The Chartered Institute of Loan and Risk Management of Nigeria (CILRM) has called on professionals from various sectors to explore the use of artificial intelligence (AI) in managing risks across industries.
During its recent Executive Masterclass and Induction ceremony in Lagos, CILRM highlighted how AI can revolutionize risk management and offer significant benefits to sectors such as finance, healthcare, politics, and governance. The institute emphasized the potential of AI to boost Nigeria’s socio-economic growth.
Dr Nkechi Akubuiro, President of CILRM Nigeria, stressed the importance of risk management in every profession and urged Nigerians to embrace AI as a critical tool for improving decision-making processes and minimizing uncertainties. “There is no way we can manage risk without AI’s benefits,” she stated.
Akubuiro illustrated AI’s potential in banking, healthcare, and everyday business decisions, where vast amounts of data must be processed efficiently to mitigate risks and harness opportunities. She noted that while Nigeria has developed strong policies, the lack of risk management strategies has often undermined its success.
The introduction of AI, according to the CILRM president, will allow professionals to identify, assess, and mitigate risks better, resulting in more accurate and data-driven decision-making. “If we can begin to imbibe the strategies, assess our risks; identify, assess, evaluate, mitigate against and treat them, then we would have given room to either reduce the evil that risks can bring or take the opportunities they present. That’s what risk management is all about,” she asserted.
The keynote speaker, Dr Martina McPherson, explained the relevance of AI to Nigeria’s economic future and the growing complexities in global risks, from economic shifts to environmental challenges. He urged Nigerian risk professionals to use AI to manage threats and seize opportunities, thereby positioning Nigeria as a leader in innovative risk management practices.
The Registrar General of CILRM, Dr Innocent Uzombah, reinforced the need for professionals to adopt AI in risk management, saying, “We are encouraging all risk professionals to embrace artificial intelligence because it’s crucial in processing large datasets and making accurate decisions.” According to Uzombah, AI reduces human errors, thereby enhancing operational efficiency.
A highlight of the masterclass was a paper presentation by Dr Olanrewaju Sharafa on ‘Embracing Change and Opportunity: A Risk Professional’s Journey to a New Challenge’ and the induction of new members to the International Certified Risk Management Professional body.
One of the inductees, the Managing Director of Finventory Ltd, Emmanuel Egobi, expressed his enthusiasm about becoming a fellow of CILRM. “It has been a fantastic experience to be a member and graduate from member to become a fellow. The institute has done extensively well by way of exposing the risk management profession to current trends in the financial world,” he said.
