The Chartered Institute of Loan and Risk Management of Nigeria (CILRM) has emphasized the importance of integrating artificial intelligence (AI) into risk management practices across various sectors in the country. During its recent Executive Masterclass and Induction ceremony held in Lagos, the CILRM articulated how AI can transform risk management, providing numerous advantages for industries including finance, healthcare, and governance. The institute believes that embracing AI can significantly contribute to Nigeria’s socio-economic development by enhancing decision-making processes and reducing uncertainties in various professional fields.
Dr. Nkechi Akubuiro, President of CILRM, stressed that risk management is a fundamental component of all professions. She called for Nigerian stakeholders to embrace AI as a vital tool in their operational frameworks and decision-making. According to Akubuiro, the potential for AI in managing risks is vast—ranging from banking scenarios, such as assessing credit risks in loan approvals, to critical healthcare decisions like minimizing the risk of surgical mishaps. By employing AI technologies that process enormous amounts of data efficiently, professionals can better identify risks, thus enabling them to capitalize on emerging opportunities.
Despite Nigeria’s existence of robust policies, a persistent gap in effective risk management strategies has hindered the country’s progress in various aspects. Akubuiro reiterated that the introduction and implementation of AI technologies would facilitate a more accurate approach to risk identification, assessment, and mitigation. She contended that by effectively analyzing the complexities of risks, decision-makers would be in a better position to reduce potential harms while also discovering and leveraging potential benefits. This rigorous approach to risk management could empower organizations to navigate challenges effectively, thereby enhancing overall operational efficacy.
The keynote address by Dr. Martina McPherson highlighted the essential role AI plays in navigating Nigeria’s economic landscape amidst escalating complexity and global risks, which range from economic shifts to environmental issues. McPherson urged that by utilizing AI, risk professionals not only manage existing threats but also identify novel opportunities, ultimately positioning Nigeria as an authority in innovative risk management practices. The responsibilities shouldered by these professionals are substantial, but so too are the opportunities to influence industries positively and develop new risk management methodologies with integrity and operational competence.
Dr. Innocent Uzombah, the Registrar General of CILRM, reinforced the message that embracing AI in risk management is vital. He maintained that AI’s capabilities in processing large datasets and minimizing human errors significantly enhance decision-making processes and operational efficiency. Uzombah’s insights align with the overarching theme of the masterclass, illuminating the necessity for professionals engaged in risk assessment to adopt AI technologies to facilitate more informed and accurate decisions in their respective fields.
The event also featured a notable paper presentation by Dr. Olanrewaju Sharafa, which discussed the transformative journey of risk professionals in adapting to new environments and challenges. The induction ceremony welcomed new members into the International Certified Risk Management Professional body, with one inductee, Emmanuel Egobi, reflecting on his positive experience within CILRM. He pointed out the expansive nature of risk management, emphasizing its relevance beyond just credit management to encompass various business operations. This broad understanding of risk management is essential for professionals aiming to succeed in today’s dynamic business landscape, underscoring the importance of ongoing education and adaptation in the field.
