Risk Management Experts Urged to Uphold Due Diligence

By Nume Ekeghe and Oluchi Chibuzor

The Risk Management Association of Nigeria (RIMAN) has urged its newly inducted members to carry out their corporate activities in their respective organisations with due diligence.

This according to RIMAN would allow them to discharge their professional duties in line with relevant standards guiding the profession.

The call was made during a virtually held membership induction programme where 47 new members were inducted and a lecture centered on, ‘Operational Risk Management and Organisational Excellence,’ was held.

In his opening remarks, the First Vice President, RIMAN, Mr. Kola Ajimoko, advised the inductees to carry out their corporate activities in their various organisations with due diligence, whilst also upholding the rules and regulations of the association to the best of their capacity.

In her keynote presentation, Deputy Group Chief Risk Officer and Group Head of Operational Risk Management, Dangote Industries Limited, Ms. Eneni Oduwole, pointed out that in order for any organisation to have a successful operational risk management and organisational excellence, it would require they put in place continuous processes which have the engagement of all stakeholders in the organisation.

She noted that such process must have been defined based on the DNA and culture of the organisation to ensure there is a continuous process to continue delivering top notch products and services to customers.

She added: “By doing so you do not remain on the same level, rather you increase operational capacity and deliverables, which would also help boost customers’ satisfaction, whilst also delivering the company’s corporate objective.

“It is important to note that organisational excellence cannot be achieved in one day as it involves a continuous process of efficiency and effective management techniques guided by frame work, standard, procedures and policies.

“The focus for it comprises having an excellent foundation which is determined by the strategy of the organisation, and from that you put in place scale-able processes that can be built on to ensure that comparative advantage is achieved in a sustainable manner.

“Organisational excellence also ensures that you have an integrated and corporate way to drive achievement of excellent results. In addition, it ensures an easy way of identifying the organisation’s dependence and interrelationships in order to know what to leverage on and to know the impact of decisions across your value chain. Organisational excellence also provides that platform for innovative and creative thinking.”

Oduwole added: “The pillars of organisational excellence are, process management, project management, change management, knowledge management, resource management.

“All these factors cannot be taken away from the organisational excellence of any firm as they are very crucial towards it sustainability and development.”