The Managing Director of the Nigeria Social Insurance Trust Fund (NSITF), Barrister Oluwaseun Faleye has advocated a combination of localized solutions, Prevention above response to risk, and synergy as best strategy in risk management.
Barrister Faleye canvassed this position, Thursday, in his goodwill message to the 24th Annual International Conference of the Chartered Risk Management Institute of Nigeria (CRMI), at the Eko Hotel and Suites, Victoria Island, Lagos.
"Global strategies must be rooted in the realities of the people they serve. Without local context, even the best global frameworks can
fail" He argued.
On prioritizing prevention over response, the NSITF boss, who was represented at the occasion by his Technical Assistant, Dr Dayo Alao, said "Whether in occupational safety, climate resilience, or cyber defense, preventing risks is cheaper, faster, and more humane than responding after disaster strikes."
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."
The Faleye, 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, chief executives of banks and other financial institutions as well as delegates from outside Nigeria aside members of the Institute.
In his welcome address, President and chairman of the Governing Council of the Institute, Mr Kelvin Ugwuoke, also towed the same line. He said the need for local content in prescribing panacea to globalised risk informed the theme of the conference: Global risks: Local Solutions. He thanked the Vice President and other dignitaries for gracing the occasion.