LAGOS, April 2024 — Kreston Pedabo has announced plans to host a breakfast seminar in April, focusing on the role of Enterprise Risk Management (ERM) in strengthening business resilience amid economic and regulatory uncertainties.

Themed “Strengthening Business Resilience: Integrating Enterprise Risk Management for Sustainable Growth,” the seminar will bring together regulators, industry experts, and business leaders to discuss best practices in risk management and corporate governance.

Speaking on the upcoming event, Nosa Ogebebor, Partner at Kreston Pedabo, emphasized the need for businesses to move beyond viewing ERM as a mere compliance requirement and instead adopt it as a fundamental business strategy.

“While regulatory bodies such as the Central Bank of Nigeria and the Securities and Exchange Commission have advocated for stronger risk management frameworks, many organizations—especially small and medium-sized enterprises—still lack structured approaches due to limited expertise and awareness,” Ogebebor said.

He identified regulatory uncertainties, economic volatility, and rising cybersecurity threats as some of the most pressing risks confronting Nigerian businesses. However, he also noted that advancements in technology and the growing emphasis on corporate governance present opportunities for organizations to enhance their risk management frameworks.

“The cost of poor or non-existent ERM practices can be severe, exposing businesses to financial losses, regulatory penalties, and reputational damage,” Ogebebor warned, adding that proactive risk management is far more cost-effective than addressing crises as they arise.

He further stressed the importance of aligning with global risk management standards such as the COSO ERM Framework, ISO 31000, and the Financial Action Task Force recommendations. According to him, adopting these frameworks can enhance corporate governance, attract foreign investment, and improve regulatory compliance for Nigerian businesses.

The seminar will feature key speakers, including regulators and industry practitioners, who will provide insights on ERM implementation across various sectors. Discussions will cover topics such as the role of ERM in business resilience, best practices in risk management, the impact of cybersecurity threats on ERM, and case studies of organizations successfully integrating ERM strategies.

Ogebebor described the seminar as a timely intervention given Nigeria’s evolving economic landscape. He noted that by bringing together regulators, industry leaders, and risk management experts, the event aims to foster a proactive risk culture among Nigerian businesses.