The Financial Reporting Council of Nigeria (FRC) in collaboration with Planet Governance Advisory Limited (PGAL) has urged the public and private financial sectors to implement good governance, risk management and compliance processes, which are effective and efficient using a risk-based audit approach.

They made the call during a two-day corporate governance training on governance, risk and compliance (GRC) held in Lagos.

The training was attended by various industry board members, internal auditors, compliance officers, managers and their deputies, governance professionals, risk managers, GRC professionals, legal professionals, regulatory representatives, company secretaries and information technology (IT) professionals and managers responsible for governance, risk management and compliance activities.

According to FRC, the training is to develop, implement, understand, define, and enhance organisational culture as it relates to performance, risk and compliance in financial activities in sectors.

FRC explained that GRC is a course designed to provide the knowledge required to effectively improve integrated GRC activities throughout organisations.

According to FRC, the course coverage included an introduction to governance, risk/compliance (GRC), overview of the Nigerian Corporate Governance Code (NCCG) 2018, compliance risk management and regulatory environment, operational risk management and resilience and contemporary corporate governance developments.

FRC said its responsibility is to develop and publish accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria and for related matters.

FRC added that it also has the responsibility to ensure good corporate governance practices in the public and private sectors of the Nigerian economy.