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‘Adopt new approach to governance, risk management’

‘Adopt new approach to governance, risk management’

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‘Femi Asu

Nigerian companies have been advised to adopt an integrated approach to governance, risk management and compliance in order to reliably achieve their objectives and perform optimally.

The Managing Partner of Infotech Risks and Security Limited, Salman Akorede, said this approach to business would help organisations to manage uncertainties, perform optimally and operate within the boundaries of relevant laws and values.

According to him, the business landscape is more dynamic today than it has ever been.

“Since the demise of Enron, one of the major dilemmas of corporate and public institutions is how to manage in an ecosystem where people, technology, processes and requirements are constantly evolving,” he said.

One of the major challenges facing companieshe said, was the absence of a strong GRC framework that could ensure reliable achievement of organisational objectives with a risk focus while acting with integrity.

Akorede said, “This is especially so in the face of ever-increasing uncertainties, laws, multiplying regulations, industry standards and more.”

He said with the adoption of an integrated approach to the GRC, “forward-looking organisations would have a model that could integrate the various sub-disciplines of governance, risk, audit, compliance, ethics/culture and the IT into a unified framework.”

According to the statement, before embarking on the GRC journey and eventually deploying available technological solutions, organisations must first develop a framework that effectively considers their capabilities, objectives, risks arising from uncertainties, as well as mandatory and voluntary requirements in order to effectively calibrate performance.

IRSL Consulting is partnering with OCEG, an American-based global non-profit GRC think-tank with over 70,000 members, to make principled performance the standard practice among organisations in Nigeria.

They are organising a five-day workshop for executives, managers and key staff in all GRC roles – including risk, audit, compliance, ethics, legal, performance, and information technology – across three states in Nigeria.

Akorede said, “This is vital to successfully supporting the core functions of forward-looking organisations to achieve optimal performance on a global scale.”

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