Chartered Risk Management Institute of Nigeria (CRMI) has described the establishment of Chartered Institute of Enterprise Risk Management of Nigeria as a duplication of existing institutions with identical mandates.
The Registrar Chartered Risk Management Institute of Nigeria of CRMI, Mr Victor Olannye, made the observation while presenting a memorandum during a public hearing of the house of Representatives committee on Commerce in Abuja.
Mr Victor Olannye said the bill seeking to establish the new institute overlaps with the functions of the already existing Chartered Risk Management Institute of Nigeria passed by the 9th National Assembly which was duly assented to by the then President.
He pointed out that the primary objective of the proposed Chartered Institute of Enterprise Risk Management of Nigeria is to control and promote the practice of risk management and the 2022 Act has already addressed that aspect.
According to him, after careful review of the bill, it is necessary to draw the Committee’s attention to certain issues surrounding the proposed legislation, to avoid duplicatiin of functions and responsibilities already legislated under an existing law passed by the same house.
“The Act comprehensively governs and promotes the practice of risk management in Nigeria, including professional certification, regulation, and the advancement of the profession,” he said.
He, therefore, urged the Committee to consider dropping the bill, noting that allowing it to progress would “contradict existing legislation (Act No. 39 of 2022), create legal and institutional conflicts, undermine the principle of avoiding duplication and redundancy in laws
COV /TSIBIRI
