Stock Market
NSE promotes Digitisation of Governance, Risk Management & Compliance with launch of SentryGRC
It enables organisations to pursue a systematic and organised approach to managing GRC-related strategy and implementation, thereby creating an enabling environment for increasing efficiency and effectiveness alongside reducing costs.
More organisations need to move away from the fragmented approach to structuring their operations to a more holistic framework that can monitor compliance and enforce rules and procedures.
This was highlighted at the launch of the SentryGRC platform powered by The Nigerian Stock Exchange on Tuesday.
SentryGRC is a platform that automates back-office functions like Governance, Risk Management and Compliance.
It enables organisations to pursue a systematic and organised approach to managing GRC-related strategy and implementation, thereby creating an enabling environment for increasing efficiency and effectiveness alongside reducing costs.
The platform was launched at the Digital Transformation of Governance, Risk Management and Compliance Functions webinar and commemorated with a digital Closing Gong ceremony.
At the webinar, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, explained that the Nigerian Stock Exchange would continue to position itself, not only to be a credible platform for raising capital, but to be a hub for innovative and creative ideas.
He said, “We are, therefore, pleased to introduce SentryGRC to the market. We recognize the need to build the required infrastructure for players in the Nigerian capital market, and we see the SentryGRC platform as a step in the right direction to help businesses achieve their strategic objectives, address uncertainties and act with integrity.”
One of the panelists at the webinar, the Executive Director, Regulation Division, NSE, Ms. Tinuade Awe said, “The SentryGRC promotes agility & digitization in Governance, Risk Management & Compliance areas of business. Institutions must recognize the need to adapt procedures & standards to what is relevant even as we transition to this new normal.
“Furthermore, there is a responsibilty on Regulators to become more comfortable with technology and engage with market participants on how to effectively design and deploy statutory standards that work from an operational point of view and also satisfy regulatory requirements.”
These sentiments were echoed during the panel session moderated by Partner and Financial Services Risk Management leader, West Africa, Ernst & Young, Mr. Benson Uwheru, with Chief Risk Officer, Coronation Merchant Bank, Mr. Magnus Nnoka; Director General, Association of Enterprise Risk Management Professionals of Nigeria, Mr. Olayinka Odutola; and Ms. Edidiong Akan, Chief Compliance Officer, Stanbic IBTC Pension Managers as panelists.
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They all agreed that changing trends will continue to bring new risks making it imperative for organisations to invest in business architecture that are adaptable to today’s environment and can quickly evolve with the rest of the world.
The launch of the SentryGRC platform is, therefore, timely in that it boasts an array of multi-dimensional features that make it both easily adaptable and applicable across various functions.
Some of its more interesting features include the customized dashboards that gives management a single view of relevant metrics; its ability to automatically generate reports making statutory submission seamless; and its easy integration across other operations including Enterprise Resource Planning softwares.
READ MORE: NSE Reports Positive Performance Across Asset Classes
In addition to Governance, Risk Management and Compliance, SentryGRC can also be used along a wide range of functions including Audit, Internal Control, Business Continuity, Legal Workflow, Data Protection Management, IT Audit and Ethics Management.
This platform is yet another product of The Exchange’s passion for business innovation and technology. Since 2011, The Exchange has built on its digital credentials to elevate the Nigerian capital market and enhance stakeholders’ experience.
Markets
Bears take hold of the NSE Banking index
The NSE Banking Index finished red with a loss of -0.52%.
The NSE Banking Index traded bearish at the end of the trading session today. 6 banks posted Gains and 4 Losses were recorded. The NSE Banking Index finished red with a loss of -0.52% adding to the -0.97% held in the previous trading session. The index dropped to 343.03 index points at the close of trading activities today.
Sterling Bank posted a substantial loss of -9.76% adding to the -0.61% held at the previous trading session pushing the price downwards from N1.70 to N1.49 and leading the top losers in the NSE Banking index.
Zenith Bank also saw another loss of -1.38% adding to the -0.91% held in the previous session pushing the price from N22.00 to N21.80.
Jaiz Bank lost some profit from the +6.67% held in the previous trading session by posting a loss of -1.56% settling the price at N0.63.
Fidelity Bank broke the stalemate held at the previous trading session to post a loss of -2.83% settling the price at N2.39 from N2.47.
Union Bank posted profits of +2.20% to settle the price at N4.65.
UBA also made gains of +2.21% pushing the price downwards to N6.95 from N6.80.
Wema Bank recovered from the decline in the previous session to post gains of (+1.79%) pushing the price to N0.58 from N0.55.
GT Bank also posted a profit of +1.39% moving price from 28.75 to N29.15.
Access Bank made a decisive move from its stalemate position with gains of +0.66% settling the price at N7.60.
Ecobank made profits of (+1.04%) settling the price at N4.90.
Outlook
- Market sentiment trends towards recovery as 6 companies in the NSE Banking Index made gains as opposed to 4 losses at the end of the trading session today.
- Nairametrics advises cautious participation in the market amid growing uncertainties in Nigeria.
Markets
Nigerian stocks make recovery as JAPAULGOLD drops
The All-Share Index increased by +0.61% to close at 38,808.01 from 38,571.89 index points.
