www.thetidenewsonline.com
Open in
urlscan Pro
209.209.43.143
Public Scan
URL:
https://www.thetidenewsonline.com/2024/06/21/sec-directs-capital-market-operators-to-implement-erm-framework/
Submission: On June 21 via manual from US — Scanned from DE
Submission: On June 21 via manual from US — Scanned from DE
Form analysis 1 forms found in the DOM
GET https://www.thetidenewsonline.com/
<form method="get" id="searchform" action="https://www.thetidenewsonline.com/">
<input type="text" name="s" id="s" value="Search" onfocus="if (this.value == "Search") { this.value = ""; }" onblur="if (this.value == "") { this.value = "Search"; }">
<input type="hidden" id="searchsubmit" value="Search">
</form>Text Content
* Home
* Special Edition
* Independence Special
* Maritime
* Features
* Sports
* Politics
* Business
* Economy
* Housing/Property
* Wordsworth
* Banking/ Finance
* Stock/ Money
* Information Technology
* Oil & Energy
* Online Games
Connect with us
*
*
*
*
*
:::…THE TIDE NEWS ONLINE:::…
SEC DIRECTS CAPITAL MARKET OPERATORS TO IMPLEMENT ERM FRAMEWORK
* Home
* Special Edition
* Rivers Political Crisis And Fubara’s Quiet Revolution
* Rivers Governors And Development Footprints
* One Year In Office: Fubara’s Vision For Rivers
* Sports: So Far, So Much Expectation
* ‘We’ve Succeeded in Reducing Crime Rate In Rivers’
* Independence Special
* Nigeria’s Economy: More Pains, Less Gains
* We Have Our Indivisibility To Celebrate -Wonwu
* Finding A Place For Rule Of Law
* Nigeria: A Failed State At 60?
* Nigeria At 58: Anything To Celebrate?
* Maritime
* Trade Modernisation: Customs’ CG Tours Huawei, Port In China
* Salefu Recommits To Stop Smuggling
* PTML Donates $2m CSR Projects To Schools
* Stakeholders Seek NIMASA’s N50bn Modular Floating Dock
* Unfair Treatment Of Seafarers Bothers IMO
* Features
* Worsening Food Crisis In Nigeria
* Malaria Burden And Public Health In Nigeria
* Curbing Substance Abuse Among Nigerian Youths
* Curbing Substance Abuse Among Nigerian Youths
* Worsening Food Crisis In Nigeria
* Sports
* Okowa Lauds Athletes Ahead Olympics Trials
* Emerging Star Eyes Olympics Place For Nigeria
* Olympic Day Celebrations Hold June 29
* 2026 W/Cup: Sports Minister Summons NFF
* Arsenal Drop Interest In Osimhen
* Politics
* PDP Reschedules NEC Meeting For Sept 26
* Edo, Ondo 2024: INEC Warns Personnel Against Corrupt Practices
* Reps Propose Rotational Presidency, Six-Year Single Term
* Diri Making Impact In Devt, Leadership – Ibori
* PDP Chieftain Salutes Fubara’s Revolutionary Dev Effort
* Business
* NASRDA Moves To Promote Space Technology In S’East
* SEC Directs Capital Market Operators To Implement ERM Framework
* Firm Combats Fraud Through Data Technology
* CBN Assures On Depositors’ Fund Safety
* NERC Approves New Tariff Hike For Port Harcourt DisCo
* Economy
* Job Searching Tips for Recent College Graduates
* Foreign Capital Imports in Nigeria drop by 78%
* The inflation rate in Nigeria on an all-time high
* Ugandan Appointed Managing Director In Nigeria
* Become Job-Ready With a National Criminal History Check
* Housing/Property
* Senator McPepple, H&CM Ltd And Housing Revolution In Rivers
* Fubara’s Social Housing Policy, Workable In Rivers -China
* Decline In Commercial Real Estate Triggers Reduction In Valuation Jobs
* Experts Task New Govt On Housing
* Developer Seeks Govt’s Support To Tackle Housing Deficit
* Wordsworth
* New Flyover Projects Excite PH Residents
* Is CCT Right In Slamming Asset Declaration Charges Against CJN?
