Risk management and economic experts have called for stronger supervision, adaptive regulation and greater collaboration to address emerging threats facing the global financial system.
The experts made the call at the end of the 2026 Global Financial Regulation Week and Basel Accord Day Conference, hosted virtually by the Association of Enterprise Risk Management Professionals (AERMP).
The event, themed “Basel at a Crossroads: From Basel I to Basel III Finalisation – Can Capital Regulation Catch Up with Emerging Risks?”, focused on prudential supervision, operational resilience, digital finance, governance, cybersecurity and enterprise risk management.
Chairman of the Nigerian Exchange Group (NGX), Alhaji Umaru Kwairanga, said global financial regulation was entering a new phase driven by rapid technological advancement and shifting geopolitical realities.
Kwairanga, who chaired the conference, identified artificial intelligence, climate change, cyber threats and digital assets as key risks requiring stronger regulatory oversight.
He stressed the importance of balancing innovation with financial stability and investor confidence, noting that sound corporate governance and effective risk management remained essential to building resilient financial markets.
Delivering the keynote address, Deputy Director at the Central Bank of Nigeria (CBN), Dr Temidayo Fasipe, said capital adequacy alone was no longer sufficient to guarantee resilience in today’s increasingly complex financial environment.
He noted that recent banking failures had shown how liquidity pressures and confidence shocks could threaten financial institutions despite maintaining adequate capital levels.
According to him, emerging risks require broader prudential frameworks that go beyond traditional capital regulation.
Fasipe identified artificial intelligence, cyber risks, climate-related risks and digital finance as critical areas demanding enhanced regulatory attention.
“Recapitalisation is only one element of financial resilience. Strong supervision, sound governance and a robust risk culture are equally important,” he said.
He also examined the growing role of digital assets in the global financial system and the regulatory challenges associated with their increasing adoption.
Also speaking, Director of Risk and Compliance Tech at CyProTorus Pvt. Ltd., India, Mr Tanmay Banerjee, highlighted the increasing influence of digital assets and the credit, liquidity, market and operational risks associated with them.
Banerjee also reviewed evolving international standards on virtual asset supervision and regulatory compliance.
President of the Chartered Institute of Taxation of Nigeria (CITN), Mr Innocent Ohagwa, commended AERMP for bringing stakeholders together to deliberate on issues affecting the global financial system.
He described financial regulation and taxation as complementary pillars of economic resilience and called for stronger collaboration among regulators, tax professionals, policymakers and enterprise risk practitioners.
The conference featured panel discussions and goodwill messages, with participants advocating closer cooperation among regulators, policymakers and risk professionals to enhance global financial stability.
In his closing remarks, AERMP Director-General, Dr Olayinka Odutola, thanked speakers, regulators and participants for their contributions throughout the week-long event.
He reiterated that effective supervision, strong institutions and sound governance remain critical to building resilient financial systems and promoting sustainable economic development.
Source: (NAN)
