Compliance
with rules remained a major roadblock in the worldwide financial business,
particularly in the Nigerian banking industry. Corporate governance is
required, yet regulation compliance is a conundrum in the banking business,
which has had an impact on investors and financial performance due to fines and
penalties imposed by regulators. Regardless, compliance challenges are
worldwide, and the Nigerian financial sector requires increased regulatory
action to ensure that the provisions of law are properly understood and
implemented. As a result, in the current global market, compliance is the only
language that can protect the financial industry from future collapse owing to
the corporate financial leader's attitude toward their firm and corporate
governance regulations. The goal of this qualitative exploratory multiple case
research was to find out what compliance measures corporate financial leaders
should put in place to ensure that regulations are followed in order to
increase business sustainability and financial performance. The banking
industry is one of the economy's pillars; yet, average depositors in Nigeria
feared the bank because of the banks' frequent failures. As a result,
compliance is the only language in the current global market that can prevent
the financial industry from future collapse due to corporate finance leaders'
attitudes toward their firm and corporate governance requirements. The purpose
of this qualitative exploratory multiple case study was to determine what
compliance procedures corporate financial leaders should implement in order to
ensure that regulations are obeyed in order to improve business sustainability
and financial performance. Despite the fact that the banking industry is one of
the economy's pillars, common depositors in Nigeria have a dread of banks due
to their numerous failures. Utilizing member checking and triangulation, data
was transcribed, processed, and validated. Before the data collection could
begin, the participant had to sign an informed consent form. Compliance in the
Nigerian banking industry is improving, according to the findings. However,
until 2021, there will be concerns of noncompliance and conflicts of interest,
which will damage bank financial performance in the long run and may lead to
financial hardship, according to Agency theory as the conceptual framework. The
insights could be used by authorities to better their oversight. monitoring
strategy and guarding ambiguity in rules to ensure that corporate financial
leaders are complying with all aspects of corporate governance codes and their
execution in accordance with best practises globally, not just the part of the
code that they are comfortable with. The findings may be used by corporate
financial leaders to curtail strategies that could bring their business to a
halt, and to imbibe the spirit of the code to ensure that the company adhered
to regulations for long-term sustainability, as well as to improve the
company's financial performance in order to attract potential investors. The
findings might be used by the regulator to prevent the banking industry from
collapsing by being proactive rather than reactive to a crisis.
Author (S) Details
Akande Oyebola Bejide
College of Management
and Technology, Walden University, Minneapolis, USA.
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Book :- https://stm.bookpi.org/MPEBM-V6/article/view/3405
