The CBN has established an internal risk management specialist function to develop Nigerian Capital Adequacy and Enterprise Risk Assessment Process guidelines, based on the ICAAP (UK) and COSO (US) frameworks, to ensure the industry adapts and complies with the highest standards of risk management and Boards are well-informed on how their organisations are managing risk.
We have already introduced tenure limits for bank CEOs and intend to implement the term limits set out in the 2006 Code of Conduct for the banking Industry with respect to non executive directors and auditors in the immediate future. We have already begun the transition to a risk-based supervision, thus aligning the CBN with international regulators.