Risk management is imperative to all businesses. For instance, lack of effective risk management is the reason for global recession. When wallstreet traders leverage more than they actually owned via marginal trading for a better expected returns and once market move against them, its bankruptcy. Risk management as someone said above is very broad and cut across all professions, CAPM is one of the oldest model use for evaluating risk exposure in relation to expected return in financial management. Keep the ball rolling guyz

Management of Risk is an important subject that everyone within an organization needs to take very serious.

Risk can be defined as an uncertain event or sets of events, that should it occur, will have an impact on the company's objectives. The objectives can be strategic, programme, project or operational. It can even involve some risk specialisms like:

Business Continuity Management
Incidence and Crisis Management
Health and Safety
Financial Risk Management
Liquidity and Credit Risk
Reputation Risk
etc.

All the risks that affect organizational objectives needs a holistic management approach. In my career, I have found a framework developed by the UK Government Cabinet Office called Management of Risk: Guidance for Practitioners (M_o_R). There are 2 certifications: Foundation and Practitioner. You can find out more on: http://www.mor-officialsite.com/TrainingOrganisations/ATOListing.aspx

or
http://www.apmg-international.com/en/qualifications/m-o-r/m-o-r.aspx

This guide is intended to help organization put in place an effective framework for risk management. This will help take informed decisions about the risks that affect their strategic, programme, project and operational objectives.

The M_o_R Framework is based on four core concepts:
1. M_o_R Principles: They are informed by corporate governance principles and international standard for risk management, ISO31000:2009

2. [b]M_o_R Approach:[/b] An organization's approach to principles needs to agreed and defined within a risk management policy, Risk Management Process Guide and Risk Management Strategies. These must be supported by Risk Register, Risk Improvement Plan, Risk Communication Plan and Issue Register.

3. M_o_R Process: the process is divided into four main steps: identify, assess, plan and implement

4. Finally, Embedding and Reviewing M_o_R: this talks about Risk Maturity Model assessment and Risk Health checks. The guidance gives a very detailed explanation on how to perform this in an organization.

Every Risk Manager or Risk Analyst needs this certification. This does not stop you from having other Risk certifications. The certification is called Management of Risk: M-o_R

@Sandysprax. I believe the initial definition was geared towards IT or information security risks. Others have expanded on this as there are other types of risk.Someone mentioned that it's a back office function..I don't see how he came to that conclusion when there is risk management at an enterprise level. You can email info@kamhen.com with specific questions and get some advice. best of luck.

^ lets do the question & answer here na?

I still believe there are little to no opportunities for risk mgt professionals in Nigeria, especially at the entry level.

Apart from financial institutions and oil companies, i doubt that there are [so many] other sectors in which they'd be in high demand.

Am i right or am i correct?

yamakuza: ^ lets do the question & answer here na?

I still believe there are little to no opportunities for risk mgt professionals in Nigeria, especially at the entry level.

Apart from financial institutions and oil companies, i doubt that there are [so many] other sectors in which they'd be in high demand.

Am i right or am i correct?

Why will you say that there is little or no opportunities for risk professionals in Nigeria? Is Nigeria not part of the global financial system being swept by the recent global regulatory overhaul brought on by Basel II and Basel III? Risk management is still at its rudimentary level in Nigeria. Part of it is because the Nigerian financial system is not deep ; mostly plain vanilla products like equities and fixed income (no active markets for derivatives and structured products) and the CBN is yet to talk tough on Basel II (maybe they lack sufficient staff members with the technical skills required to enforce Basel compliance). Virtually, almost all parts of the world have implemented Basel II long before even 2011 except few countries mostly found in Africa which is not unusual as we are always the last part of the world to catch up in most things. That said, I think as the risk profession grows, the potentials are enormous. Risk is the language of well run organizations now. Risk management is no longer the traditional 'avoiding unwanted risks' but modern risk management which is part of organizational strategy is about taking intelligent and well informed risks to achieve organizational objectives. In future, risk professionals in Nigeria will command the respect accorded their counterparts in other parts of the world who now have a voice in how organizations are being run. In fact, in some organizations with revolutionary thinking, risk management is not a separate unit but integrated in the investment management decisions. If there is anytime to get into the risk profession, I think it is now.

yamakuza: ^ lets do the question & answer here na?

