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Firm boosts implementation of CBN’s IT standards

By on July 8, 2014

Nihilent Nigeria, a global consulting and solutions integration company, says it has boosted the implementation of the Information Technology standards the Central Bank of Nigeria requires from financial institutions and companies.

CBN had mandated banks to adopt 17 IT standards/frameworks across different technology areas. This, according to Nihilent, has raised an important issue of optimal sequence of implementing the processes under each standard.

In a statement on Friday, the firm said it held a forum on ‘optimising information technology standards implementation’ to support firms’ compliance with the CBN requirements.

The forum witnessed participation from leading banks, non-banking financial institutions as well as payments, insurance and IT companies.

The statement said, “Banks and financial institutions are looking for a solution that not only addresses regulatory compliance but also improve operational efficiency, install a robust regulatory information management system, and follow effective risk management practices.

“The seminar focused on providing a brief on mandatory frameworks, commonalities and differences, and the adoption of an integrated approach to optimise efforts, reduce cost and meet CBN timelines.”

The Chairman, Nihilent Nigeria, Mr. Oti Ikomi, was quoted by the statement as welcoming the participants, while speaking about the company’s operations and services.

It also quoted the Assistant Director, Banking and Payment System, CBN, Mr. S.O. Agboola, and Principal Manager, Shared Services, Mr. Aaron Yaduma, as commending the IT firm for organising the event.

The Vice-President, Quality and Processes, Nihilent, Mr. Ashok Sontakke, while noting the potential challenges being faced by the banks, said adopting the standards would involve massive change management which will affect people, processes and technology.

According to him, many of the prescribed standards have commonality and overlapping requirements.

“So it is essential to identify the same at the beginning of this improvement journey and build optimised Quality Management System. This can result in significant effort and cost saving and also help in meeting CBN timeline,” he added.

 

 

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