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.
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.
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.