What is the Risk Management Body in Nigeria?

In Nigeria, the primary professional body responsible for overseeing risk management practices is the Risk Management Association of Nigeria (RIMAN). Established in 2000, RIMAN plays a central role in promoting and advancing the discipline of risk management across various sectors, especially within the financial services industry.

Overview of RIMAN

The Risk Management Association of Nigeria (RIMAN) is a non-profit organization that brings together professionals who are involved in managing risk in banks, insurance companies, investment firms, and other financial and non-financial institutions. RIMAN serves as a hub for education, training, advocacy, and the establishment of professional standards in the risk management domain.

Functions and Activities of RIMAN

RIMAN carries out a wide range of functions and activities aimed at strengthening risk governance and compliance in Nigeria. These include:

• Training and Certification: RIMAN offers professional development programs, seminars, and workshops to build the capacity of risk practitioners. It also provides certifications such as the Certified Risk Managers (CRM) credential.
• Advocacy and Policy Input: RIMAN engages with regulators and government agencies to shape policies related to enterprise risk management, financial stability, and corporate governance.
• Industry Collaboration: The association facilitates collaboration among industry players, academic institutions, and regulators to improve risk management practices.
• Research and Publications: RIMAN conducts research on emerging risk trends and publishes reports and newsletters that guide risk decision-making processes.
• Membership Development: The association maintains a network of risk professionals, encouraging knowledge-sharing and career growth within the community.
• Annual Risk Conference: RIMAN organizes an annual risk management conference that brings together stakeholders to discuss current issues and innovations in risk management.

Impact on Nigeria’s Financial and Corporate Sectors

Through its initiatives, RIMAN has significantly influenced the development of risk management frameworks in Nigerian banks and corporations. It works closely with the Central Bank of Nigeria (CBN), the Nigerian Deposit Insurance Corporation (NDIC), and other financial regulators to ensure that risk is properly assessed, monitored, and mitigated within institutions.

Conclusion

The Risk Management Association of Nigeria (RIMAN) remains a cornerstone in Nigeria’s efforts to entrench sound risk management culture across industries. Its continuous efforts in training, advocacy, and research ensure that Nigerian businesses and institutions are better equipped to face both current and future risks.