It is no longer news that the Pension Industry is Nigeria’s cash cow today having grown Assets in excess of Six Trillion Naira.

The National Pension Commission (PenCom) has directed Risk Management Departments of all Pension Fund Administrators (PFAs) with Funds Under Management (FUM) of N100 billion and above to report directly to the Managing Director/Chief Executive Officer.

In a circular sent by PenCom to all PFAs, the Commission said that the decision was taken because risk management is a vital control function for Management.

It is therefore imperative that Risk Management Department of PFAs also report to the MD/CEO to ensure sufficient oversight and supervision of the risk Management Process, not just by Risk Managers as it was the practice before but by all stakeholders including CEO’s who are arrow-heads of PFAs.

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