NAICOM backs RIMSON’s engagement of public and private sector on risk management

The National Insurance Commission (NAICOM) says it will support the Risk Managers Society of Nigeria (RIMSON) in the engagement of public and private sector players on risk management.

The Commissioner for Insurance Mohammed Kari made the commitment on behalf of the commission, when the management team of RIMSON paid him a courtesy visit in Lagos, urging the Society to expand their reach towards engagement of the public sector players for effective risk management in the discharge of their duties.

He noted that there is an urgent need for the engagement of risks managers in government’s Ministries, Departments and Agencies (MDAs), especially now, that the government is striving to manage its lean resources.

Kari also pledged to engage RIMSON in the implementation of the insurance industry risk management framework, stressing that the Society would help train organisations as they transit to risk based supervision.

Jacob Adeosun, president of RIMSO commended the commission for the effective regulatory role is playing in the supervision and growth of the insurance industry in Nigeria, particularly its commitment to risk management development.

“We also note the intent and significance of NAICOM’s Guideline for Development of Risk Management Framework for Insurers and Reinsurers in Nigeria. Through these roles, NAICOM has continued to restore public confidence in the insurance industry and reposition the industry positively in the minds of the insuring public.

“Permit me to applaud the on-going initiatives of the present administration, towards reviving the Nigerian economy, at this trying time. As it is the practice in advanced economies, Nigeria needs to incorporate and integrate the role of risk managers in government’s economic recovery strategies to achieve desired results.

Government requires risk management initiatives to prioritize and drive new investments and projects, to unlock untapped resources and opportunities in addition to preventing avoidable waste of scarce resources and national wealth,” he said.

Adeosun said RIMSON is determined to expand the frontiers of risk management practice within the public and private sectors in Nigeria, adding that more organs of government agencies and the professionals therein need to embrace the risk management doctrine.

He said small, medium and large scale enterprises in the private sectors and their managers, require risk management to remain competitive and to excel, adding that there is need to get everyone on board, on the risk management flight to actualize the Nigerian dream.

He noted that the body, as part of its contribution to national economic growth and development, should continue to advise government on the need to engage risk professionals.