RIMSON canvasses risk management principles for Nigeria’s economic growth

• Wants creation of a national risk office

• Appointment of chief risk officer of the federation

• To spearhead proactive, risk-mitigation strategies

• To collaborate with with state, local governments

Gus Wiggle, president, RIMSON

Cynthia Ezekwe

At the forefront of Nigeria’s quest for sustainable growth and development, the Risk Managers Society of Nigeria (RIMSON) is canvassing the urgent adoption of risk management practices across all sectors of the economy.

RIMSON highlighted that in a landscape of growing economic complexity, characterised by dynamic markets and myriad challenges, a proactive, strategic approach to identifying, assessing, and mitigating risks is essential for safeguarding and sustaining long-term growth across the nation’s diverse industries.

In the face of mounting risks and unrelenting volatility, the organisation decried the absence of a robust risk management framework in Nigeria’s public sector, noting that such an approach is critical for strengthening the resilience and adaptability of businesses and industries, safeguarding against potential losses, and ultimately fostering a more stable and prosperous economy.

GUS Wiggle, the RIMSON president, made the call for increased implementation of risk management practices during his keynote address at the 2024 National Risk Management Conference.

Standing at the intersection of opportunities and challenges, where the implications of global economic disruptions loomed large, Wiggle pointed out the devastating consequences of excluding risk management from Nigeria’s policy-making process.

Addressing the conference, titled “Global Economic Disruptions – Opportunities & Challenges for National Resurgence”, Wiggle  highlighted the costly consequences of neglecting risk management in Nigeria’s policy development. The inability to preempt and mitigate risks, he asserted, has been a catalyst for recurrent economic turmoil, loss of life, and, ultimately, a dimming of the nation’s hope for resurgence and prosperity.

He stated further: “The major lesson and issue identified by the Risk Management Society of Nigeria, which we have also been emphasising since the commencement of this current leadership is the lack of full integration and implementation of Risk Management in our budgeting, planning and governance.

“The various policy somersaults further confirm the lack of risk management in the development of various policies. This has led to recurrence of avoidable economic and loss of lives.”

In a sweeping vision for a risk-resilient Nigeria, Wiggle championed the need for a bold, coordinated approach to the country’s risk management landscape, placing it firmly at the centre of policy-making and government initiatives. Echoing his organisation’s unwavering commitment to the integration of risk management across all sectors of the economy, he called for the creation of a national desk  office of the chief risk officer of the federation, a strategic role tasked with spearheading proactive, risk-mitigation strategies in collaboration with state and local governments.

With the clarion call for risk management integration ringing clear, Wiggle, leader of the pioneer risk management society in Nigeria, reaffirmed its dedication to championing awareness, education, and culture in the realm of risk management. He noted that the organisation, founded in 1985 by a diverse collective of risk management professionals, remains unwaveringly true to its mission of galvanising support for risk management as a foundational cornerstone of Nigeria’s economic and social infrastructure.

Speaking on RIMSON’s vision for year 2024, he said,  “As a risk management body, the body looks forward to a 2024 where: Risk Management integration and implementation will enhance our national security, healthcare, economy, and prosperity. Equipping the citizens and nation to maximise opportunities inherent in the emerging risks.’’

He also pointed out that the risk management society looks forward to greater risk management advocacy cutting across every arm of governance, all geopolitical zones, and sectors of the economy through greater collaboration with relevant stakeholders.

“We look forward to the development of the much-needed manpower in the field of Risk Management through the Society’s training arm – The Center for Risk Management Development (CRMD). We also  look forward to amplifying the Risk Management message to the grassroots to further the Society’s mission of promoting Risk Management Culture in Nigeria,’’ he added.

Wiggle maintained that RIMSON would continue her advocacy and contributions for the integration and implementation of risk management into every sector of the Nigerian economy,  with the support of all stakeholders for the greater good of  the nation.