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The Chartered Institute of Loan and Risk Management of Nigeria (CILRM) has signed a memorandum of understanding (MoU) with the Institute of Risk Management (IRM) to strengthen cooperation amongst both organizations, according to a statement released by IRM on Tuesday.

Under the agreement, the CILRM will purchase 2,500 IRM group affiliate memberships that will then be allocated across the Nigerian body’s membership network. CILRM members will benefit from belonging to a global network of risk management professionals. Other membership benefits include access to events, qualifications, networking, and online materials.

“The signing of the MoU with IRM today will not only strengthen the relation between our esteemed Institute and IRM, but will also go a long way to firmly create awareness of full practices of risk management in Nigeria economy, both private and public sectors,” said Oladipupo Bailey, President and Chairman of the Governing Council of CILRM. “This is another milestone achievement for CILRM and IRM towards growth and development of the profession, especially in the areas of resource enhancement, capacity building and professionalism.”

IRM – which was founded in 1986 – is the leading global professional body for enterprise risk management. The London-based body has over 600 members across Africa, with active regional groups in Ghana, Kenya, and South Africa. Regional groups in Nigeria and Zimbabwe are set to join the IRM’s membership.

“This is an exciting development for both the IRM and CILRM to strengthen the risk management profession in Nigeria, and for us to work more strategically going forwards,” said Ian Livsey, Chief Executive of the IRM. “The IRM already had a great footprint in Africa but this development cements the importance of the developing Nigerian market. We are keen to develop the risk management profession globally and raise the importance of enterprise risk at board level.”

Established by an act of the National Assembly in 2012, the CILRM is the sole professional body authorized by the National Universities Commission to regulate and control the risk management profession in Nigeria. The institute offers qualifications, memberships, training, events, and other resources to strengthen loan and risk management practice in Africa’s largest economy.