E-Business

Delegate Responsibility not Accountability- Keele

Published

15 years ago

June 1, 2009

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Allen Keele is a certified fraud examiner, information security manager, information systems auditor and information systems security professional, among 20 other professional and technical accreditations. He shares over 17 years of experience in information security and risk management, including nine years of conducting professional advanced business lectures and seminars across the globe. Keele spoke to hilary okeke on a range of issues.

Training on Fraud Detection and Management
In information security, one of the most important things we have is not always having information security itself but having the internal control to be sure that we have information security. I wrote the text that most people use to prepare for Certified Information Systems Auditors (CISA) exams around the world. In that context, a lot of the controls that the internal auditors monitor have to do with controlling internal breaches and abuse. So, it would make logical sense to extend my auditors knowledge and expertise and interest into internal fraud detection and management. I was shocked to find in my younger days that 90 percent of frauds can be detected through the books. So many organizations tell you that they have no fraud problem but when you take a careful look, you find that there actually is a problem. People device all kinds of means to get money out their organizations without doing anything on the book. That was very concerning to me as an auditor. Fraud in itself is a disaster for an organization. It could lead to loss of market share if made public. Organizations need to be prepared for that kind of disaster just the same way they prepare for fire. So that is why we extended our training to business continuity, disaster recovery, as well as a new perspective on fraud. There are lots of folks out there who offer training on business continuity and disaster recovery, but what we are doing that is unique in the market is that we are not trying to project our best practices; we are teaching according to the new British standard – BS 25999. It is a new international standard designed to keep your business going during the most challenging and unexpected circumstances. It provides a basis for understanding, developing, implementing and managing business continuity within your organization and gives you confidence when dealing with stakeholders both within and outside your organization. BS 25999 has been developed by a group of experts representing a cross-section of industry sectors and governmental organizations which is reflected in its applicability. The standard is suitable for any organization, large or small, from any sector. It is particularly relevant for those that operate in a high risk environment such as the finance, telecommunications, transport, utilities and public sectors, where there is need for continuity. I have had a lot of organizations tell me they went for training a couple of years ago – the British standard may have existed a couple of years ago for training, but it just got ratified recently. There was no standard prior to BS 25999. So, this is a whole new world in terms of getting the certification to prove that your organization has the ability to manage fraud and disaster. Often times, organizations do things because regulators make them. Now more than ever, you have financial regulators requiring you to prove that you have strong control against fraud but you do not even have a fraud policy.
Best Security Strategy for an Organization
The best security strategy is first, to have one. Whether it is fraud, business continuity or information security; organizations have this odd tendency to casually appoint people within the organization to handle those areas. They point to the IT or compliance person – somebody who does not understand that area, and that person has to go and figure out what controls to put in place to get things working. So the problem is that currently, there is no strategy. Nobody has stopped to think “we need to be at 95 percent for fraud capacity at all times, no matter what.” They leave it up to the discretion of people who are not actually accountable for the business. That is wrong! Maybe you have an inexpensive web server that manages your brand new e-commerce that supports 90 percent of your business but because it was not expensive, your IT manager complains that it goes down all the time and that he is going to have it replaced in two weeks. Two weeks for e-commerce? That is why we said that the most important strategy is to have one. It is not just my idea, it is ISO 27001 standard for information security, which instructs that you get a strategy in place. I have always recommended that organizations should first have the right people that are actually accountable for that decision and have them make the decisions for a change. You can delegate responsibility but you cannot delegate accountability.
Networking and Telecommunication in Auditing, Internal Control
ICT has a very important role to play in internal control because auditors control access to information which IT does too. Auditors also control how information is used and how transactions are processed. Over the years, automated control organizes business functions and that has reduced loss of money. So, IT is able to put controls in place but then again, depending on how well it is managed, there might also be some vulnerability. In detecting and managing fraud, you need asset combination. I have often asked people in my classes if their organizations are committed to preventing, detecting and minimizing fraud. And they say yes, absolutely! I ask them to show me a policy that says: “Our organization does not want fraud, and this is what we are going to do to stop it.” They have no fraud policy! Shockingly, a policy is nothing more than a statement of management that states the way things are done within an organization. If you say that controlling fraud is a good objective, where is the policy that not only says it is wrong but also says here is who should be looking for it; here is who should be investigating it and here is what we do if we find it. A fraud policy is where senior managers say “not only am I going to accept responsibility, but I will accept accountability for something going wrong.”
Legal and Ethical Issues Facing IT Auditors
The legal and ethical issues are similar for IT auditors as they are for financial auditors. As an IT auditor, it is possible that you would be dealing with irregular or illegal acts. Towards that end, you have to be careful whom you release information to – there is always tendency for you to be exposed to sensitive information about an organization that you have to protect. As you are investigating issues, you have to be sure that you do not breach privacy laws. For instance, there are laws now that protect account information for people who have bank accounts. Imagine if during the course of an IT audit, the auditor compromised your account, and your account number and access code was made public. That auditor could be in for a lot of legal hassle.

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E-Business

Confronting the Google Monolith: Survival Strategies for Online Businesses

Published

12 hours ago

April 25, 2024

Comms Week

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By Reuben Kalu.

In the vast expanse of the digital realm, Google looms large, an omnipresent force shaping the way we navigate, search, and conduct business online.

From its humble beginnings as a search engine to its current status as a multifaceted tech behemoth, Google has entrenched itself deeply into the fabric of the internet.

