Senate passes bill to establish Chartered Risk Management Institute
Senate Passes Into Law Chartered Risk Management Institute Bill
The Senate, on Tuesday, June 21, 2022 passed into law a Bill that seeks 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 its report by the Committee of the Whole having been presented for consideration by the Committee on Establishment and Public Service.
Chairman of the Committee Sen. Orker Jev, presenting the report on behalf of the Committee Chairman, Sen. Ibrahim Shekarau, said the Chartered Risk Management Institute, upon its establishment, would regulate, control and manage 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.
According to him, “the establishment of the Chartered Risk Management Institute of Nigeria will improve the overall risk consciousness of the nation through public education, seminars and workshops”.
He added that existence of a Chartered Risk Management Institute will provide effective oversight and sharing of Information on risk management matters and serve as tool that promotes good practice among members, he stressed.
The Bill scaled through third reading and passed after its clause-by-clause consideration by the Committee of the Whole.