The public and private financial sectors have been urged by the Financial Reporting Council of Nigeria (FRC) and Planet Governance Advisory Limited (PGAL) to implement effective and efficient risk management, compliance, and good governance processes through the use of a risk-based audit approach.
During a two-day corporate governance seminar on governance, risk, and compliance (GRC) in Lagos, they made the call.
Various industry board members, compliance officers, internal auditors, managers and their deputies, GRC professionals, legal experts, regulatory representatives, company secretaries, information technology (IT) professionals, and managers in charge of governance, risk management, and compliance activities attended the training.
The purpose of the training, according to FRC, is to create, implement, comprehend, characterize, and improve corporate culture in relation to risk, performance, and compliance in financial activities across sectors.
According to FRC, GRC is a course created to give students the information they need to successfully enhance integrated GRC activities across enterprises.
An overview of the Nigerian Corporate Governance Code (NCCG) 2018, compliance risk management and the regulatory environment, operational risk management and resilience, and modern corporate governance developments were among the topics covered in the course, according to FRC.
According to the FRC, among other things, its duty is to create and disseminate accounting and financial reporting guidelines that must be followed while preparing the financial statements of Nigerian public companies.
In addition, FRC stated that it is its duty to guarantee sound corporate governance in both the public and private sectors of the Nigerian economy.
