Chartered Risk Management Institute of Nigeria Act, 2022

(1) There is established the Chartered Risk Management Institute of Nigeria (in this Act referred to as “the Institute”).

(2) The Institute –

(a) is a body corporate with perpetual succession and a common seal;

(b) may sue and be sued in its corporate name; and

(c) may acquire, hold and dispose of any movable or immovable property.

(a) determine the standards of knowledge and skills to be attained by persons seeking to be members of the Institute and raise those standards as circumstances may require;

(b) conduct professional examinations leading to the awards of certificates as may be prescribed by the Institute;

(c) establish and maintain a register of members and publish the lists of members; and

(d) perform other functions conferred on it under this Act.

(1) Subject to the provisions of this Act, persons admitted to membership of the Institute shall be enrolled in two categories

(a) individual members, consisting of – (i) Students, (ii) Associates, (iii) Senior Associates, (iv) Registered Risk Managers, (v) Honourary Members, (vi) Chartered Risk Managers, and (vii) Fellow, Chartered Risk Managers; and

(b) Institutional members.

(2) A person admitted to membership of the Institute may be registered as such other than in categories under subsection (l1 (a) and (b) as the Council may determine from time to time.

(a) a member of the Institute if he satisfies the Council that he (i) is a person of impeccable character with a minimum of five years cognate experience, (ii) has been in private practice on his own or in partnership with others as risk managers for a minimum period of not less than five years, and (iii) has fulfilled the requirements prescribed for induction;

(b) an Associate or Senior Associate member of the Institute if he satisfies the Council that he – (i) has been duly registered as a bonafide member of the Institute, (ii) has fulfilled the requirements for induction in accordance with the membership policy of the Institute, and (iii) is a person of impeccable character with relevant cognate experience in relevant field of economics or related fields;