By Samuel Bankole
The Securities and Exchange Commission (SEC) on Tuesday said it plans to appoint a consultant to help develop its information communication technology Transformation Strategy, which is expected to commence in May.
In a document posted on its website, the capital market regulatory body said the decision to embark on the project was informed by an Institutional Capacity Assessment undertaken on SEC Nigeria in 2019, with the support of FSD Africa.
According to the regulator, ICT plays a critical role in securities market supervision and development – both internally and externally facing.
“A properly functioning ICT can improve the efficiency
and reduce regulatory costs to market intermediaries, issuers and investors particularly in the approval processes and filings.
“It can also support the regulator in supervising the conduct of business,” SEC wrote in the document.
SEC said the ICT transformation is expected to address the foundational issues related to SEC Nigeria ICT systems
and technology readiness and capacity such as governance & Management, ICT Architecture & Systems, Information Security and Business Continuity amongst others.
The transformation is expected to conform to international best practice and position SEC Nigeria as a modern technologically driven regulator that harnesses technology to deliver optimum services while also enabling market stakeholders to deliver better market performance for investors and issuers.
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The project, the document stated will support SEC Nigeria in mapping out appropriate Regulatory and Supervisory Technology approaches and defining the software and hardware specifications/requirements needed to optimize
operations at SEC.
The regulator said the consultant is expected to work with SEC Nigeria to develop a digital transformation strategy that will provide clear roadmap for improvement of the regulatory capacity of SEC through modernization and transformation of its ICT systems and infrastructure.
The consultant will undertake a review of ICT infrastructure, systems and processes at SEC Nigeria and propose solutions
that will encompass the set of initiatives under the ICT Transformation Strategy.