NSITF boss prescribes local content, collaboration for risk management

The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Oluwaseun Faleye, has advocated a combination of localized solutions, prevention above response to risk, and synergy as the most effective tools in risk management.

Faleye stated this in his goodwill message to the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI) held at the Eko Hotel and Suites, Victoria Island, Lagos.

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

On prioritizing prevention over response, the NSITF boss, who was represented at the occasion by his Technical Assistant, Dr Dayo Alao, insisted that whether in occupational safety, climate resilience, or cyber defence, preventing risks is cheaper, faster and more humane than responding after a disaster has occurred.

Making a case for synergy in risk management, he said: “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.”

Faleye noted that conflicts, pandemics and other risks such as cyberattacks 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; chief executives of banks and other financial institutions, as well as delegates from outside Nigeria, aside from members of the Institute.

In his welcome address, President and Chairman of the Governing Council of the Institute, Kelvin Ugwuoke, stressed the need for local content in prescribing a panacea to globalised risk, which informed the theme of the conference, ‘Global risks: Local Solutions’.

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