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Senate passes bill to establish Chartered Risk Management Institute

Senate passes bill to establish Chartered Risk Management Institute The Senate, on Tuesday, passed a bill to provide the legal framework for the establishment of the Chartered Risk Management Institute of Nigeria. The passage of the bill was sequel to the consideration of a report on it by the Committee on Establishment and Public Service.

Senator Orker Jev, in a presentation on behalf of the Committee Chairman, Ibrahim Shekarau, who was absent during plenary, said the Chartered Risk Management Institute, upon its establishment, would regulate and control the risk management profession in Nigeria.

He explained that the establishment of the institution would, in no small measure, boost and entrench risk management culture in both public and private sectors, as well as reduce risk factors embedded in everyday life.

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According to him, “the establishment of the Chartered Risk Management Institute of Nigeria will improve the overall risk consciousness of the nation by the means of public education, seminars and workshops.”

“Existence of a Chartered Risk Management Institute will provide effective oversight and sharing of Information on risk management matters and tools that promote good practice among members”, he added.

The bill was passed after a clause-by-clause consideration by the Committee of the Whole.

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