Services industry as well as promote the safety and soundness of the Nigerian Central Bank of Nigeria, CBN has said it’s in the process of redesigning the Credit Risk Management System, CRMS of banks.
The CBN in a circular with reference number FPR/DIR/CIR/GEN//05/007 signed by Kevin Amugo, director, financial policy and regulation department and dated June 23, 2015 said the idea was to enhance data integrity and promote the efficiency of the regulatory submission process.
Also, the apex bank explained that the objective was to have the CRM support the credit administration process in the financial financial system.
“In this regard, banks are invited to support the project’s success in the following areas: nominate five staff members having direct oversight of credit administration, regulatory submissions (preferably CRMS), financial control and IT infrastructure in the respective institutions. These nominees would serve as each organisation’s contact person and representatives in the engagement session(s) with the CBN on the project,” the circular affirmed.
The banks are also to articulate, document and submit comments on observed challenges with the current CRMS and areas of desirable improvement.
Other objectives of redesigning the CRMS of Nigerian banks include providing a schedule of borrowers’ categorization including criteria and types of loans and advances.
Also, the new CRM process is expected to provide a listing of major collateral types used to secure loans and advances.
“The information should be submitted to the director, financial policy and regulation department within two weeks of the date of this letter,” the CBN added.

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