The Conrad Clark Nigeria Limited have urged regulators, innovators, players in the technology industry, financial institutions, business owners, and the entire populace to unite and ensure that technology enhances risk governance and leadership to manage and prevent hazard in the business environment.
Speaking at the Nigerian Risk Leadership and Awards, recently in Lagos, the Chief Executive Officer, Conrad Conrad Clark, Joachim Adebayo, stated that risk management is an important aspect of an organisation that should not be undermined.
“If you are a businessman here or you are running an organisation here and you still think doing risk is a joke or is compliance, I am going to predict two things, either in the next few years you succeed or you go into extinction, they won’t remember you again, because the level of uncertainties and the level of crisis we are facing requires that every organization now should have the skill set to be able to respond and handle these uncertainties,” he said.
Joachim further emphasised that risk management will help to have an understanding of situations, prevent possible disasters and preempt opportunities that will translate the country or businesses.
Chief Executive Officer ,CAPSA Tech Ltd., Mustapha Subaru, revealed that innovation is ahead of regulation, however, regulators should support and work with innovators.
“We all agree that innovation will always be ahead of regulation, and we also agree that with the right regulation innovation can attract the right type of funding and the right kind of support to grow, and for that to happen, it means the regulators themselves must be open, the regulators must be willing to engage this innovator and being able to cross-pollinate these ideas and in that way, the whole ecosystem is better for it, so it is not the situation of regulators imposing or policing the participants but it is a thing of the regulators working with the participants and players in the industry to create safe space where everyone can play and everyone create a right kind of value for their users,” he said.
Mustapha, further highlighted threats technology poses to the business environment towards governance and leadership which account for redundancy, information theft, invasion of privacy, and profers possible solutions, stating that regulations should come into play to create a safe environment and awareness to educate the people.
“Technology like in any other aspect comes with its own risk, and we will likely find risk regarding, depending on the type of technology, could find risk in redundancy; people losing their jobs, find risk regarding information theft, privacy, and the likes and I think that is what the person was referring to, things like; you sign up for some applications and your information is being stolen all at the same time.
“So those are a couple of a threat you find with the technology and the use of technology and that is where regulation comes into play, being able to create a safe environment and ensure that; people are aware of what they are doing on the apps the kind of what they are subscribing to and that the right measures are in place if the providers of these services or app tend to misuse users information, then they face right consequences,” he added.
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