Nigerian Capital Market Institute and American Institute of CPAs Forge Partnership on Risk Management
The Nigerian Capital Market Institute (NCMI), which serves as the educational and training division of the Nigerian Securities and Exchange Commission (SEC), has announced a strategic collaboration with the American Institute of CPAs (AICPA). This partnership aims to grant Capital Market Operators (CMOs) in Nigeria access to the Internal Control and Enterprise Risk Management Certificate programmes offered by the Committee of Sponsoring Organisations of the Treadway Commission (COSO).
Enhancing Governance and Risk Mitigation
COSO, a joint initiative involving five prominent accounting and finance bodies, including the AICPA, is dedicated to advancing thought leadership in key areas such as Enterprise Risk Management (ERM), Internal Control, and Fraud Deterrence. According to a recent statement, this collaboration is designed to empower Nigerian businesses by strengthening their governance frameworks through the development and maintenance of effective internal controls and proactive risk management strategies.
The statement elaborated on the benefits of the COSO programmes, noting that the Internal Control Certificate Programme provides finance professionals with a unique opportunity to develop expertise in designing, implementing, and monitoring internal control systems in today's technology-driven environment. Similarly, the Enterprise Risk Management Certificate Programme enables professionals to learn the concepts and principles of the updated ERM framework, preparing them to integrate it into their organisation's strategy-setting processes to enhance business performance.
Commitment to Global Standards
Mr Tunde Kamali, the Managing Director of the Nigerian Capital Market Institute, expressed pride in the collaboration, stating, "The Nigerian Capital Market Institute is proud to collaborate with the American Institute of CPAs in expanding access to globally recognised COSO programmes for businesses across Nigeria. This initiative reflects our commitment to equipping market participants with the tools needed to navigate an increasingly complex and risky landscape."
This partnership is expected to help Nigerian businesses mitigate risks such as errors, fraud, and mismanagement, thereby fostering a more resilient and transparent capital market. By leveraging internationally recognised programmes, the initiative aims to elevate the standards of risk management and internal control practices within Nigeria's financial sector, contributing to overall economic stability and growth.
