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).
CorProfit’s knowledge and expertise has shone through for CSD. CSD has been thirsty for good precedence in ERM and is delighted that CorProfit has shown the depth and breadth of the knowledge it has, which they willingly shared with CSD.
The “Risk Molecule” Concept became catchy and taught CSD to see the value of balancing prevention of the risk with correction related to consequences.
KnowRisk is an awesome system was expressed by CSD Head of IT on seeing the software in action.
Selecting CorProfit was the right decision, CSD Deputy CEO exclaimed on closing sessions of a leg of Implementation work. CorProfit’s level of professionalism and engagement impressed all staff that participated in the sessions. We felt that CorProfit spared no efforts to share their strong knowledge and made us realise that we were making positive progress, that CSD was taking ownership.
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:
Meetings with key stakeholders to confirm the needs of CSD for ERM and how this supports CSD Vision and Mission.
Defining Risk Appetite; bringing an objective way of measuring and bringing to the Executive and Board a process to rank and prioritise risks which are of material significance to CSD.
Providing an overview of Risk Management from a top-down approach; this sets the basis for the Risk Management Program in which the strategic and key business risks are identified.
Demonstrate the working of the Risk Management Process and how this builds a dynamic Risk Register that works to assist CSD achieve its corporate objectives.
Enhance the CSD ERM Framework document, where CorProfit showed how important it is to set out the way CSD defined its ERM governance, practices, training and reporting.
A session to establish a Roadmap for ERM in CSD for 2 to 3 years’ time from the time implementation commences using the CorProfit technology platform. The Roadmap includes a Maturity Pathway and gives CSD a practical way of advancing its ERM initiative from a position of knowledge in how to achieve the outcomes from ERM using its own staff and resources, at the lowest investment cost.
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.