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Enterprise Risk Management and Climate Change: Preparing the Financial Sector in Nigeria
Abstract
The global exposure to climate change-induced risks culminating in the alteration of known environmental order and its debilitating spin effects on the key economic units in which the financial sector plays the intermediation role has raised new levels of consciousness in tackling the phenomenon. To sustain stability of the financial sector and greening of its broad spectrum of activities, there is the need for an enterprise-wide risk approach better delivered through the enterprise risk management (ERM) model. This chapter, therefore, assesses the level of preparation of Nigeria's regulatory bodies and the financial sector on how best to tackle the emerging physical, transitory and indirect risks involved; it also captured the feelers of various stakeholders via responses to the questionnaire. Among other things, the authors recommend the greening of macro-prudential regulations, dynamic monetary policies, and overall framework for the financial sector to reflect the realities of climate change.
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