Polaris Bank Empowers Partners In Risk Management

September 12, 2019

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Polaris Bank has empowered some of its service providers in risk management practices in order to improve their efficiency.
A statement from the company stated that the programme focused on risk management in business adding that this was aimed at improving the growth and efficiency of the operations of the bank’s business partners.
The Head, Sustainability, Polaris Bank, Bola Adesanoye, in her welcome address said the conference aligned with the framework of the Nigerian Sustainable Banking Principles as enthroned by the Central Bank of Nigeria.
“The NSBP, in one of its nine principles, talks about environmental and social footprints of businesses in the community, where aligned businesses have presence. “As an organisation driven by principles of sustainability, Polaris Bank has a responsibility to ensure that as we meet our own needs and we do not compromise the ability of future generations to meet their own needs,” Adesanoye said.
She added, “There are environmental and social Risks and other potential impact associated with engaging third parties and the need to address this informed the session.”
Head of Operational Risk, Akeem Adekoya, in his presentation spoke on managing vendors risk, described vendors’ risk management as a process dealing with the management and planning of third-party products and services,
According to him, risk management ensures that the use of third-party products, IT suppliers and service providers does not result in a potential business disruption or in any negative impact on business performance.
While listing all the available and known risks, Adekoya said, “If left unmanaged, these risks can lead to a decline in the financial institution’s reputational image, costly litigation, or loss of revenue.”
Earlier in his presentation which dwelt on reputation management and associated risk, the bank’s Head, Strategic Brand Management, Nduneche Ezurike, said reputation could be boosted or blasted with a few key moves.

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