Infotech Risks Security Ltd Brings GRC Skills to Nigeria
Infotech Risks Security Limited (IRSL), in partnership with Open Compliance and Ethics Group (OCEG), is bringing Governance, Risk management and Compliance (GRC) skills training to the doorsteps of organisations operating in Nigeria.
Bringing such skills training to Nigeria will help organisations reposition for proficiency and profitability, while reducing operational and training costs, since the skills training is usually outsourced by organisations that understand the value of GRC skill acquisition in their daily operations.
OCEG, it was gathered, is a global think tank that serves to inform and empower organisations on GRC skills and IRSL Consulting is its only partner in Nigeria.
Speaking on the advantages of GRC skills to organisations and the need to bring such
skills to Nigeria, the Managing Partner, IRSL Consulting, Mr. Salman Akorede said the benefits cut across all the three lines of defense in organisations.
According to him, the first line of defense of any organisation, which include the operations team, would benefit from GRC skills through increased value and improved financial and operating controls; accelerate reporting for more rapid-decision making and business improvement; detect exceptions in real time to respond immediately and reduce damage; replace manual preventative controls with automated detective controls, which increases efficiency and traceability; identify control issues in real time with automatic alerting and remediation.
About the benefits for the second line of defense, which include the management team,
Akorede said it would reduce compliance costs; get notification and analyse impacts when regulations change; establish a more automated, risk-based control environment with lower labour costs; heighten competitive advantage; and rely on a single point of truth for all GRC master data on risks, controls regulatory requirements, processes and information technology (IT).
The benefits of the third line of defense, which include review and assurance, Akorede said it would at this level, improve risk and control assurance in the same or less time than previous approaches; reduce internal audit costs and those associated with unaddressed control deficiencies; achieve a more robust and more effective auditing process; expand internal audit coverage with minimal incremental cost; as well as shorten audit cycles.