Cyril Ilok: Guiding SMEs On Risk And Compliance To Achieve Business Objectives
In a time when consumers are demanding transparency, integrity and accountability from businesses more than ever and regulatory policies are constantly changing, the place of risk management and compliance have become increasingly more important to the survival of any business – big, medium or small.
Compliance and risk may sound like cliches to those in the business world, many don’t even like to hear about them, but they are issues everyone doing business must give utmost attention to if they want to remain profitable. This is important because, according to the Chief Risk and Compliance Officer of MTN Nigeria, Cyril Ilok, without the right behaviour and lack of understanding of the emerging business risks, an organisation may never achieve its business objectives.
As regulatory policies and obligations are constantly changing and becoming more complex, expectations are also shifting, making risk and compliance a multi-dimensional challenge to businesses, especially the Small and Medium Enterprises (SMEs) who believe they are too small to be seen by the preying eye of industry regulators. With this mindset, many SMEs fail to do the right things like paying taxes, investing in insurance, ensuring services and products are of high quality and meet the required standards stipulated by the regulators, thereby falling foul of the law and becoming endangered when crises come knocking at their doors
Through the right training like the MTN Revv Programme masterclass, industry experts like Ilok with ample experience in risk and compliance are guiding SMEs on getting it right in business and achieving their set goals.
Ilok who was one of the panellists at the Wednesday, October 14, 2020, edition of the masterclass brought to the panel more than 25 years of experience in the banking and telecom sectors working with Standard Trust Bank Ltd (now UBA Plc) between 1999 and October 2002, as Regional Manager, Internal Control for the Western Region.
A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Taxation of Nigeria (CITN), Ilok joined MTN Nigeria in 2002 as Senior Internal Auditor and rose through the ranks to become the Chief Risk and Compliance Executive on December 3, 2018.
With a bachelor’s degree in accounting from the University of Calabar in 1992 and a master’s in business administration from the University of Benin in 2002, certifications from the Institute of Risk Management (UK), Ethics Institute, South Africa, among others, Ilok has equipped himself with the right skills and certifications needed to be a successful business executive in the present business environment and now he is passing on knowledge through the MTN Revv Programme.
Introduced in August 2020 by telecom giant MTN Nigeria, the Revv Programme consists of a series of business-related masterclasses, advisory services, marketing and technology support targeted at over 10,000 SMEs. The goal of the initiative is to address the critical needs of SMEs and proffer solutions to their many challenges as they struggle for balance amid the COVID-19 induced storm threatening the survival of businesses across the world.
According to accounting and auditing firm, KPMG, 94 per cent of the Fortune 1000 across the globe, and businesses in Nigeria have been impacted by COVID-19.
With the alarming economic impact of the pandemic, MTN is showing leadership by looking out for SMEs and guiding them through the turbulence with the right mentorship.
As Ilok sat on the panel of the masterclass on Wednesday, October 14, 2020, reeling out his points like a senior lecturer in the business class of a university, he highlighted the strategies needed to prepare for risk, overcome them and use them as a platform for profitability.
The mood in the masterclass as Ilok spoke extensively on the topic: ‘The resilient small business: a stakeholder and crisis management perspective,’ could be likened to a classroom session. Inquisitive participants who showed keen interest in the topic perfectly dissected by the risk and compliance expert had a lot to ask. Taking the center stage were questions like – what are the benefits of risk investment? What do SMEs stand to gain or lose when they pay little or no attention to risk and compliance?
Many SMEs do not consider risk management as an important factor in their business, a trend Ilok warned could threaten their value chain and hinder the actualisation of their business objectives.
To prepare for risk, he advised SMEs to have a governance structure that guides their company’s activities and help them manage business risks.
“You need to design a staff code of conduct to govern the operations of the company and state how the authority will be delegated. Set objectives, identify challenges that may stop you from achieving the objectives,” the MTN risk and compliance chief advised.
“Brainstorm with your team and design a risk register – a compendium of challenges you have identified that threaten your objective then identify how to address the risks.”
In his words, this is a constant exercise SMEs must engage in to remain relevant in business.
Warning that many businesses may not return after the COVID-19 crises, he stressed the need for SMEs to put plans in practical and legal places to help them manage the risk and manage their business back to profitability.
As some of the participants expressed concern about investing in risk without any crisis in sight, Ilok advised: “see risk investment as an investment into the future of your business.” Drawing lessons from the COVID-19 pandemic which many businesses didn’t prepare for, he said risk does not always mean negativity, it comes with opportunities.
