Leading indigenous manufacturing giant, Dangote Group has emerged winner of the 2018 prestigious Nigerian Risk Award (NRA).
The award recognizes organizations who have made measurable impact within their sector through the effective application of good governance, risk management and internal control systems and strategies.
The award was conferred on Dangote at the Fourth NRA summit attended by top executives of both public and private sector was chaired by the Pro-Chancellor and Ex-Chairman of the Governing Council, Lagos Business School and Pan-Atlantic University, Dr. Christopher Kolade and recognized other individuals and organizations across – Banking and Investment; Insurance and Pension, telecoms and Media Service, Oil and Gas Services sectors.
Business Hilights gathered that Dangote Group was shortlisted for the award by a panel of judges made up of 14 risk management professionals and academics across 4 countries including – Nigeria United Kingdom, United States of America and Denmark.
Explaining more, NRA co-chair, Mr. Tunde Popoola, the panel of judges responsible for assessing all entries for the prestigious award, assessed all entries based on four criteria and went further to include a fifth and evidence-based metric to the selection process, further streamlining the process and ensuring winners have demonstrated actual value in the context of an overall risk management programme.
He said “This year’s award recognizes organizations that have successfully integrated and promote risk management culture and practices. The decision-making process is merit driven and a new metric was introduced to attest the evidence of success made by organizations. This changed the outcome significantly as quiet a lot of companies applied but failed on the part of providing evidence.”
“All 14 judges participated in the assessment process and ranked all entries on response provided on – what was done by the organization in integrating and promoting risk management culture and practices; when it was done; how it was done; what was achieved and the final metric of evidence of result which carried 30% of the entire rating. To win, any organization must score a minimum of 70%.”
Dangote Industries Limited emerged as the winner in the Manufacturing, Production and Industry’ category.
Receiving the awards, Group Operational Lead, Risk Management of Dangote Group, Mrs. Eneni Oduwole expressed gratitude to the organizers of the event and the panel of judges who have committed immense resources towards the project.
She averred that “As Africa’s foremost business conglomerate, we understand the importance of integrating a robust and relevant Risk Management practices and we are honoured to receive this award from NRA, a body committed to championing the cause of risk management excellence. The rigorous judging process reaffirms the outstanding Risk Management framework of Dangote Industries Limited towards delivering superior value for our stakeholders, and it further fuels our commitment to do more”
It would be recalled that last year, Dangote Industries Limited, became the first manufacturing organization in West Africa to be awarded the ISO 22301 certificate in Business Continuity Management (BCM) following an external audit. ISO certifications are an international benchmark highlighting good business practices and providing a framework for an organization to proactively identify and mitigate current and future threats to business, allowing continuity across its operations and preserving stakeholder value.
