An Association of Corporate bodies and individual professionals, Risk Managers Society of Nigeria (RIMSON) and the Lagos Chamber of Commerce and Industry (LCCI) have agreed to partner on how to educate the public on risks management and control.
The agreement was reached when the management of RIMSON paid a courtesy visit to the LCCI in Lagos yesterday.
President of RIMSON, Jacob Adeosun, said the partnership has become necessary due to misconceptions by entities on risk which have resulted in lopsided approaches to their management, stressing that some people believe risk is only concerned with insurance, health safety and environmental issues.
He noted that RIMSON is determined to expand the frontiers of risk management practice within the public and private sectors in Nigeria, adding that the small, medium and large scale enterprises in the private sectors and their managers require risk management to remain competitive and to excel.
“We need to get everyone on board the risk management flight to actualize the Nigerian dream. We shall continue to advise all stakeholders on this aspect as our contribution to national economic growth and development,” he added.
He noted that RIMSON is optimistic that the LCCI, as one of the most Cardinal institutions, has what is required to galvanize the public on the need to embrace risks management approaches.
“There are lots of misconceptions by entities on risks which have resulted in lopsided approaches to their management. For instance, some people believe that risk is only concerned with insurance; several others feel that health, safety and environment treatment resolves risk problems. The truth is that these treatments are partial leaving several other critical risks unattended until they manifest into catastrophic losses.
“It is in this vein that we have identified the LCCI as one of the most cardinal institutions that could assist in achieving our goals. Our belief is that the LCCI being a galvanizing force in the Commerce industry has the capacity that can be deployed towards the actualization of this initiative.
“We would appreciate a synergy with your Chamber to highlight the importance of Risk Management to business growth and development.
“It has often been lost on most business analysts and policy makers that there could not be genuine economic growth and development without due cognizance paid to Risk Management. This knowledge gap would be eliminated if our request to partner with your Chamber is granted,” he said.
Director-General, Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, applauded RIMSOM for the initiative to partner the chamber, stressing that since risks cut across all sphere of human endeavour, the chamber would engage RIMSOM in educating members of the chamber on how to effectively manage their risks.
He urged the leadership of RIMSOM to take the awareness to schools, adding that risk management ought to be included in the education curriculum.
He said risk management should be in the front burner especially now that the economy is faced with enormous challenges.
Established in 1985, RIMSON, is an Association of Corporate bodies and individual professionals dedicated to the advancement of Risk awareness and Risk management culture in Nigeria. It is a self financing society with members cutting across all facets of the economy: Energy, Banking and Finance, Insurance, Manufacturing, Government Parastatals, Construction etc.
RIMSOM’s Media Consultant, Joseph Obah, said the public and private sectors would do much better in embracing risk management to priorities and drive new investments and projects, unlock untapped resources in agriculture, energy, health and manufacturing while preventing avoidable waste of scarce resources thus conserving national wealth.