Industry leaders to discuss risk management

Kreston Pedaborisk will host a breakfast seminar in April to examine the role of Enterprise Risk Management in strengthening business resilience amid economic and regulatory uncertainties, the firm announced in a statement on Monday.

The seminar, themed “Strengthening Business Resilience: Integrating Enterprise Risk Management for Sustainable Growth,” will bring together regulators, industry experts, and business leaders astability.

Partner at Kreston Pedabo, Nosa Ogebebor, emphasized the need for businesses to move beyond viewing ERM as a compliance requirement and instead adopt it as a core business strategy.

He noted that while regulatory bodies such as the Central Bank of Nigeria and the Securities and Exchange Commission have pushed for stronger risk management frameworks, many organizations—particularly small and medium-sized enterprises—still lack structured approaches due to limited expertise and awareness.

Ogebebor identified regulatory uncertainties, economic volatility, and rising cybersecurity threats as some of the biggest risks facing Nigerian businesses.

However, he also highlighted that advancements in technology and a growing focus on corporate governance present opportunities for companies to strengthen their risk management frameworks.

“The cost of poor or non-existent ERM practices can be severe, exposing businesses to financial losses, regulatory penalties, and reputational damage,” he said, stressing that proactive risk management is far more cost-effective than dealing with crises as they arise.

He added that aligning with global standards such as the COSO ERM Framework, ISO 31000, and the Financial Action Task Force recommendations is essential for Nigerian businesses looking to enhance governance, attract foreign investment, and improve regulatory compliance.

The seminar will feature key speakers, including regulators and industry practitioners, who will share insights on ERM implementation across various sectors.

Discussions will cover the role of ERM in business resilience, best practices in risk management and corporate governance, the impact of cybersecurity risks on ERM, and case studies of companies successfully integrating ERM strategies.

Ogebebor described the event as a timely intervention, given Nigeria’s evolving economic landscape.

He noted that by bringing together regulators, industry leaders, and risk management experts, the seminar aims to foster a proactive risk culture among Nigerian businesses.