Speaking on the theme, ‘Risk Management in Nigeria – Evaluating the Impact and Relevance to National Development’, Omosehin emphasized that risk management is a strategic pillar of sustainable national development, not merely a reactive tool.
“Risk management should not be seen as a reactive measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development, and public policy,” he stated.
Citing global insights, Omosehin referenced Harvard Business School’s definition of risk management as a systematic process involving risk identification, assessment, and mitigation, and highlighted PwC’s Global Risk Survey, which shows that organizations embracing strategic risk practices are five times more likely to inspire stakeholder confidence and achieve better business outcomes.
Expanding Insurance Penetration
Omosehin also stressed NAICOM’s regulatory focus on empowering insurers to underwrite risks effectively while ensuring policyholder protection. He outlined the commission’s ongoing efforts to increase insurance penetration, particularly among underserved communities, as a means of making risk mitigation more inclusive and equitable.
“In today’s interconnected world, the ability of public and private institutions to identify, assess, and respond to risks is central to national resilience and progress,” he said.
He noted that Nigeria’s past challenges—from climate-induced disasters to cyber threats and pandemics—underscore the need for a structured, anticipatory risk culture. He affirmed that the insurance industry remains critical in this effort by promoting risk transfer mechanisms that provide financial safety nets and foster economic stability.
Calls for Ethical Practice and Government Involvement
Delivering the anniversary lecture, Prosper Okpue, Executive Vice Chairman/CEO of Insurance Brokers of Nigeria Limited, echoed Omosehin’s sentiments, calling on risk managers to uphold ethical standards. He urged the government to institutionalise structured risk management practices, arguing that many national losses could have been avoided with proper frameworks in place.
Leadership Commitment at RIMSON
Also speaking at the event, the newly elected President of RIMSON, Dr. Abbas Idriss, pledged to build on the strong foundation laid by the society’s pioneers. He called for collective support to achieve the organisation’s objectives and further elevate the practice and relevance of risk management in Nigeria.
As Nigeria grapples with evolving risks, from economic volatility to climate change, experts agree that a forward-looking, data-backed, and inclusive risk culture is crucial for long-term national development and resilience.