THE Chartered Insurance Institute of Nigeria (CIIN) has emphasised the need for operators to embrace innovation while maintaining a steadfast commitment to governance and compliance to shape the country’s financial industry for a prosperous future.
President and chairman of the institute, Edwin Igbiti, who stated this at the CIIN 2024 Business Outlook, said, “As we gather at this prestigious conference to delve into a topic of paramount importance: ‘Governance and Compliance: Shaping the Financial Industry,’ in a world characterised by rapid technological advancements, shifting global dynamics, evolving and ever-rising consumer expectations, the need for robust governance and unwavering compliance has never been more critical.”
He said the financial industry serves as the backbone of economies worldwide, playing a pivotal role in fostering economic growth, stability and innovation.
Igbiti added, “It is our responsibility, as leaders, ambassadors and stewards of this industry, to ensure that our institutions are not only prosperous but also operate with the highest standards of ethics, transparency and responsibility.
“Governance, in its essence, forms the bedrock of any successful enterprise. It is about establishing a framework that promotes accountability, fosters a culture of integrity and aligns the interests of all stakeholders.
“As we navigate through an era of increasing complexity, with myriad challenges and opportunities, sound governance practices should be the compass guiding us to sustainable success through adhering to the rules and regulations that govern our industry.
“In an ever-evolving regulatory landscape, where changes are frequent and often unpredictable, our ability to navigate these waters with agility and precision is paramount. It is not merely about meeting the minimum requirements but striving for excellence in ethical conduct and regulatory adherence.”
Igbiti identified the digital revolution as bringing unprecedented opportunities, but with them come new risks and challenges, stressing, “We must leverage technology to enhance efficiency, customer experience and financial inclusion while ensuring the security and privacy of our client’s information.”
According to him, collaboration is key to success and as such, governments, regulatory bodies, financial institutions and industry stakeholders must work hand-in-hand to create an environment that encourages responsible innovation, safeguards the interests of all parties, and ensures the stability of the financial ecosystem.
He added, “As we embark on this journey of shaping the financial industry, let us not forget that our ultimate goal is to serve the needs of our clients and communities. A resilient and well-governed financial sector is not an end but a means to achieving broader societal goals. We must strive for financial systems that are inclusive, stable, sustainable and contribute to the greater good.”
He highlighted that by fostering a culture of ethical leadership, embracing technological advancements responsibly and collaborating for the greater good, the industry can navigate the complexities of today and build a future where the industry is not just financially sound but also a force for positive change in the world.
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