As part of efforts to align its operations with international best practices, the Nigeria Deposit Insurance Corporation is set to adopt the Risk Based Auditing (RBA) framework.
To this end, the Corporation has initiated a training programme for staff of its Internal Audit Department to sharpen their skills in promptly identifying significant risks facing the Corporation and recommend mitigants.
NDIC Managing Director Mr Umaru Ibrahim, represented by the Executive Director, Corporate Services, Mrs Lola Abiola-Edewor, who opened the training in Abuja yesterday, said the programme is aimed at exposing and equipping participants with the international best practices on Enterprise Risk management, Internal Control as well as compliance with legal requirements.
According to her, RBA was a very major issue now, not just in Nigeria, but worldwide, because it helps organisations to take proactive measures to recognise risks factors ahead of time and work towards mitigating them
“We want to be sure that the way that we do business conforms to international standard. And that as much as humanly possible we block loopholes. We want to know what we are up against and how to forestall anything that would hinder the progress of what we do. I think that every business organisation needs to embrace risk based analysis.”
The training is facilitated by Leadway Associates, a reputable global network of professionals with a niche in International Control and Enterprise Risk Management.
Speaking earlier, Joel Aluko, a resource person from Leadway Associates explained that the purpose of the training was to improve audit effectiveness and efficiency by shifting the focus from policing to one that contributes effectively to managing risks and achieving wider coverage of the entire organisation.