The President, Risk and Insurance Managers Society of Nigeria (RIMSON), Mrs. Effiom Ekaha has described RIMSON as a potent tool for organisational survival in turbulent times and in periods of economic down turn.Mrs Ekaha stated this at the end of 2011 National Conference of the society held in Ibadan, Oyo State recently.She debunked the view that risk management was only relevant for addressing downside risks.According to Mr. Ekaha, risk management is not only employed by pro-active organisations to address downsides risks of man and natural exposures which are insurable alone , but also for addressing upside risks to take advantage of opportunities and benefits in business and investments.Underscoring the pivotal place of risk management, the President noted that 'today, more than ever before, risk management is generally recognised as a potent tool for survival in turbulent times and circumstances. 'Businesses are faced with myriads of operational risks which if not properly managed, could impair their survival and continuity.'Ekaha however said that the theme of the RIMSON national conference, Nigeria's Economic Growth: Value Creation During Economy Downturn, was apt in view of the need to prepare professionals and policy makers for the eventuality of the impending economic down turn that may affect global economy and business growth.While delivering the theme paper, Dr. Akintola Owolabi of the Lagos Business School traced the path of the nation's economic development and disclosed that after the global economic downturn, the country was being confronted with the dialema occasioned by the need to save costs and restructure expenditure on one hand and the need to invest and innovate to create conducive environment to alleviate the suffering of the masses on the other.As a way out, Dr Owolabi emphasized the need for the country to monitor expenditure more closely and for government to undertake its activities efficiently, as well as devise strategies for a clear identification of the key value drivers in the economy. Also in his paper on 'Pension Challenges and Solution', Mr Adeniyi Falade, Managing Director of Crusader Sterling Pensions Limited applauded the Pensions Act in view of its multifarious advantages on the plight of workers, but emphasized that the scheme was still being confronted with problems such as inadequate coverage of the informal sector of the economy which constitutes more that 40 per cent of the nation's work force as well as the need to build capacity to address the wide knowledge gap. Delivering a paper on 'Management of Security Risks in Nigeria', Dr Nat Cole of the Forensic & Compliance Institute identified some of the risks faced by Nigeria to include financial crimes, militancy or terrorism, unmitigated corruption, cybercrimes, piracy and decaying infrastructure.Dr Cole underscored the need to for the nation to embrace appropriate risks management strategy to address evolving security risks faced by the nation and have a change of orientation from what he referred to as the 'adaptation syndrome' to urgent national security issues.
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