President Muhammadu Buhari on Wednesday signed into law, the Chartered Risk Management Institute of Nigeria (CRMI) Bill, 2022 recently passed by the National Assembly.
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.
The details reads in part: “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.
“Risk Management is multi-disciplinary, connecting all fields of human endeavour. It provides a structured approach to the timely identification, assessment, control and reporting of events, activities and uncertainties that may impede the achievement of set goals,” it adds.
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;
It is also to conduct professional examinations leading to the awards of certificates as may be prescribed by the Institute.
The Act also provides that it would establish and maintain a register of members and publish the lists of members.
It adds that the Institute will also entrench appropriate skill set required to promote the right risk culture in Nigeria’s private and public institutions as well as provide expert opinion and support to public discourse and a platform for an integrated or enterprise approach to managing risk in all sectors of the economy.