I still believe there are little to no opportunities for risk mgt professionals in Nigeria, especially at the entry level.

Apart from financial institutions and oil companies, i doubt that there are [so many] other sectors in which they'd be in high demand.

Am i right or am i correct?

I think you are very correct..

Most corporations prefer experienced manager to risk manager because if you understand the fundamental of a business with good experience.You can help control risk to some extent via reduce waste etc but risk management goes beyond that, it can be use to reduce cost by effectively managing its value chain processes.

saxywale: Risk Management is very diverse and broad. I don't even know where to start from. In the financial Services

The very common ones are:

Market Risk: Equity, commodity, currency, interest rate.
Credit Risk: Default, concentration
Regulatory Risk: Regulatory and Compliance
Operational Risk

Analysis and monitoring of the above differs for different divisions in a large financial institution. e.g Credit and regulatory in the Retail banking environment is different from that of Corporate / Investment Banking.

Also Business Risk and Financial Risk

Very interesting topic........you won't see a topic as insightful as this one with a lot of comments on nairaland. Smh.........

RixExpat:

Why will you say that there is little or no opportunities for risk professionals in Nigeria? Is Nigeria not part of the global financial system being swept by the recent global regulatory overhaul brought on by Basel II and Basel III? Risk management is still at its rudimentary level in Nigeria. Part of it is because the Nigerian financial system is not deep ; mostly plain vanilla products like equities and fixed income (no active markets for derivatives and structured products) and the CBN is yet to talk tough on Basel II (maybe they lack sufficient staff members with the technical skills required to enforce Basel compliance). Virtually, almost all parts of the world have implemented Basel II long before even 2011 except few countries mostly found in Africa which is not unusual as we are always the last part of the world to catch up in most things. That said, I think as the risk profession grows, the potentials are enormous. Risk is the language of well run organizations now. Risk management is no longer the traditional 'avoiding unwanted risks' but modern risk management which is part of organizational strategy is about taking intelligent and well informed risks to achieve organizational objectives. In future, risk professionals in Nigeria will command the respect accorded their counterparts in other parts of the world who now have a voice in how organizations are being run. In fact, in some organizations with revolutionary thinking, risk management is not a separate unit but integrated in the investment management decisions. If there is anytime to get into the risk profession, I think it is now.

yes, i agree with you that Risk Mgt is very important and that every organization should/must embrace it.

so far, focus on this thread has been on definition and scope of RM , more or less.

i was looking forward to hearing from those practicing how their organizations have benefited immensely from RM (in Nigeria).

of course, i wont be surprised if most of the case studies come from financial institutions and/or oil companies. perhaps because they are required to conform to very international standards?

kushkush: I need major help. I just a job as. market risk officer and I really do not know much of market risk

just curious, how did you get the job? were you working in a similar role before?

any plans in place to train you on the job?

kushkush: I need major help. I just a job as. market risk officer and I really do not know much of market risk

Be succinct, what type of market?

This is news o

Riroeire: @Sandysprax. I believe the initial definition was geared towards IT or information security risks. Others have expanded on this as there are other types of risk.Someone mentioned that it's a back office function..I don't see how he came to that conclusion when there is risk management at an enterprise level. You can email info@kamhen.com with specific questions and get some advice. best of luck.

Thanks for your response.


For the sake of selflessness, I'll post exactly what I'll be mailing to you on here so you can decide which of them is convenient for you to respond to. I hope this arrangement is okay by you?


