Establishing Institute of Enterprise Risk Management a Duplication – CRMI

By Christiana Ekpa

The Chartered Risk Management Institute of Nigeria (CRMI) has opposed the proposed establishment of the Chartered Institute of Enterprise Risk Management of Nigeria by the National Assembly, describing it as a duplication of existing institutions with identical mandates.

In a memorandum submitted to the House Committee on Commerce, the Registrar of CRMI, Victor Olannye, said the bill seeking to establish the new institute overlaps with the functions of the already existing Chartered Risk Management Institute of Nigeria.

According to him, “Upon careful review of the bill, we wish to draw the Committee’s attention to certain issues surrounding the proposed legislation, specifically its overlap with existing laws and its implications for the integrity of the legislative process.”

Olannye explained that the 9th National Assembly had already passed the Chartered Risk Management Institute of Nigeria Act No. 39 of 2022, which was duly assented to by the President and gazetted, thereby conferring legal status on 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.

He pointed out that the primary objective of the proposed Chartered Institute of Enterprise Risk Management of Nigeria, to control and promote the practice of risk management, is already fully addressed by the 2022 Act.

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

Olannye noted that the legislature has consistently frowned upon the unnecessary proliferation of professional bodies, particularly when their mandates are already covered by existing legislation.

“Creating overlapping institutions not only leads to inefficiency and confusion within the profession but also undermines the integrity of the legislative process,” he added.

He therefore urged the Committee to consider dropping the bill, noting that allowing it to progress would “contradict existing legislation (Act No. 39 of 2022), create legal and institutional conflicts, undermine the principle of avoiding duplication and redundancy in laws, and weaken the credibility and authority of the legislature’s previous actions.”

Olannye stressed that maintaining the integrity and coherence of the legislative framework was paramount, urging the Committee to uphold the existing law and reject the proposed bill.

He commended the Committee for its diligence and professionalism, saying, “The Governing Council wishes to commend the Committee for its unwavering diligence and commitment to upholding the principles of lawmaking. Your meticulous approach to legislative oversight and your dedication to ensuring that every bill aligns with the broader goals of national progress reflect the highest standards of legislative professionalism.”

He added that the Committee’s integrity and thoughtfulness were instrumental in strengthening Nigeria’s governance framework and fostering public trust in the National Assembly.