President Buhari signs CRMI Bill into law

President Muhammadu Buhari has signed into law the Chartered Risk Management Institute of Nigeria Bill, 2022, recently passed by the National Assembly.

According to details seen by our correspondent on Wednesday, 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 read 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 multidisciplinary, 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 added.

The Institute, according to the new Act, is to, among other things:
(a) 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;
(b) conduct professional examinations leading to the awards of certificates as may be prescribed by the Institute;
(c) establish and maintain a register of members and publish the lists of members; and
(d) perform other functions conferred on it under this Act.

“It is important to note that the Risk Management Association of Nigeria (RIMAN) has been at the forefront of entrenching global best practices in Risk Management across all sectors of the economy. This has led to the quest for an Act to establish the Chartered Risk Management Institute of Nigeria, to help produce professionally trained individuals who will be involved in the management of risks in the Private and Public Sectors of our Country as well as teach risk management using international best practices