* Rivers Residents Dissociate Wike From APC Crisis
* PH Residents Hail Wike’s Dev Strides
* Fruit Garden Market Traders Appreciate Wike
* Banking/ Finance
* Forex Trading Signals: Advantages and Usage
* How to deal with unexpected summer costs
* Cryptocurrency Trading Platforms
* Job Searching Tips for Recent College Graduates
* Nigeria is Surging in Forex Traders
* Stock/ Money
* How to deal with unexpected summer costs
* What are Stock Options and Are They Right For You?
* Role of attracting Private Finance for Africa’s economic growth
* Cryptocurrency Trading Platforms
* Why the UK’s Exit from the EU could Represent a Golden Opportunity for
Nigeria
* Information Technology
* Airtel Plans Relief For Visually Impaired Teacher
* Agency Seeks Collaboration For IoT Unlock
* ALTON Hails NCC Boss Over Quality Regulation
* Commissioner Seeks To Revive State ICT Department
* Understanding the Power of Instagram
* Oil & Energy
* FG Woos IOCs On Energy Growth
* Your Investment Is Safe, FG Tells Investors In Gas
* Oil Prices Record Second Monthly Gain
* TCN Assures Energy Delivery To Nigerian Homes
* Crude Oil Theft: Illegal Connections Hit 4,800 – Kyari
* Online Games
* Premier League Stars in AFCON 2023: A Look at Football’s Finest and
Their Impact on Fantasy Football
* From Novice to Pro: Building a Profitable Sports Betting Strategy in
Nigeria
* Top 3 Best Football Players in Nigeria
* Nigeria’s path to democracy
* Exploring Tax Implications for US Citizens When Betting on Sporting
Events Abroad
BUSINESS
SEC DIRECTS CAPITAL MARKET OPERATORS TO IMPLEMENT ERM FRAMEWORK
Published
8 hours ago
on
June 21, 2024
By
The Tide
The Securities and Exchange Commission (SEC) has mandated all capital market
operators to implement an Enterprise Risk Management (ERM) framework that aligns
with internationally recognised standards.
In a statement issued on the Securities and Exchange Commission website, the SEC
said these standards include those set by the Committee of Sponsoring
Organisations of the Treadway Commission, the International Organisation for
Standardisation, and the Financial Action Task Force Recommendations.
It added that this initiative aims to bolster risk management practices within
the capital market, minimize systemic impacts, and safeguard stakeholders’
interests.
“All capital market operators are hereby directed to implement an enterprise
risk management framework that conforms to international standards, such as the
Committee of Sponsoring Organisations of the Treadway Commission, the
International Organisation for Standardisation (ISO 31000), Financial Action
Task Force Recommendations and any other internationally recognised risk
management standards.
“Adoption of comprehensive risk management practices is imperative for
minimising systemic impact and safeguarding the interests of all stakeholders”,
the statement explained.
According to the commission, the new ERM framework requires CMOs to consider
their operational structure, business activities, client demographics, products,
services, and delivery mechanisms.
It noted that the framework must include a comprehensive risk governance
structure with clear roles and responsibilities, including the establishment of
a risk management committee.
To ensure accountability and oversight, the SEC directed CMOs to define their
risk appetite, tolerance statements, and consistent reporting to senior
management and the Board of Directors.
It added that organisations must implement risk-awareness programmes to
cultivate a culture of risk management throughout their operations.
“This directive is aimed at strengthening the implementation of risk-based
supervision, including anti-money laundering and counter-terrorism financing
measures in the capital market.
“Consequently, all CMOs are required to submit a Board-approved risk management
policy (selectable and searchable PDF format) on or before September 30, 2024,
via email at rbs@sec.gov.ng to obtain a ‘No Objection'”, it stated.
The commission noted that the directive was part of its broader strategy to
enhance risk-based supervision in the capital market, including measures for
anti-money laundering, countering the financing of terrorism, and countering
proliferation financing.
It also asked CMOs to submit an annual risk profile by January 31 of each year.
Related Topics:
Up Next
NASRDA Moves To Promote Space Technology In S’East
Don't Miss
Firm Combats Fraud Through Data Technology
Continue Reading
YOU MAY LIKE
BUSINESS
NASRDA MOVES TO PROMOTE SPACE TECHNOLOGY IN S’EAST
Published
8 hours ago
on
June 21, 2024
By
The Tide
In its quest to boost creativeness of space technology and its innovations among
Nigerian youths, the National Space Research and Development Agency (NASRDA)
through its Southeast Advanced Space Technology Applications Laboratory
(SE-ZASTAL) has commenced a turn-round space technology applications promotion
among the secondary schools in the region.
