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Ken Opara Emphasizes Attention on Risk in the Current Digital Era

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CIBN OPARA

CEM REPORT, FINANCE | “As we embrace the benefits of digitalization, we must also be mindful of the attendant risks”, said Dr Ken Opara, President/Chairman of Council of the Chartered Institute of Bankers of Nigeria as he gave opening remarks at the 2023 Induction Ceremony of the new Certified Risk Managers on Tuesday.

CRM Certification programme is a joint initiative of The Chartered Institute of Bankers of Nigeria (CIBN) and the Chartered Risk Management Institute of Nigeria (CRMI), a collaboration at its 8th year with One Hundred and Ninety-Six CRMs in 6 Induction ceremonies including the eighty inducted in the 2023 edition.

Dr Opara recalled that CRM Programme was designed in recognition of the importance of Risk Management and the need to build the capacity of Risk Management Professionals, to effectively address current and emerging Risk Management Issues, with special attention to local content which was not readily available at that time.

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The theme for the induction programme was “Risk Management Focus in a Digital Era”, a theme Dr Ken Opara qualified timely as the world struggles an “era where technology is advancing at an unprecedented pace, transforming the way we live, work, and conduct business. With the rapid adoption of digital technologies, the financial landscape is evolving, presenting both opportunities and challenges for risk management professionals.”

In reality, the fast-paced advancement of technology which is redefining and causing major disruptions in every aspect of human existence, has unprecedently given rise to challenging risks; Cybersecurity threats, data breaches, and technological vulnerabilities as enumerated by CIBN President which he concluded have become a source of concern for organizations across various sectors, including the financial services industry.

Dr Opara strongly charged Risk Managers to rise up to the challenge in safeguarding our institutions by developing a comprehensive understanding of the risks associated with digitalization and implement robust strategies to address them.

“Our role as risk managers therefore has become even more crucial in safeguarding the integrity, security, and resilience of our institutions.

“In this digital era, we must constantly adapt and enhance our risk management practices to effectively mitigate these emerging threats. We need to develop a comprehensive understanding of the risks associated with digitalization and implement robust strategies to address them. This requires a multidimensional approach that encompasses technology, people, processes, and governance”; Opara said.

Dr Opara further admonished the inductees to look beyond the benefits of their certification as Risk Managers on their personal careers but to consider it crucial for the growth and prosperity of the Nigerian economy.

He said; “To the inductees, as you receive your CRM certification today, I urge you to consider this as the beginning of a lifelong commitment to excellence in risk management practice. The skills and knowledge you have acquired are not only valuable for your individual careers but also crucial for the prosperity and stability of the Nigerian economy.

“I encourage you to stay informed, continuously update your skills, and embrace innovation as you navigate the complexities of risk management in this digital era. You are the custodian of trust and stability, and your expertise will play a pivotal role in shaping the future of the various sectors of the economy where you ply your trade.”

Becoming a CRM requires dedication, determination and commitment to continuous learning and relearning. To this course, CIBN and CRMI have maintained high standards in delivering the CRM Certification program, ensuring that holders of the Certificate gain appreciable value and expertise therefrom.

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