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Co-Author: Lolade Hamzat

Financial fraud remains a critical issue affecting the global economy. The frequency of cybercrime is alarmingly high and continues to grow. By 2023, it is projected that up to 33 billion accounts will be compromised, translating to approximately 2,328 breaches occurring daily. This equates to about 97 victims of cybercrime every hour. In total, cyber attacks have been documented to exceed 800,000 incidents, and startlingly, a cyber attack happens roughly every 39 seconds. 

The continuous surge of cybercrime highlights the crucial need for robust cybersecurity measures and vigilant risk management strategies to tackle financial fraud, safeguard assets, and maintain consumer trust.

To understand more, it’s key to get an insider’s perspective. Babatunde Raimi is a name synonymous with expert risk management in today’s dynamic financial landscape. A seasoned risk professional and a graduate student at the Hult International Business School, Raimi has carved a niche for himself, specializing in Enterprise Risk Management, Financial Management, and IT Audit Risk Management. 

Raimi understands the vital role that risk management plays in customer protection. “We’re living in an era where data breaches and financial fraud are all too common,” he affirms. “I want to protect consumers by making financial institutions safer and more secure. I believe in a customer-centric approach where customer protection and satisfaction are paramount.”

Raimi’s comprehensive approach to risk management, incorporating methodologies like COSO, SSAE18, ISO 3000:2018, NIST, FISMA, Sarbanes-Oxley Act, and ISO 27001, has earned him recognition and respect in the industry. From his early days in Lagos State University, Nigeria, studying Risk Management and Insurance, Raimi has been driven by a passion for managing risk, with a keen focus on data analysis. 

This passion is visible in the key services he proposes, which are meticulously designed to address the specific risks that financial institutions and government agencies face.

A risk management framework

“One of the primary services that I have brainstormed is the development of a robust risk management framework,” Raimi shares. “This framework would help financial institutions identify, quantify, and mitigate their inherent risks. This is more than a tool; it’s an innovative strategy designed to fortify the institution’s defenses, reduce their financial losses, and safeguard their customer’s interests.”

Technical assistance

Technical assistance forms another significant part of Raimi’s offerings. With his extensive knowledge and practical experience in risk management, he provides hands-on support for financial institutions to implement the risk management framework effectively. Raimi works in tandem with these institutions to refine their risk management practices, thereby fortifying their risk defenses and making them more resilient.

Research initiatives

But Raimi’s contribution extends beyond the confines of individual institutions. He is dedicated to advancing the entire field of risk management. His research initiatives keep abreast of the evolving landscape of risks that financial institutions face. The objective is twofold: to help these institutions stay one step ahead of new threats and to contribute valuable insights that can shape the global discourse on risk management.

In this context, Raimi’s work isn’t just about managing risk; it’s about enhancing the financial stability of the entire US economy. “My overall goal is to help fortify the defenses of US financial institutions,” he explains. “This would contribute to the nation’s economic resilience, which is a critical factor in our increasingly interconnected global economy. I believe that this can help make the country more competitive on the global stage, capable of weathering financial storms and capitalizing on economic opportunities.”

Raimi’s journey, spanning from Lagos to the classrooms of Hult International Business School, has been marked by a relentless pursuit of knowledge and a desire to make a difference. His work symbolizes his commitment to not only reducing risk but also enhancing financial stability and competitiveness. His expert services – the risk management framework, technical assistance, and research – demonstrate a holistic approach to risk management, one that is sure to leave an indelible mark on the field.

As Raimi continues to innovate and push the boundaries of risk management, one thing is clear: financial institutions, government agencies, and indeed the entire financial sector stand to benefit. His work is not just a service; it’s a commitment to a safer, more stable, and competitive financial landscape.

Learn more: https://www.linkedin.com/in/babatunde-raimi-