I don't exactly have a question but I was just looking for some pep talk/mentoring basically. I'm looking for entry level positions to kick start my career but like someone here rightly mentioned, it is difficult finding companies here in Nigeria that are willing to accept fresh graduates with little or no experience. I've even resorted to searching for companies that will be willing to absorb me as an intern for which I'm very ready to work for free as my objective is not to make money but to build a career in this area.


I've taken the liberty of looking through your website, i.e kamhen.com and it seems to me like an IT Security Training Institute. I can also see that you have an office here in Abuja. Fortunately, I live in Abuja. I'd like for you to book me an appointment to come see you if possible for further discussions about my certification plans.


Many thanks.

I recently got back to country and I did my masters dissertation on operational risk m. I will like the forum to advise me on the organisations and Banks in Nigeria that needs ORM professionals entry level that I can apply to. My email is tozinla@yahoo.com

sandysprax:


Thanks for your response.


For the sake of selflessness, I'll post exactly what I'll be mailing to you on here so you can decide which of them is convenient for you to respond to. I hope this arrangement is okay by you?


I don't exactly have a question but I was just looking for some pep talk/mentoring basically. I'm looking for entry level positions to kick start my career but like someone here rightly mentioned, it is difficult finding companies here in Nigeria that are willing to accept fresh graduates with little or no experience. I've even resorted to searching for companies that will be willing to absorb me as an intern for which I'm very ready to work for free as my objective is not to make money but to build a career in this area.


I've taken the liberty of looking through your website, i.e kamhen.com and it seems to me like an IT Security Training Institute. I can also see that you have an office here in Abuja. Fortunately, I live in Abuja. I'd like for you to book me an appointment to come see you if possible for further discussions about my certification plans.


Many thanks.

@Sandysprax, It's not an IT security training institute, it works with one though. Kamhen provides information security services. Please note that IT security and Information security are not the same but are closely related.I am not in the country at the moment so we could communicate via the ether. I can't leave my email on here because it's a public forum..(don't wanna get spammed as spammers could harvest emails on here amongst other threats). you can contact me on the email provided and we can exchange details for skype and we can have a chat. That said having a CISM, CISA, CISSP helps, and getting acquainted with security standards like ISO 27001 and ISO 27005 for risk management will help put things in perspective.

straneur:

Be succinct, what type of market?

Financial markets risk. I work with a bank. My first job.

Riroeire:
@Sandysprax, It's not an IT security training institute, it works with one though. Kamhen provides information security services. Please note that IT security and Information security are not the same but are closely related.I am not in the country at the moment so we could communicate via the ether. I can't leave my email on here because it's a public forum..(don't wanna get spammed as spammers could harvest emails on here amongst other threats). you can contact me on the email provided and we can exchange details for skype and we can have a chat. That said having a CISM, CISA, CISSP helps, and getting acquainted with security standards like ISO 27001 and ISO 27005 for risk management will help put things in perspective.

You have just spoken like a true Information Security Professional. They're very aware of the risks inherent in surfing the web and are therefore always conscious of what they do just like myself. I've sent you an email already. I sent it at about the same time I made my last post. Hoping to hear soon from you. Cheers!

sandysprax:


You have just spoken like a true Information Security Professional. They're very aware of the risks inherent in surfing the web and are therefore always conscious of what they do just like myself. I've sent you an email already. I sent it at about the same time I made my last post. Hoping to hear soon from you. Cheers!

No worries and thanks. I haven't received any mail from you checked my spam box too.

kushkush:

Financial markets risk. I work with a bank. My first job.

