Nigerian banks called to improve governance

The governor of Central Bank of Nigeria (CBN), Malam Sanusi Lamido Sanusi, has called for bank managers to improve risk management, operational capacity management and corporate governance, reports Leadership Nigeria.

Speaking in Asaba where he delivered a lecture on 'The Economy in Perspectives: Consolidating the gains of the banking sector reforms', he said the politicians were accomplices in the failure of some banks.

He also accused the management and boards of banks for gambling with depositors' funds and conniving with the operators of the stock market for selfish reasons.

Aon has agreed to a $4.9 billion acquisition of Hewitt Associates in a deal that will expand the risk management and insurance brokerage's consulting business, states Telegraph.co.uk.

Aon, which is based in Chicago, will merge Hewitt with its existing consulting business once the deal is completed later this year.

Greg Case, Aon's chief executive, says: "As we continue to grow our business, this merger will give us a broader portfolio of innovative products and services focused on what we believe are two of the most important topics in the global economy today - risk and people."

Deloitte has revealed nearly half (45.9%) of executives report that complexity of implementation is their organisation's biggest challenge in improving enterprise risk management, says PR Newswire.

"Executives relying on conventional wisdom often miss the unconventional realities that can make risk management appear insurmountably complex," says Frederick Funston, a principal with Deloitte & Touche.

Areas where flaws in risk management were reported included failure to challenge fundamental business assumptions (22%), inability to anticipate potential causes of business failure (15.6%) and failure to maintain constant vigilance for threats and opportunities (13.1%).