STRICT adherence to globally acceptable risk management strategies by organizations would facilitate a stress-free attainment of pre-set corporate objectives.
Besides, pondering over the debilitating effects unprepared risks could exert on the survival of an organization, it behooves on managers to take risk management seriously.
The Founder of the Nigerian Risk Awards and Chief Executive Officer of Conrad Clark Nigeria Limited, Joachim Adebayo Adenusi, made the remarks at the 2014 Nigerian Risk Awards (NRA) ceremony in Lagos.
“More than any other time in the history of our nation, risk management must be on the agenda of every organisation – private, public, not-for-profit and even religious organisations. As you know, risks can come from uncertainty in financial markets, threats from project failures, legal liabilities, credit risk, accidents, natural causes and disasters among others. There is a need to anticipate and devise means of avoiding or mitigating such risks because of the negative impacts on business objectives,” the risk management consultant, said.
Adenusi noted NRA, organized by Conrad Clark in partnership with Business Day, Thomson Reuters and the Institute of Risk Management United Kingdom, recognises and honours organizations and individuals who have achieved measurable results through effective implementation of good governance, effective internal controls and risk management systems.
The recipients, according to Adenusi, are individuals who have conquered business challenges through innovative risk management solutions, showing commitment, courage and effectiveness, which eventually made their companies stand out.
The Business Day Risk Manager of the Year was won by Adewale Akinwale of the Nigerian Aviation Handling Company, with Mr. Omokayode Oluwole of Mansard Insurance and Mr. Olaniyi Olalemi of Enterprise Bank Limited being the first and second runners-up respectively.