Leading risk management experts have called on businesses to shift their view of Enterprise Risk Management (ERM) from a mere regulatory burden to a core strategic asset. Speaking at an ERM training session hosted by GBC Professional Services at the Marriott Hotel, Ikeja, key speakers emphasized that embedding risk management into corporate culture is vital for long-term competitiveness in volatile markets.
Key Takeaways from the WorkshopERM Drives Decision-Making: Risk management must be tied directly to strategic objectives, resource allocation, and performance measurement—not confined to internal audit departments.
Empowering the Frontline: Ground-level staff are often the first to see operational risks.
Organizations must foster an open culture where all employees feel empowered to report potential threats without fear of retaliation.
Defining Risk Appetite: Businesses must clearly articulate their risk appetite and tolerance before making major investments or strategic moves.
Proactive Tech Integration: Companies should adopt predictive analytics, AI tools, and Key Risk Indicators (KRIs) alongside standard KPIs to anticipate threats before they become crises.Context-Specific Frameworks: Rather than replicating models from advanced economies, businesses in developing regions should design practical ERM frameworks that reflect local economic, regulatory, and operational realities.
Expert InsightsAyo Ogunyinka, Risk Management Expert:”Risk management shouldn’t be treated as a separate compliance function. It should be integrated into the way an organization sets its objectives, allocates resources, and makes strategic decisions. Every employee should be able to speak up about challenges affecting their targets.
“Sir (Dr.) Gbenga Badejo, Managing Partner, GBC REANDA:”The objective of Enterprise Risk Management is not to eliminate risk entirely, but to understand, manage, and leverage it to make better strategic decisions that drive long-term value creation.
Every strategic decision should ask: What risks could prevent us from achieving this objective?
