NDIC to tighten risk management in banking sector

The Nigeria Deposit Insurance Corporation (NDIC) says it will partner the National Assembly to strengthen its risk management framework to better safeguard depositors’ funds. The Corporation said the partnership with the Senate Committee on Banking, Insurance and Other Financial Institutions will provide legislative backing to support the move. Speaking at a retreat for the Committee […]

The Nigeria Deposit Insurance Corporation (NDIC) says it will partner the National Assembly to strengthen its risk management framework to better safeguard depositors’ funds.

The Corporation said the partnership with the Senate Committee on Banking, Insurance and Other Financial Institutions will provide legislative backing to support the move.

Speaking at a retreat for the Committee members in Abuja on Monday which had the theme: “Legislative and Policy Support for a More Effective Deposit Insurance System”, the Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Mukhail Abiru, said the financial sector must be better prepared to tackle emerging risks, especially cyber threats.

He said the committee would continue to provide legislative and policy support to ensure that the deposit insurance system becomes more effective.

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“We live in changing times. Beyond the usual banking risks, we now face challenges such as cyber-attacks. We expect NDIC to build strong systems to manage these risks,” he said.

Also, the Managing Director and Chief Executive Officer of NDIC, Mr. Thompson Oludare Sunday, assured the lawmakers that the corporation would fine-tune its operations and enhance risk management strategies for deposit insurance to meet current realities.

He explained that NDIC’s focus was not to reinvent the wheel but to improve existing systems. “If things are working, the only thing we can do is fine-tune and make sure they’re better, and that is the promise that we give. We’ve had the charge around needing to review our risk management system,” he said.