The Chartered Institute of Loans and Risk Management, Nigeria (CILRMN) has formally inducted the Institute of Loans and Risk Management, Ghana (ILRMG) as its affiliate.
This follows the signing of a memorandum of understanding (MoU) between the two institutes upon which they will organise and provide professional training in the area of loans and risk management to interested persons as part of efforts to improve the services they render in their respective fields.
During an interaction with the media after the signing ceremony in Accra, the President of the ILRMG, Mr Adam Sulley, said the MoU was important because it would provide the needed guidance to regulate the activities of the ILRMG as an affiliate of the CILRMN.
“Also, the courses that will be provided will examine the structures and processes necessary for any organisation to achieve an effective loan and risk management process in the context of continued profitability and for effective delivery,” he indicated.
According to him, the knowledge to be acquired is expected to help address risks, especially the high default rate, associated with loans management in the country.
He said membership would be drawn from industry, commerce, the public sector and the government service.
The institute, he added, would ensure that the sector came on board in order to help manage issues associated with risk in the country.
Mr Sulley underscored the need for the country to develop professionals in the field of risk management to help curtail the issues associated with it.
“If you go to the banking and the insurance industry, risk management is taken seriously, but outside these two industries, no one seems to care about risk management and that is what the institute is trying to address,” he observed.
Avenue to build professional capacity
The ILRMG is an independent, non-political and non-profit-making national body governed by a national executive council with the vision of becoming the main repository of best professional practices in the field of loans and risk management.
The Vice-President of the council of the CLRMN, Dr H.N. Akubuiro, for her part, said the mission of the institute was to provide an avenue for all professionals to build their capacities in order to enhance their careers using modern technology and up-to-date methods of load and risk management to improve the quality of services in a competitive environment.
“The institute has been able to enroll over 1,000 members since the CLRMN was inaugurated 10 years ago, and so we want to give people professional qualification in the field of risk management,” she said.
She announced that tertiary institutions in Nigeria would soon begin to enroll students to study Risk Management as a discipline in that country.