NSITF to Strengthen Risk Management for Better Service Delivery

By Chinedu Echianu

The Nigeria Social Insurance Trust Fund (NSITF) says it is intensifying efforts to expand its internal risk management framework as part of ongoing reforms to enhance the Fund’s efficiency and effectiveness in delivering social security services nationwide.

Managing Director and Chief Executive, Barrister Oluwaseun Faleye, gave this assurance while receiving a delegation from the Chartered Risk Management Institute (CRMI), led by its Chief Registrar, Victor Olaninye, during a courtesy visit to the Fund’s corporate headquarters in Abuja.

Faleye said strengthening risk management across the organisation is essential to building a more resilient NSITF capable of sustaining its mandate. He noted that the Fund is exploring areas of collaboration with the Institute, especially in developing the capacity of its workforce.

“We can build the sort of understanding and sustainability required for a much more resilient Fund. I see many ways we can collaborate, particularly in expanding and developing the capacity of our members, whether in the risk department or Fund-wide,” he said.

The NSITF boss urged CRMI to integrate the Employees’ Compensation Scheme (ECS) into its curriculum to increase awareness, especially within the financial sector, on the importance of social safety nets in mitigating business risks. According to him, educating stakeholders on the ECS remains vital to helping organisations protect their most valuable asset — their workers.

Responding, Olaninye thanked the NSITF management for its support and participation in the Institute’s 24th Annual International Conference. He praised Faleye’s leadership, describing it as transformative and highly professional, and expressed CRMI’s readiness to collaborate further with the Fund to promote national development and strengthen excellence in risk management.