RIMSON gets regulators’ nod for risk managers

THE National Insurance Commission (NAICOM) has thrown its weight behind the Risk Managers Society of Nigeria (RIMSON) on the engagement of risk professionals in public and private sectors.

Commissioner for Insurance Mohammed Kari, said when the management team of RIMSON paid him a courtesy visit in Lagos, urged the risk managers to write the Head of Service on the need to engage risk professionals, promising that the commission would assistant in pushing the issues.

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 risk managers, would be engaged to train organisations as they transit to risk based business model.
The President of RIMSON, Jacob Adeosun, in his remarks commended the commission for the effective regulatory roles which it 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 guidelines 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 the need to get everyone on board 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, shall continue to advise government on the need to engage risk professionals.