BusinessDay

Technology will play a role in risk management, sustainability — Chairman, Access Bank

Technology has been said to play a huge role in risk management and sustainability for organisations. This has been said to be in line with the Sustainable Development Goals (SDG) growth when looking at data and sustainability, Ajoritsedere Awosika, the chairman of Access Bank Plc, has said.

Speaking at Riman’s 21st annual international conference themed “Sustainability and Enterprise Risk Management: 2022 and Beyond”, the chairman of Access Bank also said that the theme is needed for the socio-economic sector because it requires sustainability and enterprise risk management (ERM), which remains the brainbox of good governance.

“Without good governance, linkages that drive sustainability, ERM, and going into the SDGs cannot take place,” she said.

According to a World Bank report on the unemployment rate in Nigeria, between 2010 and 2020, the unemployment rate in Nigeria rose five-fold, from 6.4 percent in 2010 to 33.3 percent in 2020.

However, according to a report by Endeavor Nigeria, forty-four million jobs could be created if Nigeria and other African nations’ internet penetration reaches 75 percent.

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The report stated that three million jobs in Nigeria and other African countries would be created by online marketplaces by 2025 and that 1.7 million jobs were expected by the same year as a result of Google’s $1 billion investment to support digital transformation through its subsea cables between Europe and Africa.

Arshad Rab, CEO, European Organisation for Sustainable Development (EOSD), during the event, said that making technology such as machine learning and artificial intelligence affordable, attractive and practical, creates and finances businesses today for the future.

“Technology provides a systematic, coordinated, and practical approach to generate better, safer, greener jobs, especially the higher-paying big jobs,” he said.

Subsequently, Ezekiel Oseni, chief risk officer, Bank of Industry, in his welcome address, said sustainability risk is a factor that must be considered for a business to see increased growth, profitability, employee retention, and meet its obligations to its stakeholders.

He also stated that organisations have to be more concerned about the mental health of their employees in this digital era due to the stress associated with COVID-19, such as job insecurity, health risk, and adjustment to remote working, among others.

“Employers are charged with the responsibility of factoring in how they can accommodate in a holistic manner the physical, emotional, social, and financial wellbeing of their workforce.

“Ensuring the workplace is a healthy environment must be given high priority in every company’s global strategy,” he said.

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