CRMI opposes proposed risk management institute, says it's duplication

The Chartered Risk Management Institute of Nigeria (CRMI) has rejected the proposal by the National Assembly to establish the Chartered Institute of Enterprise Risk Management of Nigeria.

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In a memorandum submitted to the House Committee on Commerce, the Registrar of CRMI, Victor Olannye, described the move as a duplication of existing institutions with identical functions.

Mr Olannye stressed that the bill currently before the National Assembly conflicts with the mandate of the already established Chartered Risk Management Institute of Nigeria, which is backed by law.

He explained that the 9th National Assembly had enacted the Chartered Risk Management Institute of Nigeria Act No. 39 of 2022, which was duly assented to by the President and gazetted, giving full legal recognition to the institute.

“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.

In 2022, the National Assembly passed a bill to formally convert CRMI (previously RIMAN) into a chartered institute. The bill was passed by the Senate on 21 June 2022.

Mr Olannye noted that the primary objective of the proposed Chartered Institute of Enterprise Risk Management of Nigeria to regulate and promote the practice of risk management is already covered under the 2022 Act.

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“As such, the proposed bill duplicates functions and responsibilities already legislated under existing law,” he said.

He warned that the proliferation of professional bodies with overlapping mandates breeds inefficiency and confusion, while also undermining the integrity of the legislative process.

“Creating parallel institutions where clear laws already exist contradicts the principle of coherence in lawmaking and weakens public confidence in the National Assembly’s legislative consistency,” he stated.

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The CRMI therefore urged the committee to discontinue further consideration of the bill, arguing that allowing it to proceed would contradict the 2022 Act, create legal and institutional conflicts, and diminish the credibility of the legislature’s previous actions.

Mr Olannye stressed the need to preserve legislative integrity by avoiding redundancy in lawmaking, urging lawmakers to uphold the existing Act as the sole regulatory framework for the risk management profession in Nigeria.

He also commended the Committee on Commerce for its diligence, professionalism, and commitment to upholding the principles of sound lawmaking.

According to him, the committee’s careful approach to legislative scrutiny continues to strengthen Nigeria’s governance framework and foster public trust in the National Assembly.