President Muhammadu Buhari has signed Into law, the Chartered Risk Management Institute of Nigeria Bill, 2022 recently passed by the National Assembly.
According to details, the Act has given legal backing to the now defunct Risk Management Association of Nigeria (RIMAN), vesting the power to teach and regulate the practice of risk management in the Institute.
This Act establishes the Chartered Risk Management Institute of Nigeria, charged with the responsibilities to control the risk management profession and serve as a professional body for persons seeking to become chartered risk managers in Nigeria.
The Institute according to the new Act is to among other things; determine the standards of knowledge and skills to be attained by persons seeking to be members of the Institute and raise those standards as circumstances may require; conduct professional examinations leading to the awards of certificates as may be prescribed by the Institute; establish and maintain a register of members and publish the lists of members amongst others.
The Risk Management Association of Nigeria (RIMAN) had hitherto, been at the forefront of entrenching global best practices in Risk Management across all sectors of the economy, leading to the quest for an Act to establish the Chartered Risk Management Institute of Nigeria.
Further details showed that the Institute will “entrench appropriate skill set required to promote the right risk culture in our Private and Public Institutions, provide expert opinion and support to public discourse and for making risk informed decisions”.
