The Senate on Tuesday, passed a bill for the establishment of the Chartered Risk Management Institute of Nigeria.

The passage of the bill at plenary was sequel to the consideration of a report on it by the Committee on Establishment and Public Service.

Sen. Orker Jev (PDP-Benue) while presenting the report said the Chartered Risk Management Institute, when finally signed into law, would regulate, control and manage the risk management profession in Nigeria.

Jey, who represented the Committee Chairman, Ibrahim Shekarau, explained that the establishment of the institution would, in no small measure, boost and entrench risk management culture in both the public and private sectors.

According to him, the institute will also reduce risk factors embedded in everyday life.

He said that establishment of the Chartered Risk Management Institute of Nigeria would improve the overall risk consciousness of the nation by means of public education, seminars and workshops.

“Existence of a Chartered Risk Management Institute will provide effective oversight and sharing of Information on risk management matters and tools that promote good practice among members,” he said.