Risk management key to economic growth, says RIMSON

The President, Risk Managers Society of Nigeria (RIMSON), Mr. Jacob Adeosun, said risk management is key to the nation’s economic growth, especially, in the wake of the financial crisis battling the country.
Adeosun, who stated this when the management team of RIMSON paid a courtesy visit to the Commissioner for Insurance, Alhaji Mohammed Kari, in Lagos last week, noted that Nigeria needs to incorporate and integrate the role of risk managers in government’s economic recovery strategies to achieve desired results.
Government, he said, requires risk management initiatives to prioritise and drive new investments and projects to unlock untapped resources and opportunities in addition to preventing avoidable waste of scarce resources and national wealth.
Stating that RIMSON was determined to expand the frontiers of risk management practice within the public and private sectors in Nigeria, he added that more organs of government agencies and the professionals therein need to embrace the risk management doctrine.
He said small, medium and large scale enterprises in the private sectors and their managers require risk management to remain competitive and to excel, adding that there is the need to get everyone on board the risk management flight to actualise the Nigerian dream.
As part of its contribution to national economic growth and development, he noted that his body shall continue to advise government on the need to engage risk professionals.
Earlier, Kari has urged the risk managers to write the Head of Service on the need for engagement of risk professionals, promising that the commission would assistant in pushing the agenda.
He noted that there is an urgent need for the engagement of risks managers in government’s Ministries, Departments and Agencies (MDAs), especially now, that the government is striving to manage its lean resources.
Kari also pledged to engage RIMSON in the implementation of the insurance industry risk management framework, stressing that the risk managers, would be engaged to train organisations as they transit to risk based business structures.