In order to protect stakeholders' value in their institutions,Managing Director/Chief Executive Officer,
Sekibo made this call in a goodwill address to members of the
In a statement, the
Sekibo pointed out that every time a bank pays penalty for compliance infraction, value is destroyed.
"The business, regulatory and legal landscape around the globe is increasing in complexity while the scrutiny by the banking public, law enforcement agents and regulatory bodies is intensifying. "Meanwhile, financial institutions now have to grapple with the rising cost of compliance breaches and the underlying risk of reputation damage," he added. Furthermore, he stressed the need for banks to adhere to increasing regulatory requirements and address stakeholders' expectations.
Sekibo however commended CCCOBIN's efforts in ensuring a healthy banking sector in the country through its numerous interventions and tasked the body not to relent in getting the sector off to a healthier state.
He insisted there are operational issues that compliance officers need to handle to get the organisation to the 'promised land'.
While identifying internal stakeholder knowledge gap as a great problem besetting the banking sector, the
"The failure of all internal stakeholders to recognise that a regime of compliance failure destroys value and that compliance frameworks around liquidity, credit, operations, treasury and other departments are designed to enhance value remains a big threat.
"It is people and not institutions that fail to comply. The depth of trust deficit existing between compliance officers and the larger staff has some part to play in the people risk and knowledge gap that local and global financial institutions currently face; compliance officers therefore need to do more to reduce this trustdeficit to such levels that can promote greater incentive to comply more without coercion," he said.
Earlier in his opening remarks at the event, CCCOBIN Chairman who is also the Chief Compliance Officer of
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