Opara Urges Enhanced Risk Management Vigilance in the Current Digital Era

Nume Ekeghe 

President/Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN) Ken Opara has urged risk managerment practitioners to enhance risk management vigilance in line with the rapid advancement of technology and increased reliance on digital systems. 

ALSO, Opara stressed the need for proactive measures to identify, assess, and mitigate these risks adding that by implementing robust risk management practices, organisations can safeguard their sensitive data, protect against cyber threats, and ensure the smooth functioning of their operations.

He gave this call at 2023 Induction Ceremony of the new Certified Risk Managers (CRM) in Lagos. 

He said: “As we embrace the benefits of digitalization, we must also be mindful of the attendant risks.” 

The theme for the induction programme was, “Risk Management Focus in a Digital Era,” a theme Opara qualified timely as the world struggles in an “era where technology is advancing at an unprecedented pace, transforming the way we live, work, and conduct business. With the rapid adoption of digital technologies, the financial landscape is evolving, presenting both opportunities and challenges for risk management professionals.”

In reality, the fast-paced advancement of technology which is redefining and causing major disruptions in every aspect of human existence, has given rise to challenging risks; Cybersecurity threats, data breaches, and technological vulnerabilities.

Opara strongly charged Risk Managers to rise up to the challenge in safeguarding, “our institutions by developing a comprehensive understanding of the risks associated with digitalization and implement robust strategies to address them. Our role as risk managers therefore has become even more crucial in safeguarding the integrity, security, and resilience of our institutions.”

“In this digital era, we must constantly adapt and enhance our risk management practices to effectively mitigate these emerging threats. We need to develop a comprehensive understanding of the risks associated with digitalization and implement robust strategies to address them. This requires a multidimensional approach that encompasses technology, people, processes, and governance, ”Opara said.