The Coordinator, SE-ZASTAL, Federal University, Ndufu-Alike, Mr. Andrew
Onwusulu, made this known while declaring open a training outreach held for 442
students at the main hall, Federal Government College, Okposi, Ohaozara Local
Government Area of Ebonyi state.
According to him, “the space applications promotion outreach was part of
activities designed for the secondary students to sharpen their intellectual
capability in science and technology innovations”.
Tagged “Capacity building for young minds: Benefits of Space and Technology
Applications”, the outreach, he explained, “will forever remain in the minds of
the students who participated in the training based on series of lectures and
skills benefited”.
The principal of the School, Mr. Frank O.A. Omale, in his opening address
thanked the agency’s new DG, Dr Mathew Adepoju, through the SE-ZASTAL
Coordinator, Mr. Onwusulu Andrew, who outlined the significance of the training
as a means of expanding the knowledge of Space Science to the people at the
grassroots.
Mr. Omale urged the students to be serious with their studies, describing it as
a great opportunity for FGC, Okposi, to be selected first, on the list of the
schools mapped out for such training in the Southeast States.
In his remark, the Principal of the School, Mr Omale Frank, observed that no
nation can survive the present struggles without adequate involvement in space
technology and its innovations.
He, therefore, charged Science students to rededicate their time to deep reading
and aligning with current trends in technology, which he said remain very
pivotal to national development.
Other instructors which included Engr. Chinedu Akarugwo, focused on the topic,
“Basic Space Science and Technology of SE-ZASTAL”, and Miss Precious Ugwu with
the “Space Careers”, as well as Engr. Agu John-Paul Okechukwu, who taught on,
“Understanding our environment thorough earth observation”, all highlighted the
impacts of Space Science researches and innovations in the environment.
During the training session, the students also had opportunities to access the
SE-ZASTAL’s facilities to test, and were also exposed to the activities of
NASDRA in other States, such as The National Centre for Remote Sensing, Jos,
Centre for Basic Space Science, Nsukka, Enugu State; Centre for Atmospheric
Research, Anyigba, Kogi State, Ile-Ife, Lagos.
Some of the students who shared their experiences after the lecture, including
an SSS2 student, Okorie Ifeanyichukwu Timothy, described the training as
“well-organised”, noting that it would stimulate students’ interest in the
technical aspects of promotion and its applications.
Another student, Ogbonna Confidence A., urged the government to support teachers
and researchers in the agency, expressing her willingness to take her time to
visit the Agency’s headquarters and other NASRDA offices during holidays.
Continue Reading
BUSINESS
FIRM COMBATS FRAUD THROUGH DATA TECHNOLOGY
Published
8 hours ago
on
June 21, 2024
By
The Tide
A digital technological firm, the Visa, has concluded plans to protect
sensitive data for individuals, saying its technology helped to save about $650
million that could have been lost to fraudsters in 2023.
A statement from the firm revealed that the technology, known as Visa tokens,
generated more than $40 billion in incremental e-commerce revenue for businesses
globally.
The statement added that Visa would continue to enhance security across the
payment ecosystem through the technology, known as tokenization.
“Visa, a world leader in digital payments, recently announced a significant
milestone achieved by its tokenization technology, revealing that Visa tokens
have generated more than $40 billion in incremental ecommerce revenue for
businesses globally and saved $650 million in fraud in the last year”, the
statement explained..
Visa also announced it has issued more than 10 billion tokens since the
technology’s launch in 2014.
“Over the last 10 years, Visa has further enhanced security across the payment
ecosystem through tokenization, a technology that replaces sensitive personal
data with a cryptographic key that conceals sensitive payment data.
“Tokenization can be embedded into any device, making digital payments more
secure while being virtually useless to scammers.
“Currently, 29% of all transactions processed by Visa use tokens, reflecting
their widespread adoption and the trust consumers place in this secure payment
method.
“Tokenization technology has also caused a six-basis point increase in payment
approval rates globally. Overall, tokenization can reduce the rate of fraud by
up to 60%, providing businesses with more successful transactions and offering
much-needed peace of mind to consumers and merchants of all sizes.
“Visa, announced the milestone live onstage at Money20/20 in Amsterdam recently,
issued its billionth token in 2020. Due in part to the shift to digital during
the pandemic, the adoption of tokens accelerated significantly in the last four
years.
