Checking the pulse
The demands on financial service institutions, from a compliance perspective continued to increase in 2021. Management recognized that to address some of these requirements, it would become necessary to invest in automation and technology. As a result, NAGICO’s GRC team dedicated time to revisit the group’s processes and tools and scoured the market to identify potential solutions. GRC is an area that the group continues to reassess and nurture. New risks continue to emerge, and additional standards, guidelines and legislation continue to be rolled out. As such, we consider it important to periodically conduct a ‘health check’ of our framework and implement improvements where necessary. NAGICO recently engaged an external independent, qualified and experienced service provider to assess the adequacy and quality of its GRC Framework and it scored > 95% overall when assessed against international standards and best practices such as ISO 37000 and ISO 31000. We continue to invest in what matters most.