Experts suggest risk management adoption to exit recession

For Nigeria to move out of the current economic recession, experts have said that the country must embrace, in totality, risk management.

They added that the economic hardship in the country arose as a result of breakdown in risk management, noting that it is now time to right this wrong in a bid to propel rapid economic growth and development.

The experts, who spoke in Lagos at the public presentation of a risk management book titled ‘Risk Management and Other Professions’, written by Engr. Jacob Adeosun,  said all human endeavours deserved risk management, especially, as  humans are faced with different hazards on a daily basis.

The author of the book, Engr Jacob Adeosun, said risk management should be in the front burner, especially now that the nation is in recession, noting that comfort zone, has become uncomfortable, dollar boom disappeared and national wealth eroded, stressing that the time to secure the future is now.

According to him, ” to secure the future, it is time to build. This will take some time, much longer than the time for destruction. Rebuilding and sowing must not be haphazardly, anyhow or in any manner; otherwise, the building will eventually collapse, the seed will not germinate.”

To this end, he stressed that the public and the private sectors should up their skill with risk management knowledge to improve their performance and capacity.

Adeosun said his new book on risk management,  is expected to break a new frontier of knowledge in risk management amongst professionals, managers and officers in government, including those in commerce and industry.

Executive Vice-Chairman, IBN Limited, Prosper Okpue, who was the chairman of the event, applauded the author for contributing greatly to risk management and training of risk surveyors. He noted that risk is inherent in all human activities, hence it must be managed properly to forestall financial and economic wastes.

Ace broadcaster, Traffic Radio, Lagos, Victor Oteri, who was one of the book reviewers, noted that the book provides solution to risks challenges in the society, whilst calling on the government to focus more on risk management.

He maintained that risk management should be everybody’s business as risk does not respect persons. He added that the book would really help to open the minds of people to effective risk management.

Managing Director, FBNInsurance Limited, Mr. Val Ojumah, who was the second reviewer of the book, said the book was well articulated as it covers all the daily activities of man.

“The simplicity of the book is captured in every page. The author puts in the book what we do every day,” he said.

To him, risk management is not for only professionals, but for everybody, noting that it is practised by all of us knowingly and unknowingly.

Ojumah, therefore, called for the translation of the book into some Nigerian languages.