Check the link below, it may help

http://www.garp.org/media/489989/credit%20slides.pdf

kushkush: I need major help. I just a job as. market risk officer and I really do not know much of market risk

You can buy any of these books from amazon.com:

1) http://www.amazon.com/Measuring-Market-Risk-Kevin-Dowd/dp/0470013036

2) http://www.amazon.com/Value-Risk-Benchmark-Managing-Financial/dp/0071464956/ref=pd_bxgy_b_img_y

3) http://www.amazon.com/Management-Financial-Institutions-Wiley-Finance/dp/1118269039/ref=pd_sim_b_2

They are some of the industry's best books on market risk management and most leading risk certifications reference these materials but you require some advanced knowledge of statistics, math, finance,and maybe macro economics to have a full grasp. Much of the materials are graduate level (masters level) based curriculum. In the long term, if you really want to become a professional risk manager, you should consider to enrol in either the Financial Risk Manager - FRM certification (by GARP) or the Professional Risk Manager - PRM certification (by PRMIA) or even both. You have a lot to learn from these certifications and moreover, you will have rare opportunities to network with a global elite of risk professionals around the world and you will have access to tons of best training in risk management (mostly via the web) as well as other forums and ongoing professional education to learn from the industry leaders in risk and finance generally.

Congrats for such a role.

Riroeire:
No worries and thanks. I haven't received any mail from you checked my spam box too.

I've resent it to info@kamhen.com.

Hi guys, I am a student member of PRMIA and i am preparing for my first exam. Please can anyone provide me with information on where to purchase TI-30XS Multimedia view in nigeria? Urgent assistance will be appreciated.

toptop: Hi guys, I am a student member of PRMIA and i am preparing for my first exam. Please can anyone provide me with information on where to purchase TI-30XS Multimedia view in nigeria? Urgent assistance will be appreciated.

If its for PRM you need TI-30XS Multimedia view calculator, don't bother. You get to use an electronic calculator embedded in the computer for the exams.
ALl the best in your exams.

I have been posted to Operational Risk Management department of the Bank I work as an Entry level. I hope to finally move to Information Security Management Unit. I will be following this thread to learn more.

Can IT related courses like CCNA, CCNP, Microsoft and CEH develop me more as I want to finally specialize in Information Security?

Advices please.

madambini:

If its for PRM you need TI-30XS Multimedia view calculator, don't bother. You get to use an electronic calculator embedded in the computer for the exams.
ALl the best in your exams.

That is very true. Just go and learn how to use the calculator on Microsoft but you need to select the scientific calculator option.

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Application deadline is a week from the day of advert placement.

Interested candidates should apply to: madeconceptsng.bo@gmail.com OR hr.madeconceptsng.bo@gmailcom

boneruns: I have been posted to Operational Risk Management department of the Bank I work as an Entry level. I hope to finally move to Information Security Management Unit. I will be following this thread to learn more.

Can IT related courses like CCNA, CCNP, Microsoft and CEH develop me more as I want to finally specialize in Information Security?

Advices please.

Yeah they would help, the caveat however is information security is not IT security although a huge component of this. In other words you have to wear a different hat most times and not think like a techie. e.g to address Governance Risk Compliance and Privacy requirements. Make sense?

For one who is veering off into Internal Audit, without a background in Accounting, what advice would u give ?

Riroeire:
Yeah they would help, the caveat however is information security is not IT security although a huge component of this. In other words you have to wear a different hat most times and not think like a techie. e.g to address Governance Risk Compliance and Privacy requirements. Make sense?

Thanks for the insight

the_cia: For one who is veering off into Internal Audit, without a background in Accounting, what advice would u give ?

The description provided is very vague. Internal audit does not have to be strictly financial but I do understand as the term is used loosely. I would advice you to pursue the CISA certification which enables you to audit information systems basically helping you understand business processes, IT governance frameworks, controls

Hello FRM Candidates,

I want to have an idea about the number of candidates preparing for the FRM Exam as I am planning to start an FRM tutorial center here in Lagos. If the number is reasonable, I will approach some other high profile individuals and prospective tutors who are also certified FRMs and some of whom are also CFA charter holders so we can commence an FRM tutorial center in Lagos. Lectures may not commence before the next 2013 November exam considering the logistics that need to be put in place but we can provide mentoring for those who may need that for the November exam.

Regards.