The 10th May saw an historic in-person event with our East African, Nigerian, Zimbabwe and South African Groups for ‘IRM’s Strategy for the African continent’ combined with the institute’s maiden board visit to Kenya. Set against this backdrop, the meeting offered a unique opportunity for around 150 senior-level professionals specialising in risk, quality assurance, compliance, audit and accounting to convene.

It served as a platform for networking and collaboration among professionals from banking, insurance, SACCOs, the public sector, pharmaceuticals, healthcare, NGOs and regulatory bodies across East Africa and beyond. Guests heard from keynote speaker Geoffrey Odundo, executive advisor of CPF Financial Services Group, and other leading risk management experts who represented the institute.

His presentation focused on Africa’s growth and opportunity areas, including prospects for accelerated economic growth building an economic case for East Africa. East Africa’s growth is fuelled by the service industry, tourism and now hard commodities like minerals.
East Africa is the fastest growing region in Africa and this introduces a new world of risks, globalisation with climate impact, pandemics, supply chain, oil price shocks, fiscal, technological, regulatory, global heightened inflation and geopolitical risks. The agenda addressed critical topics such as emerging risks, integrated risk management and the transformative role of technology. Participants gained valuable insight into IRM’s internationalisation plan, focusing on its Africa strategy and its implications for members across the continent.

Aligned with IRM’s overarching goals of expanding its global reach and influencing risk management practices, this endeavour is the start of driving the development of the risk management profession, elevating risk awareness and championing best practices throughout Africa.

The board also met with key stakeholders in Kenya as it seeks to build strategic alliances and partnerships with professional and academic institutions. There were also high level discussions with policy makers in a bid to enhance risk management within the public sector – a key area of focus and expertise within the IRM. This initiative is timely, historic and holds immense importance for businesses, society and the economy in Africa.

The IRM board has also recently appointed Charity Mandiopera, senior credit risk officer at ZB Financial Holdings Limited (Zimbabwe). Dorothy Maseke, newly appointed Deputy Chair of the IRM, will have strategic oversight of the establishment of a registered educational body in Africa. She was a founding member of the original IRM East Africa Group, highlighting her deep-rooted commitment to advancing risk management education in Africa. Having retired from its local leadership, the East Africa Regional Group is now run by a secretariat comprised of two co-chairs, led by Catherine Nyaga-Mbithi and Sospeter Thiga and other committee members.

In Africa businesses face diverse and often volatile operating environments, effective risk management is essential for survival and growth. IRM plays a crucial role in this regard by providing tailored education and resources to businesses and individuals, enabling them to identify, assess and mitigate risks efficiently, whilst developing risk intelligent leaders of the future.

IRM qualifications hold significant importance for risk managers and companies, as they provide internationally recognised standards and best practices in risk management. By equipping professionals with these qualifications, IRM enhances the capacity of individuals and organisations to navigate complex risk landscapes with confidence and expertise.

By adopting robust risk management practices supported by IRM qualifications, businesses can enhance their resilience, ensuring continuity in operations even amidst disruptions.

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