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President Buhari signs CRMI Bill into law- NAIJAFEED


The Chartered Risk Management Institute of Nigeria Bill, 2022, which was recently approved by the National Assembly, has been signed into law by President Muhammadu Buhari.

Our correspondent learned on Wednesday that the Act gave the now-defunct Risk Management Association of Nigeria (RIMAN) legal backing and gave the Institute authority to teach and regulate risk management.

In part, the details read: The Chartered Risk Management Institute of Nigeria is established by this Act and is tasked with overseeing the risk management industry and serving as a professional body for individuals aspiring to become chartered risk managers in Nigeria.

Risk management is interdisciplinary and intertwines with all human endeavors. It also stated, "It provides a structured method for the timely identification, assessment, control, and reporting of events, activities, and uncertainties that may impede the achievement of set goals."

The new Act mandates the Institute to, among other things:

(a) establish the knowledge and skill requirements for applicants to the Institute and adjust those requirements as necessary;

b) as the Institute may specify, administer professional examinations that result in certificates being given out;

c) compile a list of members, keep it up to date, and make the lists public; and (d) carry out any other duties entrusted to it by this Act.

“It is essential to note that the Risk Management Association of Nigeria (RIMAN) has been at the forefront of establishing global risk management best practices across all economic sectors. As a result, efforts to pass legislation to establish the Chartered Risk Management Institute of Nigeria have been launched. The institute's mission is to train professionals who will be responsible for risk management in Nigeria's public and private sectors and to teach risk management using international best practices.

“A qualified Risk Management Institution backed by legislation is necessary given Nigeria's lack of risk management expertise. An Act Establishing the Chartered Risk Management Institute of Nigeria has resulted from this, according to the details.

In addition, the Institute would, among other things: establish the necessary skill set to foster the appropriate risk culture in our public and private institutions.

a platform for an integrated or enterprise approach to managing risk in all economic sectors; provide expert opinion and support for public discourse and for making risk-informed decisions;

"Validate the existing international network and establish Nigeria as the Sub-Saharan African hub for Risk Management Training;

“Regulate its members, establish standards for ethical behavior in line with global best practices for effective risk management and corporate governance, and set standards in tandem with other professional bodies like the CITM, CIBN, and NBA, among others;

“Assist in reducing cybercrime and other risks associated with technology, as well as help manage risks associated with the rising technological innovations in our new world;

“Offer our public and private institutions a platform to participate in the development of the appropriate culture, skills, and capacity to create the appropriate risk environment for national development.

contribute to the development of risk management education in Nigeria through our educational institutions.

“In fact, the Institute will be a repository of information that will facilitate a holistic and coordinated approach to managing both existing risks and new ones. The details added, "Nigeria will benefit from having skilled professionals who will deepen our collective practice and study of Risk Management."

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