Kayode Shopekan
President of Risk Management Association of Nigeria (RIMAN), Ezekiel Oseni, has urged banks to embrace best risk management practices in their operations as new technologies and processes evolve.
Oseni gave the advice during a courtesy visit to Chief Executive Officer of Wema Bank, Mr Ademola Adebise.
RIMAN, while commending the management of Wema Bank, appealed to all financial institutions in the country to embrace proper risk management practices because new technologies are evolving.
Oseni commended Adebise and the Management team of Wema Bank for upholding best risk management practices in the bank, noting that the bank has highly qualified personnel that are regularly exposed to capacity building programmes organised by RIMAN.
He further appealed to the Bank to sustain its support for best risk management practices in the Bank and if possible, take it to a higher level. According to him there may never be a lasting solution to cybercrimes as long as new technologies and processes emerge.
“Internet has the potential to breach data privacy, give unauthorized access to private data and so many other challenges. Internal risk management functions should start addressing these risks ahead of time by looking for customized solutions.
“Also, new, stiffer and unavoidable regulations to curtail increasing cyber crimes may be in conflict with some strategic focus of some banks to grow their businesses. It will throw up compliance risks for the risk management function. The banks need to weigh their options and ensure that compliance risks do not materialise.”
He also congratulated the MD of Wema bank and the Board of Directors for the impressive financial performance of the Bank for the first 9 months of this year.
According to Oseni “Your EPS for the first nine-month period of 2021 increased from 9.20k that was recorded for the same period in 2020 to 21.60k, representing 135 per cent growth. I am happy to also observe that since 2018 the Bank has been consistent in the payment of dividends. The improved and commendable performance of the bank is not unconnected with the quality of your risk management practice across board and the quality of your risk managers.”
Adebise, thanked the president of RIMAN, the EXCO and the entire members for continuous support to stakeholders in risk management practice and for professionalising risk management through the Certified Risk Manager (CRM) professional certification.
He urged RIMAN to sustain the tempo in providing capacity building in risk management. Remarkably, he charged RIMAN to speak more around BOFIA and Regulatory risks to bring together operators and regulators in the industry.
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