The Information Systems Audit and Control Association (ISACA) has urged business owners to adopt flexibility and remodeling to grow their businesses now and after the COVID-19 era.
The association gave the advice during its virtual meeting for April, monitored in Abuja on Monday.
The meeting focused on: “Business Preparedness for Major Disruptions: A Case Study of the Effects of the COVID-19 Pandemic.
According to the panelists, the COVID-19 pandemic has slowed the economic growth of some countries while others, such as Nigeria, are struggling for means out of an inevitable recession.
Mr John Oyeleke, Lead Instructor, Graceland Cyber Security, USA, said organisations should device alternative business practices and ideas for growth.
According to Oyeleke, the pandemic has created better opportunities for some businesses, while it has also caused a major setback for others.
“Businesses have to review their supply chain, delivery method, procurement, customer requirements to suite this period.
“Organisations need to look inward and think critically on how to survive COVID-19 and the post era because it is only dynamic businesses that can scale through,’’ Oyeleke said.
Mr Chidi Umeano, an official with the Central Bank of Nigeria (CBN), said that for businesses to witness growth, regulations, especially concerning the Ease of Doing Business, had to be more flexible.
“Issues around working from home have to do with organisational structure and supervision.
“There are organisations where much cannot be achieved if staff members have to work remotely and regulations for businesses need to be considered for enhanced productivity,’’ he said.
Mr Opeyemi Onifade, Chief Executive Officer (CEO), Afenoid Enterprise Limited, said that issues around governance needed to be changed to accommodate the changing business models.
According to him, for organisations to be productive, they need to provide facilities for staff members and encourage them to adapt to the change.
“Organisations have to review their risk profile, sourcing model and every professional needed to take skills set seriously because there would be an extension of enterprise.
“Privacy skills also need to be considered; there is need for increased automation and behavioural skills which include emotional intelligence.
“In remote working, there will be low supervision; so any individual working remotely has to learn task, self, time, distraction management for quality productivity,’’ Onifade said.
Mr Sunday McDickson, CEO, SMSams Systems Limited, said that working remotely requires organisations to mitigate against cyber-attacks to secure their systems.
McDickson revealed that major cyber-attacks are normally launched on systems through phishing e-mails and links, adding that businesses should beware of clicking fraudulent links while working remotely.
He said that building a formidable system network was dependent on available infrastructure, strong digital bridges which will help avoid digital compromise.
Mr Glory Idehen, President, ISACA, Abuja Chapter, however advised that businesses had to brace up for challenges associated with changing models.
“Not every business prepared for this change but we have to live with it and device means to survive for the growth of our economy,’’ Idehen said.
No fewer than 100 members participated in the virtual meeting.
