CBN urges risk managers to adapt new tech against cybercrime

By Cynthia Ezekwe.

The Central Bank of Nigeria (CBN) has urged  risk managers to adopt new technologies that would  help in combating  cybercrime.

Risk managers are individuals responsible for managing an organisation’s risks and minimising the adverse impact of losses on the achievement of the organisation’s objectives.

Blaise Ijebor, director, risk management, CBN, gave the advice during the 2023 Certified Risk Manager (CRM) induction ceremony where 80 professionals were inducted recently  in Lagos.

“Cybercrime is no longer about money these days. The criminals are now playing a long-term game of boosting their CV and so with each passing day, the cybercrime racket grows bigger. So, risk managers have to adopt new technologies and also adopt management risks as well,” Ijebor said.

 Ijebor urged risk managers to  stay agile and adaptable, ready to respond to the dynamic nature of their work, and  encouraged them to be brave, taking on challenges and seizing opportunities.

The CBN director noted the significant implications for risk management, which he said include the rise of interconnected systems, the creation of value from data, the weaponization of information, shifts in the cybersecurity risk landscape, and regulatory changes.

On his part, Ezekiel Oseni, president of  Chartered risk management institutes (CRMI), urged the federal government as well as other levels of government to introduce risk management functions in the ministries, departments and agencies.

Oseni noted that  CRMI is the only chartered risk management Institute in Nigeria established by the National Acts of Parliament.

“We advise eminent individuals, personalities and members of the public to be aware of institutions not chartered by the Act of National Assembly that are going about as chartered risk management institutes and conferring fellowship status on people”, he added.

Ken Opara, president, Chartered Institute of Bankers of Nigeria (CIBN), in his remarks, said the collaboration between the CIBN and CRM has produced 196 CRMs in the last eight years to effectively address current and emerging risk management issues.