FRC Encourages Businesses to Embrace Integrated Governance, Risk, and Compliance for Sustainability

The Financial Reporting Council (FRC) has urged organizations to bolster their integrated Governance, Risk, and Compliance (GRC) activities to enhance operational effectiveness.

Mr. Titus Osawe, Director of the Governance Directorate at FRC, conveyed this message during a press conference in Lagos held in conjunction with Planet Governance Advisory Limited. The event centered around a two-day Corporate Governance training on Governance, Risk, and Compliance (GRC).

The GRC training is tailored to equip participants with the knowledge and tools necessary for enhancing integrated GRC activities within their organizations. It empowers companies to better understand their obligations, mitigate risks, and establish a robust framework to address issues when they arise.

Osawe emphasized that the adoption of GRC practices is crucial for minimizing business failures and attracting foreign investment into the country. He highlighted the significance of proper governance structures, risk management, and compliance with regulations, particularly in the context of the Nigerian Code of Corporate Governance.

In his words, “The whole essence of corporate governance is doing it right so that whatever entity you are talking about outlives its owners. We believe that governance, risk, and compliance are integral components of corporate governance, and focusing on these areas is essential to prevent failures and promote sustainability.

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