•There’s steady progress amid close stakeholder monitoring –NAICOM
By Henry Uche
AT the 40th anniversary and investiture of the 8th President of Risk Managers Society of Nigeria (RIMSON), economic experts and policy drivers used the occasion to push risk management across Nigeria’s Ministries, Departments, and Agencies (MDAs).
They pushed for the implementation of cohesive strategies to address growing challenges.
The National Insurance Commission (NAICOM) assured that the initiative was progressing well, while stakeholders remain keenly observant of its impact. Experts emphasised the necessity for the creation of a National Chief Risk Officer to further institutionalize risk management at the federal level
According to industry watchers, a sound risk management practice helps to prevent economic crises in sectors like banking, insurance and government budgeting which helps prevent systemic failures and financial crises, and economic crunch.
The experts also say that proper risk management encourages Investment because when risks are well-managed, both domestic and foreign investors feel more secure to invest and this ultimately leads to job creation and economic growth.
According to them, managing risks like natural disasters, cyberattacks, or health pandemics ensures continuity of essential services, infrastructure, good governance, reduction in public debt and budget deficits. More importantly, risk management promotes economic confidence, stability and supports sustainable development.
“Economic stability built on risk-aware policies boosts consumer confidence, strengthens the currency, and maintains social order. Risk management helps guide long-term planning for climate change, demographic shifts, and technology transitions, enabling steady and inclusive growth.
“Risk management is crucial in any business or project because it helps identify, assess, and control potential threats before they become serious problems. It protects assets and resources: By recognizing risks early, businesses can safeguard their financial, human, and physical resources.
“It improves decision-making, ensures business continuity during crisis, enhances reputation, helps companies to meets legal, regulatory, and industry standards and boosts operational efficiency and reduce costs linked to disruptions. Management of Risk or its neglect has crucial positive or negative consequences; commitment to Risk Management affects every facet of our Life” they affirmed.
At his investiture, the President/Chairman of the Governing Board of RIMSON, Abbas Garba Idriss, reiterated the Society’s resolve to promote risk management awareness, education and culture in Nigeria, in line with its vision and mission, of which his administration must pursue vigorously.
With the theme, “Risk Management in Nigeria – Evaluating the Impact and Relevance to National Development,” RIMSON President told Nigerians at his investiture that risk management is no longer restricted to a few professions and organizations but is now being embraced by all.
Revealing the vision of his administration, Idriss said “Our administration will strive to sustain and improve upon the Society’s Risk Management Advocacy with greater engagement with the three arms of government and collaboration with relevant stakeholders.
“We will deploy a three-pronged approach using the acronym S.I.R.: First is ‘Spread’ -We will pursue a ‘spread’ across all geopolitical zones of the Federation. This we aim to achieve by establishing more branches during our tenure through our members and Fellows.
Impact: We will ensure that the impact of the Society is felt across all fields of human endeavour and sectors of the economy as reflected in the Society’s membership. We plan to achieve this through organizing capacity building training that is relevant to each field, reviving the Society’s training arm – the Centre for Risk Management Development (CRMD) – to cater for the upskilling of all professionals in the field of Risk Management.
Recognition: As the true pioneer Risk Management body and thought leader in the multifaceted field of Risk Management, we will be relentless in our pursuit of sustaining the Society’s recognition and relevance in the nation by ensuring consistent proactive contributions to national issues, regular release of advisory guidelines on national challenges, greater advocacy for Risk Management in every field of human endeavour, collaboration with relevant stakeholder, and production of Risk Management educational materials for the public”
He assured that his administration will prioritise the aforementioned goals and also ensure the Government, its Agencies, Ministries, Departments, Corporate bodies and institutions are carried along, in ensuring full integration and implementation of Risk Management into our national life.
The President of the Risk Managers Society of Nigeria (RIMSON) has pledged to pursue the realization of the Society’s vision of constructing a state-of-the-art National Secretariat. He emphasized that this will not only serve as the hub for coordinating all efforts but also stand as a testament to the vision and legacy of the Society’s founding fathers.
