David Ogogo (Dr), the Group Chief Executive Officer, Dynamic Governance & IT Solution Limited says that for Nigeria to remain out of recession, all organisations must remain highly productive, and employment opportunities improved for more persons.
Ogogo who noted that the country’s exit from recession was commendable, however, said that the cumulative growth rate of the country’s Gross Domestic Product was still very weak.
He said that economic activities were generally undertaken by small and larger businesses, non-profits and government agencies with the business climate and the political landscape has become complex and highly unpredictable.
“To succeed, therefore, all organisations (small and large businesses, non-profits government agencies) will need to be much more transparent, responsible, accountable, fair to all stakeholders and set risk-aware objectives while acting with integrity,” he said.
Consequently, he said that the role of Governance, Risk Management and Compliance (GRC) experts was critical as they contributed toward getting the country out of the recent recession and to ensure the growth rate in economic activities and the GDP remains sustained.
He said that the GRC experts handle matters relating to Performance Management, Ethics and Culture in organisations.
Ogogo noted that the GRC concept and group of professionals was jointly founded by Carole Switzer and Scott Mitchell, who both founded the “Open Compliance and Ethics Group” OCEG based in the United States of America.
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“With the support of so many organisations in the US, UK and other countries, OCEG developed the current GRC capability model, which is used by GRC professionals and auditors globally in resolving and addressing issues involving Governance, Risk Management. Compliance, Ethics, Performance, Management, Internal Audit and culture. “That book is fondly referred to by the GRC professionals as the “Red Book,” he said.
He said that according to OCEG, GRC was the integrated collection of capabilities that enable an organisation to reliably achieve objectives, address uncertainty and act with integrity including the governance, assurance and management of performance, risk and compliance.
According to him, GRC refers to the people, processes, technology and information that help an organisation achieve “Principled Performance.” He noted that Principled Performance and the GRC capability model are trademarks of OCEG.
“The truth is, we have very few of this set of professionals who use the designations GRCP i.e., GRC professionals and GRCA that is, GRC Auditors in Nigeria.
“While GRC professionals are trained to assist organizations with integrated GRC systems, the GRC Auditors are trained to examine and review the corporate governance, risk management, compliance systems Ethics and culture in organizations and proffer solutions.
“The impact of the services of GRC experts in an economy is positive because all organizations will be able to achieve their predetermined objectives,” he said.
According to him, the Dynamic Governance and IT Solutions Limited on February 12, held a webinar on how organisations could achieve principled performance in 2021 and beyond.
“That was the webinar that introduced the GRC professionals for the first time in Nigeria,” he said.
In other words, corporate entities and government agencies should employ the services of GRC professionals and auditors as much as possible to examine the activities in their risk management, compliance, internal audit, internal control and IT departments.
Ogogo said that this would ultimately enhance information sharing, decision making, improving on risk management, compliance, performance generally and consequently the bottom line for profit-making organisations. Dynamic Governance and IT Solutions Limited, are experts in Governance, Risk management and Compliance GRC and Board effectiveness. The company also provides IT/security solutions for businesses.
