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CBN urges risk managers to deploy tech against cybercrime.

The Central Bank of Nigeria (CBN) on Tuesday advised risk managers to adopt new technologies that do not cause harm in the digital economy but help in eliminating cybercrime.

Risk managers are individuals responsible for managing an organisation’s risks and minimising the adverse impact of losses on the achievement of the organisation’s objectives.

Blaise Ijebor, director, risk management, CBN, gave the advice during the 2023 Certified Risk Manager (CRM) induction ceremony where 80 professionals were inducted in Lagos.

“People complain about the changing regulations in the industry but this is necessary because we the regulators contend with new technologies which we have to manage efficiently so that these new technologies do not cause harm in the digital economy, ” he said.

“Cybercrime is no longer about money these days. The criminals are now playing a long-term game of boosting their CV and so with each passing day, the cybercrime racket grows bigger. So, risk managers have to adopt new technologies and also adopt management risks as well,” Ijebor said.

He highlighted the importance of certain qualities and actions, urging the inductees to stay agile and adaptable, ready to respond to the dynamic nature of their work. He encouraged them to be brave, taking on challenges and seizing opportunities.

The CBN director noted the significant implications for risk management, which he said include the rise of interconnected systems, the creation of value from data, the weaponisation of information, shifts in the cybersecurity risk landscape, and regulatory changes.

Ezekiel Oseni, president of CRMI, charged the inductees to be well equipped in the field and be the solution that helps to find ways out of business obstacles without compromising their profession. He urged the Federal Government as well as other levels of government to introduce risk management functions in the ministries, departments and agencies.

“We advise eminent individuals, personalities and members of the public to be aware of institutions not chartered by the Act of National Assembly that are going about as chartered risk management institutes and conferring fellowship status on people”, he said.

Ken Opara, president, Chartered Institute of Bankers of Nigeria (CIBN), in his remarks, said the collaboration between the CIBN and CRM has produced 196 CRMs in the last eight years to effectively address current and emerging risk management issues..

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