Polaris Bank conducts risk management training for business partners

Polaris Bank recently conducted a training program which focused on Risk Management practices for its business partners (service providers/vendors) that seek to scale and improve efficiency of these partners.

The training program held in Lagos, had many of its business partners in attendance.

The programme focused on “Risk Management in business”, targeted at the Bank’s service providers/vendors with a view to improving their growth and expansion; scale up and improve efficiency of their operations with best practices for a mutually sustainable growth.

In her welcome address to the Bank’s vendors, Head, Sustainability of the bank, Bola Adesanoye, situated the conference within the framework of the Nigerian Sustainable Banking Principles (NSBP) as enthroned by the Central Bank of Nigeria (CBN) for which Polaris is a signatory.

“The NSBP in one of its nine principles, talks about Environmental and Social Footprints of businesses in the community where aligned businesses have presence. As an organization driven by principles of sustainability, Polaris Bank has a responsibility to ensure that as we meet our own needs, we do not compromise the ability of future generations to meet their own needs, Mrs. Adesanoye offered.

Giving specific basis why the bank held the seminar, the Adesanoye explained: “There are environmental and social risks and other potential impacts associated with engaging third parties and the need to address this informed the session”

In his presentation, Akeem Adekoya, the Bank’s Head, of Operational Risk who spoke on Managing Vendors risk, explained that vendors risk management (VRM) as a process, deals with the management and planning of third-party products and services, ensures that the use of third-party products, IT suppliers and service providers does not result in a potential business disruption or in any negative impact on business performance.

While listing all the available and known risks such as: environmental and social; reputational; regulatory/compliance; transactional and operational risks, Adekoya asserted that: “If left unmanaged, these risks can lead to a decline in the financial institution’s reputational image, costly litigation, or loss of revenue”.

To mitigate against potential risks, the risk management executive encouraged vendors to always seek permit to work. This, he explained as a process by which organisations “ensure that permit to work system is implemented for all high risk activities such as work at height, hot works, working on electricity and confined space etc.

“Vendors handling chemical and hazardous substances should be well trained and deploy protective equipment when carrying out the task, adding that; “adequate warning and caution signs should be displayed when undertaking high risk activities in any part of the bank’s premises.”