CIN Inducts 276 New Members, Charges Inductees on Professionalism, Ethics of the Institute
A new batch of 276 new members of the Compliance Institute, Nigeria (CIN) who have successfully completed the CIN professional examinations and certifications were recently inducted by the institute at a ceremony in Lagos which also witnessed the award of prizes to deserving top performers in the 2019 examinations.
The investiture /induction which held 7th December 2019 and third in the series, commenced with a lecture titled: “Developing Compliance Skills for the Financial Industry: A Panacea for a Sustainable Financial System” was delivered by Hajia Abubakar, a Director at the Central Bank of Nigeria.
Abubakar who represented by Anetekhai Affi, Deputy Director, CBN Learning Centre, Lagos charged members of the institute on the importance of skills as well as understanding and upholding codes of practice advocated by industry associations and internal codes of conduct.
According to the keynote speaker, with the growth and sophistication of the financial system of today and associated laws, “there is a need to evolve a safe and sound financial system, hence the need to step up compliance skills in order to meet with the dictates of the time”. She added that Compliance is an essential and critical process aimed at mitigating the risk of impairment to the business model caused by failure to meet requisite laws.
She further reiterated that skill acquisition cannot be underestimated to maintain a remarkable achievement in compliance in our financial sector.
“Compliance staff requires not just core technical skills but behavioural competencies to be effective in their roles and to reduce the organizational costs associated with compliance and regulatory risks”, she noted.
The speaker listed other skills needed by the compliance professional to include, Behavioural competences, independent mindset, and Insights into relationship management both within and outside their organisation among others.
She however praised the growing level of compliance in Nigeria especially in the financial sector, claiming, “it is encouraging” but challenged the professionals to up the scale for more adherence.
Speaking on the investiture, the President, Compliance Institute, Nigeria, Mr. Pattison Boleigha, emphasized that instilling compliance in Nigeria system is a panacea for a moving economy.
“It’s time to instill compliance in our culture, it’s time we get things right and make integrity an issue and move the country forward. Complying should be a mutual factor in Nigeria and that’s the message compliance Institute is putting forward and I believe if we increase the amount of energy we deploy in the onerous task, people will hear and embrace compliance”
On curbing money laundering and terrorist financing, Mr. Pattison explained that the induction of the new members is one of the steps taken by CIN in curbing the many irregularities in the financial sectors.
“CIN today rolled out over 270 new members and these young people belong to financial institutions in Nigeria where we all know most of the money laundering and corruption proceeds happen. If we have a greater number of people coming into the profession to practice compliance then we position ourselves in the banks, insurance companies, pension offices, the law enforcement agencies as they now have Certified Designate Compliance Officers taking it upon themselves to preach the gospel of compliance within those institutions and have required compliance programme to make sure compliance is well embedded in our system”
He added that there will be CAMS webinar certification training from January next year while there is also a plan to conduct a Diploma course on Customer Due Diligence. These would be targeted at the market-facing and Customer Service staff of financial institutions because these are the set of personnel who have direct contact with customers.
With CIN’s present membership of over 1600, Mr. Pattison said the institute will continue to drive for membership by extending to all sectors including Insurance, Pension, Microfinance Banks, Bureau de change, Tax Administration and the Capital Market.