A leading global firm, Resource Result U.S.A & Nigeria, has urged governments and businesses to give priority to risk management to achieve good governance.
The firm, which focuses governance, risk and compliance consulting and internal audit assurance, called for the use of scarce national resources to enhance stakeholder returns.
Managing Partner, Abdulfattah Ademokunla, spoke as part of preparations for a two-day workshop scheduled for November 21 and 22,2018 at the Lagos Chamber of Commerce & industries, Alausa, Lagos, and on November 28 and 29, 2018 in Abuja.
Ademokunla said there is the need to address business and governmental challenges such as risk assessment, internal control frameworks, and emerging information communication technology risks.
He also cited procurement/vendor risk management and account payables, COSO and COBIT risk management solutions, in the workshops, which seek to tackle procurement and account payables risks, waste and abuse challenges in Nigeria.
The managing partner said the very nature of managing risk in a strategic manner is crucial to our economic development and businesses’ long-term sustainability.
“In developed countries, procurement and account payable risk management is a serious business, due to the high resource and allocated budget percentage to these activities.
“Also, account payable is the last line of defense before funds are release to vendors. Hence, managing associated risks becomes paramount to ensure optimal value is received for stake holders and tax payer’s money,” he said.