIMSON, Abbas Idriss, said this on the sidelines of the society’s annual conference in Abuja on Friday.

Mr Idriss said that while there had been significant changes in the industry, many critical sectors of the economy still lacked robust risk application frameworks, a gap the society was determined to bridge.

He said, “We are not yet touching on other sectors of the economy. To ensure risk management principles are well applied is a serious issue.

“We are going to use the communiqué from this conference and dispatch it to various organisations. We will not just send it; we will ask participants to follow up step-by-step to ensure implementation.

“By next year, we will be asking for feedback on how these lessons have impacted their organisations.” 

On his part, the vice president, strategy and policy, RIMSON, Kabir Adamu, said that the global risk landscape had fundamentally shifted towards fragmentation and volatility.

In his presentation titled “The Evolving Landscape for Risk Management and Training for Professionals”, Mr Adamu said that these global risks now formed the new baseline for professionals.

“If you plan on the basis of stability, you are using an outdated model. For us in Nigeria, this global picture is filtered through a unique local lens. Risk management is no longer just an HR or siloed function; it cuts across every facet of an individual’s life and corporate existence,” he said.

Meanwhile, participants at the event expressed optimism about the impact of the training on their respective agencies.

Rosaline Dalhatu, deputy general manager at the Nigerian Meteorological Agency (NiMet), said that she would align the innovations learned at the conference with NiMet’s technical strategies.

“My take-home is that risk should be everyone’s business. In every strategy, your plans must align with the risks you face.

“As the WMO theme says, ‘Observing today, protecting tomorrow’, we are learning how to make that tomorrow better,” she said.

Similarly, Aniema Ekong of Heirs General Insurance said that risk management was a prerequisite for growth.

“Anyone who says he or she is not taking risks is not ready for growth. We have learned that risk must be embedded into everyday activities,” Mr Ekong said.

The high point of the event was the induction of new fellows and associates into the society.

The president presented an award of excellence to Mr Adamu for his contribution as the induction guest speaker, as well as a special recognition award to the director-general of the Nigerian Army Resource Centre, J.G.K. Myam.

“We are presenting this to the centre for its tremendous contribution to the country and for being a reliable partner in hosting our annual affairs,” Mr Idriss added.

In his response, Mr Myam congratulated the society for its role in shaping the country and accepted the award on behalf of the centre.

The conference also featured the unveiling of the 15th and 16th editions of the Risk Management Digest, a professional publication for practitioners.

Among the notable inductees was Eddie Efekoha, group chief executive officer of Consolidated Hallmark Holdings Plc, who was conferred with a fellowship of the society.

The RIMSON president, however, charged the new inductees that their induction as fellows and associates was not just a reward.

He stated that it was a charge to make risk management a default part of national life.

The two-day conference had as its theme “Sustainable Technological Innovations and Risk Management for Resilient Economies”.

(NAN)