The aftermath of telecommunications giant MTN’s failure to disconnect over 5.1-million unregistered subscribers in Nigeria has highlighted the need for governance, risk and compliance (GRC) procedures – within and outside of South Africa – to be at the top of business’s agenda.
Late last year, the Nigerian Communications Commission slapped MTN with a $5.2-billion penalty – later reduced to $3.49-billion – which the mobile operator was challenging with the aid of former US Attorney General Eric Holder.
MTN had until March 18 to reach a settlement.
Software AG VP and South Africa country manager Mohamed Cassoojee said it was critical for organisations, both large and small, to ensure their GRC was effectively managed with “watertight” attention to detail, particularly amid constantly evolving legislation and the increasingly stringent implementation of auditing procedures.
Stricter GRC regulations were increasingly emerging across the continent and the risk of failing to address and properly manage GRC procedures should not be underestimated as it could carry “devastating” results for even the “most powerful” organisations.
However, managing GRC could be made easier through the use of information and communications technology (ICT) solutions integrated and plugged into existing GRC systems.
“ICT can assist in ensuring that businesses are compliant and that they follow the correct GRC procedures and mitigate fines such as those imposed on MTN,” he concluded.