CSD is established with a vision embodied in Ghana’s Financial Sector Strategic Plan (FINSSP) to attract Investments into the Ghanaian economy.
CSD is established with a vision embodied in Ghana’s Financial Sector Strategic Plan (FINSSP) to attract Investments into the Ghanaian economy.
CSD (Central Securities Depositories) sits between the Ghanaian Stock Exchange and the Bank of Ghana in keeping financial stability related to the ownership of securities by investors.
As such, under the CSD system, there is total elimination of risk such as the loss, mutilation and theft of certificates associated with holding and trading of paper-based securities of investors.
The CEO decided that if CSD was claiming to be proactive in managing risks to its core activities, it was time to institute a state-of-the-art ERM solution.
Precedence of this was found in South Africa where CorProfit has a user base. This led CSD to CorProfit’s HQ in Sydney and a series of discussions took place.
What impressed CSD was that CorProfit demonstrated a depth of knowledge that was infusing and coupled with a fairness in the level of investment needed to acquire KnowRisk and associated implementation services.
Ian Abrahams, CorProfit Australia (centre) and Suleman Badat (Africa Head of CorProfit) with the CSD Ghana team members (to right of Ian is the CEO and Deputy CEO).
CSD make a tactical decision to establish BCP and IT Security from 2014 following the increasing threats from global Cyber Security activities.
Following this, after commencing discussions with CorProfit, the CEO championed the development of an ERM Framework which gave the team an opportunity to understand in depth the workings of Risk Management. Risk Registers are held in Excel.
This prepared the way for and in early June 2019, CorProfit arrived in Accra to work with the CSD staff allocated to ERM.
CorProfit had prepared an Agenda for the week’s work which covered:
CorProfit’s blueprint for implementation ERM successfully was brought to bear by starting out to replicate CSD’s BCP and IT Security approach and from this standpoint propose enhancements for our consideration.
CorProfit also showed the basis for both BCP and IT Security to work in alignment with the Corporate Risk Program and in turn, the corresponding technological solution in KnowRisk. This works at a level of simplicity that our staff have readily embraced, with further sophistication being set in the 3-year ERM Roadmap.