“Today, over 8,000 issuers are enabled for tokenization, with over 200 markets
empowered with the technology globally. In the last 12 months, over 1.5 million
eCommerce merchants transacted with Visa Tokens every day.
“A recent Visa survey revealed that less than one third of consumers globally
feel in control of their data, and only slightly more than one third fully
understand how their data is used.
“However, Tokenization can unlock a whole new era of personalization and
security, one where consumers control their data and approve when and where it
can be shared for a more personalized experience.
“In the not-too-distant future, Visa data tokens could help merchants and
commerce platforms use your data in a way that is both transparent and gives you
control, meaning you decide who gets access to your data (and when they no
longer do) as well as how your data will be used.
“Powered by AI, Visa data tokens let consumers view, consent to, and revoke data
sharing access, right from their banking app”, the statement posited.
Corlins Walter
Continue Reading
BUSINESS
CBN ASSURES ON DEPOSITORS’ FUND SAFETY
Published
1 week ago
on
June 12, 2024
By
The Tide
Central Bank of Nigeria (CBN) has reassured the banking public of the safety of
their deposits and the banking system’s resilience.
CBN’s Acting Director of Corporate Communications Department, Mrs Hakama
Sidi-Ali, gave the assurance in a statement on Monday in Abuja.
The statement, a response to concerns raised about the stability of some
Nigerian banks in the wake of Heritage Bank Plc’s license revocation, faulted
claims that the CBN was considering revoking the operating licences of Fidelity,
Polaris, Wema, and Unity Banks.
It also clarified that a circular issued by the Bank on January 10, 2024,
notifying the public about the dissolution of the Boards of Union, Keystone, and
Polaris Banks, was currently being circulated as though it was freshly issued.
According to the Director, Heritage Bank’s case was isolated.
“Allegations of further revocation of licences prior to the completion of CBN’s
recapitalisation exercise are mere fabrications aimed at creating panic within
the system”, Sidi-Ali said.
She stated that bank customers, particularly those of Heritage Bank, need not
worry about the safety of their deposits, adding that the Nigeria Deposit
Insurance Corporation (NDIC) had commenced payment to the bank’s insured
depositors.
The spokesperson urged members of the public to continue their regular banking
activities without fear, dismissing any false reports regarding the health of
specific Deposit Money Banks.
“The CBN, with its robust regulatory framework, is proactively ensuring the
stability of Nigeria’s financial system, thereby guaranteeing the safety of
depositors’ funds in all Nigerian financial institutions”, she said.
Sidi-Ali reiterated the assurances of the CBN Governor, Olayemi Cardoso, that
the recapitalisation of banks in Nigeria was intended to bolster the banking
system and safeguard the sector against risks.
She urged all stakeholders to cooperate in ensuring the success of the process,
which she said would be for the overall growth of the Nigerian economy.
“Without prejudice to the ongoing recapitalisation process, I want to restate
that the Nigerian banking industry remains resilient. Key financial soundness
indicators remain within current regulatory thresholds.
“Customers are, therefore, encouraged to proceed with their transactions as
usual, as the CBN is committed to ensuring the safety of the banking system”,
she said
Continue Reading
TRENDING
Featured10 hours ago
Fubara Tasks 23 CTC Chairmen To Maintain Peace …Says Rivers Won’t Set
Precedence On LG Tenure Extension …Directs Audit Of Councils’ Accounts
News5 days ago
Prioritise needs of ordinary Nigerians, Methodist Archbishop tells Tinubu
News5 days ago
Eid-El-Kabir: Sultan felicitates Nigerians, urges greater commitment to farming
Featured8 hours ago
Fubara Dispels Rumours of Crisis ….Insists Rivers Is Peaceful, Not Under Siege
….Inspects 14.6km Omodu-Eberi-Omuma Road
News5 days ago
FG To Deploy Fresh 5,937 Soldiers To Fight Banditry – COAS
Rivers4 days ago
HYPREP Trains 300 Ogonis On Business Proposal Dev
For The Record8 hours ago
BROADCAST BY HIS EXCELLENCY, SIR SIMINALAVI FUBARA, GSSRS ON TUESDAY, 18TH JUNE,
2024
News5 days ago
NUJ condemns attack on journalists in Ebonyi community
*
*
*
*
*
* Advertisement
* Contact Us
* About Us
* Privacy Policy
* Email Portal
© Copyright © 2009-2023 The Tide Newspaper Corporation