President, Chartered Institute of Bankers of Nigeria (CIBN), Dr Ken Opara has highlighted the importance of adequate risks management and control as the financial services sector increasingly embraces digital technologies.
Speaking at the induction of the new Certified Risk Managers, Opara emphasised the need for attention on risks in the digital era
“As we embrace the benefits of digitalisation, we must also be mindful of the attendant risks,” Opara, said.
The CRM certification programme is an initiative of CIBN and Chartered Risk Management Institute of Nigeria (CRMI), a collaboration at its eighth year with 196 CRMs in six inductions, including the 80 inducted in this edition.
Opara recalled that the CRM programme was designed in recognition of the importance of risk management and the need to build the capacity of risk management professionals, to address risk management issues, with special attention to local content which was not readily available at that time.
The theme for the induction was “Risk Management Focus in a Digital Era”, a theme Opara qualified as timely as the world struggles in an “era where technology is advancing at an unprecedented pace, transforming the way we live, work, and conduct business. With the rapid adoption of digital technologies, the financial landscape is evolving, presenting opportunities and challenges for risk management professionals.”
In reality, the fast-paced advancement of technology which is redefining and causing major disruptions in every aspect of human existence, has unprecedently given rise to challenging risks; Cybersecurity threats, data breaches, and technological vulnerabilities as enumerated by CIBN President which he concluded have become a source of concern for organizations across various sectors, including the financial services industry.
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Opara strongly charged risk managers to rise up to the challenge in safeguarding our institutions by developing a comprehensive understanding of the risks associated with digitalization and implement robust strategies to address them.
“Our role as risk managers therefore has become even more crucial in safeguarding the integrity, security, and resilience of our institutions.
“In this digital era, we must constantly adapt and enhance our risk management practices to effectively mitigate these emerging threats. We need to develop a comprehensive understanding of the risks associated with digitalization and implement robust strategies to address them. This requires a multidimensional approach that encompasses technology, people, processes, and governance,” Opara said.
He added that the inductees must look beyond the benefits of their certification as risk managers on their personal careers but to consider it crucial for the growth and prosperity of the Nigerian economy.
“To the inductees, as you receive your CRM certification today, I urge you to consider this as the beginning of a lifelong commitment to excellence in risk management practice. The skills and knowledge you have acquired are not only valuable for your individual careers but also crucial for the prosperity and stability of the Nigerian economy.
“I encourage you to stay informed, continuously update your skills, and embrace innovation as you navigate the complexities of risk management in this digital era. You are the custodian of trust and stability, and your expertise will play a pivotal role in shaping the future of the various sectors of the economy where you ply your trade,” Opara said.
He pointed out that becoming a CRM requires dedication, determination and commitment to continuous learning and relearning, noting that CIBN and CRMI have maintained high standards in delivering the CRM certification programme, ensuring that holders of the certificate gain appreciable value and expertise therefrom.