Outgoing CIBN President, Ajibola calls for adoption of Enterprise Risk Management Framework

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Friday, May 18, 2018 7.30PM /  

The outgoing President of the Chartered Institute of Bankers of Nigeria (CIBN), Professor Segun Ajibola has called on the Nigerian banking sector to give top priority to “Enterprise Risk Management”. 

Professor Ajibola stressed this at the 2018 Presidential Valedictory address which held at the CIBN  Ijewere Hall in Lagos. Speaking on the theme “Enterprise Risk Management and Banking Industry: The Nexus” Professor Ajibola informed stakeholders that “Risk Management was at the heart of the banking sector”. 

He acknowledged the fact that there was a nexus between “Enterprise Risk Management” and banking performance. This according to him is one of the reasons Switzerland has one of the most efficient financial systems, owing to the adoption of the “ERM” framework. 

Ajibola informed stakeholders that in carrying out the report on “ERM” data was sourced from 11 deposit money banks in Nigeria, across the three tiers for the period 2006-2016. 

The 19th President of the CIBN opined that Enterprise Risk Management coordinates all risks across an organization. The study according to him revealed that when risks are properly managed from all sides, banks performance improves. 

From the research and analysis the economist gave the following recommendations on the adoption of the Enterprise Risk Management for Nigerian banks and other financial institutions, which include; 

1.   The need for banks to fully migrate their risk management profile to the ERM platform,
2. The need for the Board and Management of banks to show commitment in the implementation of ERM
3.  The need for the integration of ERM, to be encouraged in other financial institutions
4. Regulatory bodies should ensure that banks and other financial institutions adopt ERM framework.
5.  Banks should engage and train all staff on ERM
6. Management and staff of banks/financial institutions and other stakeholders, should see themselves as risk management ambassadors for the institutions and
7.  Banks should continue to engage the services of credit, risk management, treasury & foreign exchange management, audit & compliance, domestic & foreign operations, ICT to minimize the risk on performance.

 

Chairman of the occasion and former Deputy Governor of the Central Bank of Nigeria Dr (Mrs) Sarah Alade described the theme of “Enterprise Risk Management” as apt and timely noting that risk management played a vital role in the survival of the Nigerian Banking Industry. 

Dr Alade said  the increase in the scale of operations and size of banks in Nigeria, called for effective risk management. 

Highlights of the event was a documentary displayed that showed the strides and impact Professor Segun Ajibola made throughout his two-year tenure (2016-2018) as President of the institute. 

During his tenure Professor Segun Ajibola led the CIBN to host the World Conference of Bank Institutes in Lagos, Nigeria in 2017, signed an MOU with Risk Managers Association of Nigeria (RIMAN), led a successful CIBN stakeholder engagement with the Senate, collaboration with the Nigerian Bar Association on certification courses for bankers and lawyers, engaged Kaduna, Delta and Lagos to support financial literacy in the country. 

The subsidiaries of the CIBN between 2016-2018 namely the Press and Centre for Financial Studies experienced profitability. 

His tenure also witnessed a significant growth in capacity building with the innovative computer based testing framework, professional development & e-learning programme and the membership of the Global Banking Education Standards Board. 

From goodwill messages to a special gift from Past Presidents of the CIBN, Professor Ajibola was celebrated for upholding the standards of the institute and taking it to great heights.


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