Risk management must be people-centered, locally driven to succeed — Faleye

Oluwaseun Faleye, MD Nigeria Social Insurance Trust Fund (NSITF), has advocated for a combination of localized solutions and synergy as best strategy in risk management.

Dr. Dayo Alao, NSITF technical assistant, delivered the statement on behalf of his boss, on Friday, at the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI).

In his goodwill message at the event which held in Lagos, Faleye prescribed practical solutions on how to manage risk in several sectors of the economy.

“Global strategies must be rooted in the realities of the people they serve. Without local context, even the best global frameworks can.

“Whether in occupational safety, climate resilience, or cyber defense, preventing risks is cheaper, faster, and more humane than responding after disaster strikes,” he said.

Speaking further, Faleye mentioned the need for collaboration in risk management, as it helps to achieve set goals.

“Risk is too complex for silos. We must think of ourselves as one ecosystem of risk managers, each contributing a piece of the puzzle.

We must share data and build further resilience locally and, in our people,” he said.

He also noted that conflicts, pandemics, and other risks such as cyber-attacks might be globalised, but the effects are local.

The conference had in attendance Vice President Kashim Shetima, the Deputy Governor of Lagos State, Dr. Femi Hamzat, Minister of Finance, Wale Ẹdun, Central Bank of Nigeria Governor, Yemi Cardoso amongst other important dignitaries.

In his welcome address, Kelvin Ugwuoke, president and chairman of the Governing Council of the Institute, shared the same sentiment

He said the need for local content in prescribing panacea to globalised risk informed the theme of the conference: Global risks: Local Solutions.

To conclude his speech, he thanked the Vice President and other dignitaries for gracing the occasion while hoping that the conference’s theme will begin to show impart in Nigerian economy.