Nihilent Nigeria, a global consulting and solutions integration company recently held a forum on optimising information technology (IT) standards implementation.
The event which took place in Lagos was to support firms' compliance with the Central Bank of Nigeria's (CBN's) requirements'.
A statement at the weekend revealed that the event witnessed participation from most of the leading banks in Nigeria as well as non-banking financial institutions, payments, insurance and IT companies, and few conglomerates.
The CBN mandate all banks to adopt 17 IT standards/frameworks across different technology areas. This raised an important issue of optimal sequence of implementing the processes under each standard.
"Banks and financial institutions are looking for a solution that not only addresses regulatory compliance but also improve operational efficiency, install a robust regulatory information management system, and follow effective risk management practices.
"The seminar focused on providing a brief on the mandatory frameworks, commonalities and differences, and the adoption of an integrated approach to optimise efforts, reduce cost and meet CBN timelines," it added.
Welcoming the participants, the Chairman Nihilent Nigeria, Mr. Oti Ikomi spoke about Nihilent's operations and services offerings.
The Assistant Director, Banking and Payment System, CBN, Mr. S.O. Agboola and the Principal Manager, Shared Services, Mr. Aaron Yaduma, commended the Nihilent for organising the event to educate the industry.
Also, the Vice-President, Quality and Processes at Nihilent, Mr. Ashok Sontakke, noted the potential challenges faced by the banks. According to him, adopting the standards would involve massive change management affecting people, processes and technology. He also said that many of the prescribed standards have commonality and overlapping requirements.
"So it is essential to identify the same at the beginning of this improvement journey and build optimised Quality Management System. This can result in significant effort and cost saving and also help in meeting CBN timeline," he added.