An Insight into an Industry Professional’s Expertise and Methodologies
The global Enterprise Risk Management (ERM) market saw an expansion from $4.78 billion in 2022 to $5.1 billion in 2023, marking a compound annual growth rate (CAGR) of 6.7%. However, the ongoing conflict between Russia and Ukraine has cast a shadow over the prospects of global economic revival from the effects of the COVID-19 pandemic, especially in the near future.
More than ever, this industry is in need of experts who are positioned to navigate these complex and dynamic economic landscapes. Specialists like Babatunde Raimi, with his proficiency in enterprise risk management, financial management, and IT audit risk management, are particularly essential. Raimi’s unique skill set allows him to identify potential threats, develop robust risk mitigation strategies, and ensure organizational stability amidst the uncertainties. His keen understanding of the market, paired with his innovative risk management methodologies, positions him to guide businesses through challenging periods, turning potential hazards into opportunities for growth and sustainability.
ERM is a complex and multifaceted discipline. It requires a comprehensive understanding of an organization’s risks across all departments and functions. Raimi, with his unique set of skills and experiences, brings a 360-degree perspective to this role.
“In the realm of risk management, success is not only about identifying and controlling risks but also about transforming these risks into stepping stones for growth and sustainability,” Raimi says. As he pursues an MBA in Data Analytics after having earned his Master’s in Risk Management and Insurance, Raimi is ready to leverage his knowledge and skills in the ERM domain.
Raimi is proficient in methodologies and standards such as COSO, SSAE18, ISO 3000:2018, NIST, FISMA, HIPPA, Sarbanes-Oxley Act, and ISO 27001. His understanding of these methodologies is fundamental to his success in ERM. “Each of these methodologies offers a unique perspective on risk management,” he explains. “They provide a robust framework for understanding, analyzing, and mitigating risks.”
In addition to his theoretical knowledge, Raimi has a proven track record in the practical application of these methodologies. In his role as Head of Insurance and Enterprise Risk Management at Kobo360 Inc., Raimi developed an effective risk management framework and significantly reduced the company’s financial losses.
However, his expertise doesn’t stop at risk management. Raimi is also skilled in financial management, IT audit risk management, and data analysis. His data analysis proficiency shines in his R, Python, SAS, and VBA work. He uses business intelligence tools to visualize data and generate insightful business reports for informed decision-making.
“True success in enterprise risk management is not merely surviving in the face of risks, but learning to dance with them, turning potential hazards into opportunities for business innovation and growth,” Raimi says. This innovative approach to ERM reflects in his ability to manage credit, operational, and enterprise risks, lead fraud investigations, and devise risk mitigation strategies.
Raimi’s expertise in IT audits adds another layer to his ERM skills. He identifies control shortcomings, ensures regulatory compliance, introduces automated control tools, and upholds top-tier IT infrastructure standards. This proficiency in IT audits, combined with his deep understanding of risk management, makes Raimi a versatile professional.
“To me, success is being able to use my analytical skills to decipher complex financial data, transform it into actionable insights, and provide those insights to decision-makers to improve our company’s performance and bottom line,” Raimi says.
As we continue to navigate an increasingly volatile business landscape, professionals like Raimi who can identify, analyze, and mitigate risks are indispensable. His expertise and unique approach to ERM make him a valued asset to any organization. As Raimi puts it, “Success is creating a culture where risk is not feared, but understood, managed, and used as a powerful tool for strategic planning and decision-making.”
Combining his financial acumen, IT audit knowledge, data analysis skills, and deep understanding of ERM methodologies, Raimi truly exemplifies the next generation of ERM professionals. His proficiency and innovative thinking are demystifying the complex realm of Enterprise Risk Management, ultimately helping businesses navigate their risk landscapes and achieve sustained growth.Connect: https://www.linkedin.com/in/babatunde-raimi-/