Risk management and economic experts have called for more supervision, adaptive regulation and enhanced collaboration to address emerging risks confronting the global financial system.
The experts made the call at the end of the 2026 Global Financial Regulation Week and Basel Accord Day Conference, held virtually and hosted by the Association of Enterprise Risk Management Professionals (AERMP).
The conference, in a statement in Lagos, attracted regulators, policymakers, financial institutions, academics and risk professionals from several countries.
The theme of the conference was “Basel at a Crossroads: From Basel I to Basel III Finalization – Can Capital Regulation Catch Up with Emerging Risks?”.
Participants examined key issues bordering on prudential supervision, operational resilience, digital finance, governance, cyber threats and enterprise risk management.
Chairman of the Nigerian Exchange Group (NGX), Alhaji Umaru Kwairanga, said global financial regulation had entered a defining era shaped by rapid technological advancement and geopolitical developments.
Kwairanga, who chaired the conference, identified artificial intelligence, climate risks, cyber threats and digital assets as major regulatory concerns requiring proactive oversight.
He stressed the need for regulators to strike a balance between promoting innovation and preserving financial stability and investor confidence.
According to him, sound governance and effective risk management remain critical to building resilient financial markets.
In her welcome address, President of AERMP, Dame Taiwo Ige, said the conference was designed to assess whether existing regulatory frameworks remain adequate to address evolving global financial risks.
Ige, represented by the association’s Director-General, Dr Olayinka Odutola, reaffirmed the commitment of AERMP to advancing enterprise risk management and strengthening institutional resilience.
Delivering the keynote address, Deputy Director of the Central Bank of Nigeria (CBN), Dr Temidayo Fasipe, said capital adequacy alone could no longer guarantee financial resilience in today’s increasingly complex financial environment.
Fasipe said recent banking failures had demonstrated how liquidity pressures and confidence shocks could threaten financial institutions in spite of maintaining adequate capital levels.
He noted that emerging risks required broader prudential frameworks beyond traditional capital regulation.
According to him, artificial intelligence, cyber risks, climate-related risks and digital finance have become critical areas demanding stronger supervisory attention.
“Recapitalization is only one element of financial resilience. Strong supervision, sound governance and a robust risk culture are equally important,” he said.
Fasipe also examined the expanding role of digital assets in the global financial ecosystem and the regulatory challenges arising from their increasing adoption.
Also, Mr Tanmay Banerjee, Director, Risk and Compliance Tech, CyProTorus Pvt. Ltd., India, highlighted the growing influence of digital assets and the associated credit, liquidity, market and operational risks.
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 convening stakeholders to deliberate on critical issues affecting the global financial system.
Ohagwa described financial regulation and taxation as mutually reinforcing pillars of economic resilience and urged stronger collaboration among regulators, tax professionals, policymakers and enterprise risk practitioners.
The conference also featured panel discussions and goodwill messages, with participants calling for greater cooperation among regulators, policymakers and risk professionals to strengthen global financial stability.
Closing the conference, Odutola thanked speakers, regulators and participants for their contributions throughout the week-long programme.
He reiterated that strong institutions, effective supervision and sound governance remain indispensable to building resilient financial systems and achieving sustainable economic development. (NAN).