Its influence is undeniable, its reach unparalleled, and its ubiquity seemingly inescapable. But can you truly run an online business without Google?

The answer, in today’s digital landscape, is a resounding no. You have no choice.

Google’s dominance extends across multiple facets of the online world, making it virtually impossible for businesses to thrive without engaging with its ecosystem.

From search engine optimization (SEO) to online advertising, email services to analytics, Google’s suite of products and services permeates every aspect of the online business landscape.

Attempting to operate without Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.

At the heart of Google’s influence lies its search engine, the gateway through which billions of internet users navigate the vast expanse of online content. .

Google’s search algorithms wield immense power, determining which websites rank prominently in search results and which languish in obscurity.

For businesses seeking to attract organic traffic and expand their online presence, optimizing for Google’s search algorithms is not merely advisable—it’s imperative.

But Google’s influence extends far beyond search. Consider Google Ads, the company’s advertising platform that enables businesses to reach targeted audiences through paid search, display, and video advertising.

With billions of searches conducted on Google each day, Google Ads provides unparalleled reach and visibility, allowing businesses to target potential customers with pinpoint accuracy.

Attempting to compete in the online advertising arena without leveraging Google Ads is akin to entering a battle unarmed—a futile endeavor destined for failure.

Moreover, Google’s suite of productivity tools, including Gmail, Google Drive, and Google Workspace, has become indispensable for businesses seeking to streamline their operations and enhance collaboration.

With seamless integration across devices and platforms, Google’s productivity tools offer unparalleled convenience and efficiency, empowering businesses to work smarter, not harder.

Attempting to eschew Google’s productivity suite in favor of alternative solutions is not only impractical but also unwise, depriving businesses of the tools they need to succeed in today’s fast-paced digital landscape.

Furthermore, Google Analytics stands as the gold standard for web analytics, providing businesses with invaluable insights into their online performance and audience behavior.

From tracking website traffic and user engagement to analyzing conversion metrics and customer demographics, Google Analytics offers a comprehensive toolkit for optimizing online marketing strategies and driving business growth.

Attempting to gauge online performance without leveraging Google Analytics is akin to flying blind, devoid of the critical data needed to make informed decisions and drive meaningful results.

But perhaps the most formidable aspect of Google’s influence lies in its role as a gatekeeper of information and access.

With billions of users relying on Google’s platforms and services each day, the company wields immense control over the flow of online traffic and the dissemination of information.

For businesses seeking to connect with customers and expand their reach, Google’s dominance presents both a tremendous opportunity and a formidable challenge.

Attempting to circumvent Google’s influence and establish an online presence independent of its ecosystem is a Herculean task, fraught with uncertainty and risk.

In essence, attempting to run an online business without engaging with Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.

While alternative platforms and solutions exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.

To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage. You have no choice.

In conclusion, Google’s pervasive influence permeates every aspect of the online business landscape, making it virtually impossible to escape its grasp.

From search engine optimization to online advertising, productivity tools to web analytics, Google’s ecosystem encompasses a vast array of products and services that have become indispensable for businesses seeking to succeed in the digital age.

While alternative solutions may exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.

To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage.

You have no choice.

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E-Business

Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups

Published

1 day ago

April 25, 2024

Chike Onwuegbuchi

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As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.

The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.

Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.

Mr. Emeka Awagu, Chief Technology Officer, Hydrogen, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth.

He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.

“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better.

“Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.

With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.

“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio.

“It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.

On his part, Ina Alogwu, the Group Director, Digital Transformation, ARM HOLDCO, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.

“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes.

“Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.

Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs.

Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar.

Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.

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E-Business

Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond

Published

2 days ago

April 24, 2024

Comms Week

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Dexude, a leading edtech platform with operations in Nigeria, has announced that it has been awarded the prestigious Business Finland TEMPO funding.

Charles Emembolu, founder of Dexude,

This significant funding injection marks a pivotal moment in Dexude’s journey towards transforming education through its AI-powered, live-first, expert-led, and community-driven platform.

The Business Finland TEMPO funding is specifically designed to support startups and SMEs aiming for international growth by building their expertise and solutions into international success stories in innovative ways.

Dexude’s commitment to innovation, coupled with its vision to enable a billion learners worldwide, aligns perfectly with the objectives of the TEMPO funding.

Commenting on this milestone achievement, Charles Emembolu, founder of Dexude, remarked, “We are incredibly honored and excited to receive the Business Finland TEMPO funding. This funding is not only a validation of Dexude’s mission to reinvent education but also a testament to the hard work and dedication of our team. With this support, we are poised to accelerate our efforts in democratizing access to quality education and empowering learners across Nigeria and beyond.”

L-r; Kelvin Chikezie, co-founder of Dexude; Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA); and Charles Emembolu, founder of Dexude

Kelvin Chikezie, co-founder of Dexude, added, “Securing the Business Finland TEMPO funding is a significant milestone for Dexude. It underscores our commitment to leveraging technology and innovation to revolutionize the way people learn and grow. We are grateful to Business Finland for believing in our vision, and we are excited to embark on this next chapter of Dexude’s journey.”

Dexude is on a mission to redefine education by providing learners with access to influential experts and thought leaders, live interactions, and a vibrant community-driven learning experience.

Through its platform, Dexude aims to break down barriers to learning and empower individuals to pursue their passions and unlock their full potential.

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