‘Poor governance, conflict of interest undermining professional practices’
Poor governance structure, conflict of interests and lack of credibility, among others, have been identified as organisational challenges facing most professional institutes.
Experts say that a successfully run professional institute contributes to building a better working world by adding great value to its members and stakeholders.
At a two-day board retreat by the Compliance Institute of Nigeria (CIN), which had ‘CIN: Expanding the Frontiers’, as the theme, Leader, Forensic and Integrity Services, Ernst & Young, Linus Okeke, said successful running of a professional institute limited by guarantee would require focus on all aspects of the organisation with an emphasis on the people, technology and process.
Okeke, who spoke on ‘Running a Professional Institute Limited by Guarantee: Organisational Structure and Leading Practices’, shared thoughts on leading practices for running professional institutes.
He cited factors like having a clear vision, organisational structure, good corporate governance, succession planning, funding, robust financial and regulatory reporting, rendition of returns to regulators and stakeholder management as the panacea for running a professional institute.
According to him, a successfully-run professional institute convinces itself that it has done so, and its stakeholders attest to such value-addition.
Speaking on ‘Regulatory Framework for Resilient Professional Institute in Nigeria’, Managing Partner, A.A Yola and Co., Abdullahi Yola, said in Nigeria, some professions operate self-regulated regimes put in place with the aid of a legislative instrument, often in the form of ‘professional ethics’ that strictly regulate a particular profession.
To galvanise a resilient framework for a professional institute in Nigeria, he maintained that the legislature must have a role to play by way of laws.
He proposed policy goals, policy instruments, policy implementation and evaluation as principal elements for review of economic regulations.
For the framework to be truly effective, he said it must be explicit, visible and transparent, urging CIN to formulate a detailed checklist of its objectives and the extent of applicability.
On his part, President, CIN, Pattison Boleigha, said the need to heighten its expansion drive has become more imperative, considering the dynamics of the ever-changing world occasioned by the global pandemic.
He said it was instructive to note that the global compliance landscape was constantly evolving owing to several factors like the dynamic nature of financial crimes, emerging money laundering and terrorist financing (ML/TF) threats, advancement in technology, and the ever-changing international standards, especially the FATF standards/methodology, with an attendant rise in the number and complexity of legislative and regulatory frameworks, as well as progressive enforcement by authorities.
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