Proposed Risk Management Institute unnecessary, CRMI tells Reps

By Gift Chapi-Odekina, Abuja

The Chartered Risk Management Institute of Nigeria (CRMI) has cautioned the National Assembly against passing the measure seeking to found the Chartered Institute of Enterprise Risk Management of Nigeria, describing it arsenic a duplication of existing laws.

In a memorandum submitted to the House Committee connected Commerce, the Registrar of CRMI, Victor Olannye, said the projected measure overlaps with the functions of the Chartered Risk Management Institute of Nigeria, which was legally established nether Act No. 39 of 2022.

“Upon cautious reappraisal of the bill, we privation to gully the Committee’s attraction to its overlap with existing laws and its implications for the integrity of the legislative process,” Olannye stated.

He explained that the 9th National Assembly had already enacted the CRMI Act successful 2022, which was duly assented to by the President and gazetted, giving the institute afloat ineligible recognition.

“The Act comprehensively governs and promotes the signifier of hazard absorption successful Nigeria, including nonrecreational certification, regulation, and advancement of the profession,” helium said.

Olannye noted that the objectives of the projected Chartered Institute of Enterprise Risk Management of Nigeria are already covered nether the existing 2022 Act, stressing that enacting different akin instrumentality would make confusion, inefficiency, and organization conflicts.

“Creating overlapping institutions not lone leads to inefficiency wrong the assemblage but besides undermines the integrity of the legislative process,” helium added.

He truthful urged the Committee to driblet the projected measure to safeguard legislative coherence and uphold the existing law.

Olannye commended the Committee for its professionalism and committedness to legislative integrity, saying:

“Your diligence and dedication to ensuring that each measure aligns with nationalist goals bespeak the highest standards of lawmaking.”

In his remarks, the Chairman of the Committee, Rep. Ahmed Munir, said the ongoing legislative efforts purpose to fortify Nigeria’s economical and regulatory frameworks done the constitution of caller institutions, amendment of existing laws, and improved oversight mechanisms.

He explained that respective bills earlier the Committee absorption connected enhancing regulatory efficiency, nonrecreational standards, and economical diversification, noting that effectual collaboration betwixt the legislature and enforcement was indispensable to achieving bully governance.

“Bills similar this volition assistance mean imaginable risks, beforehand sustainable growth, and alteration Nigeria to payment from planetary opportunities successful clime alteration mitigation,” Munir said.

The Committee besides considered different bills, including those seeking to found oregon amend laws for nonrecreational and regulatory bodies specified arsenic the Chartered Institute of Nigerian Universities Professional Administrators, the Institute of Chartered Biochemists and Molecular Biologists, and the Chartered Institute of Mortgage Bankers and Brokers, among others.

Munir commended the Tinubu medication for maintaining macroeconomic stability, citing improvements successful GDP maturation and gross procreation contempt existent economical challenges.

“What is near is ensuring that macro-level gains construe into amended surviving conditions for citizens,” helium added.

The station Proposed Risk Management Institute unnecessary, CRMI tells Reps appeared archetypal connected Vanguard News.