‘Automation of audit regulatory compliance will boost ease of doing business’
Partner, Audit and Attest Services, Stransact, Bola Mogaji, has said that the automation of regulatory compliance will boost the ease of doing business.
Mogaji, who spoke on the future of regulatory compliance in Nigeria, told The Guardian that automation of regulatory compliance would keep evolving and would be great, provided the information technology infrastructure is in place.
She stressed the use of Regulatory Technology (RegTech) which assists companies to deal with financial regulations as it involves the use of information technology.
She said the solutions had led to great improvements in her firm’s processes, reducing turn-around time and associated costs for its clients. She said: “It is an efficient and cost-effective methodology that eases regulatory compliance of companies. RegTech is an evolving innovation in the financial sector. In response to the needs of our clients, we have two proprietary RegTech solutions – IpaySuite and Geeboard.”
With the adoption of RegTech by companies and regulators, Mogaji said: “It will ease the time consumed in processing voluminous data for regulators. Nigeria being a developing nation might continue to witness a series of new regulations, amendments to existing regulations and data privacy. The regulators need to keep enhancing the skills of their compliance officers as automation of process has come to stay.
“Its role in the compliance sector will allow businesses to share data quickly and securely and also ease time to business owners and financial institutions as the processes for regulatory compliance are automated. It also simplifies the process of regulatory requirements.”
“For us at Stransact, we have been futuristic in our strategy formulation. Year-on-year, we re-strategise and ensure all the pros and cons are considered. However, the market has been a major challenge. We will continue to thrive to expand our share of the market.”