“Fully aware of the global and national challenges we face, I am confident that with the resilience demonstrated by the Society over the years, and with the support of our distinguished Fellows, esteemed Corporate members, stakeholders, and all members, our Society will be repositioned to pursue its mission with renewed vigor,” he said.
He further affirmed, “We will accomplish our goals of ensuring that the positive impacts of Risk Management are felt in every facet of our national life—security, economy, planning, budgeting, and implementation.”
The President also called for collaboration in rewriting the history of risk management in Nigeria, advocating for it to become a national culture. “Together, we can cultivate a consciousness of risk management in every Nigerian and make it a culture that spans both the private and public sectors,” he asserted.
In a goodwill message, Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance, stressed that risk management awareness is more crucial now than ever as Nigeria continues to navigate complex economic, social, and environmental challenges in its recovery process.
Omosehin reminded the audience that risk management is essential to sustainable development. “In today’s interconnected world, the ability of public and private institutions to identify, assess, and respond to risks is central to national resilience and progress,” he said.
He pointed out the consequences of the lack of structured risk mitigation, citing business disruptions, climate-related disasters, cyber threats, and public health emergencies as examples. “The insurance industry, under the regulatory oversight of the National Insurance Commission, plays a pivotal role in fostering a robust risk management culture in Nigeria. Through risk transfer mechanisms, insurance not only provides a financial safety net but also promotes stability, investment, and innovation,” he explained.
Omosehin emphasized that the regulatory framework for insurance aims to enhance insurers’ capacity to underwrite risks while ensuring protection for policyholders. He also highlighted ongoing efforts to expand insurance penetration, particularly in underserved communities, to ensure equitable access to risk mitigation solutions.
He concluded by calling for greater stakeholder collaboration to advance risk management practices in line with Nigeria’s development goals.
“Risk management should be viewed not as a reactive measure, but as a strategic tool embedded in governance, infrastructure planning, enterprise development, and public policy.
Together, we can build a more resilient, secure, and prosperous nation,” he affirmed.
Following the promises made by RIMSON and NAICOM, industry watchers and analysts have urged that it is not enough to make lofty commitments; leadership should be judged by the ability to deliver results within a reasonable timeframe, without excuses. They also called on the media to monitor both organizations closely and hold them accountable.
In his valedictory speech, the outgoing President of RIMSON, Mr. Gus Wiggle, reflected on the Society’s role in promoting risk management across various sectors in Nigeria. He noted the Society’s advocacy for best practices, collaboration with regulatory authorities, and capacity-building initiatives for risk management professionals.
Wiggle highlighted RIMSON’s significant contributions to enhancing the resilience of businesses and institutions in the face of emerging risks, including those arising from digital transformation and global challenges. “Through training programs, conferences, and workshops, we have equipped professionals with the skills needed to tackle emerging risks, strengthening the overall risk management culture in Nigeria,” he said.
He also praised RIMSON for its efforts in advocating for improved governance and compliance standards in collaboration with regulatory authorities, which has fostered a more stable and secure business environment.
Wiggle pointed to RIMSON’s recognition of individuals and organizations for their innovation and effectiveness in risk management, which has inspired others to adopt similar practices. He further noted the Society’s role in addressing critical national issues, including the need for better identification systems and data management to tackle security, social, and economic challenges in Nigeria.
“These achievements have not only strengthened Nigeria’s risk management framework but also contributed to the country’s economic and social stability,” he said. He also pointed out that while risk management priorities vary across countries, the importance of risk societies in creating safer, more adaptable environments cannot be overstated.
He expressed hope that the Nigerian government would eventually recognize the need for an Office of the Risk Officer of the Federation, reflecting the significance of risk management in national governance.
In closing, Wiggle urged his successor to uphold the core values that make RIMSON exceptional. “Although my role as President ends, my commitment to RIMSON remains steadfast. Together, we will continue to drive positive change and promote excellence in risk management in Nigeria,” he assured.