Immediate past Managing Director and Chief Executive Officer of the Nigerian Deposit Insurance Association (NDIC), Umaru Ibrahim has said that many banks failed over non-compliance to risk management.
He said this during the 10th-anniversary conference and induction of new members at this year’s Enterprise Risk Management and Compliance Week, organised by the Association of Enterprise Risk Management Professionals (AERMP) in Lagos.
Sharing his experience as a regulator, he said by the time the chief executives of the banks realised the importance of risk management, it would have been too late.
According to him, by then the situation may be irredeemable, leading to failed banks.
He reminded the inductees that risk management may not make them popular at the moment because many people would not appreciate their work until issues arise.
He admonished the inductees not to compromise their integrity while discharging their functions as risk and compliance professionals.
On how to navigate risk challenges and become managers, Director of Risk Management at the Central Bank of Nigeria (CBN), Blaise Ijebor, said that Nigeria’s population needs and encouraged the inductees to remain steadfast in their profession to contribute to the nation’s growth and development.
Former Minister of Industry, Trade and Investment, Olusegun Aganga, enjoined the inductees to be prepared to play a pivotal role to ensure that risks are not just mitigated but leveraged as opportunities for growth and innovation.
Earlier, President of AERMP, Taiwo Ige, urged the awardees, fellows and associates to do their best as ambassadors of the association and must never be found wanting as risk and compliance professionals.
