A risk assessment carried out by Thomas Murray, the global post-trade risk and custody specialists, on Central Securities Clearing System (CSCS) Plc has yielded an upgraded rating symbol from A to A+, which denotes a ‘Low’ Overall Risk.
The outlook for the CSCS risk assessment also emerged positive owing to the fact that there are numerous pending developments scheduled for implementation within the short to medium term.
Jim Micklethwaite, director, head of operations for Thomas Murray in a statement from CSCS said, “Thomas Murray is delighted to announce an upgrade to the overall risk assessment of CSCS. The upgrade across several areas recognises the significant and widespread improvements to processes and controls put in place over the last few years by CSCS, particularly due to the upgraded functionality within its new core system, TCS BaNCS. We will monitor CSCS’ improvements as they continue to adopt international best practices.”
The CSCS noted that, one of such developments scheduled for development, include the organisation becoming a direct member of the Central Bank of Nigeria (CBN) RTGS system, ensuring that DVP settlement would be realised for both on-exchange and OTC transactions by linking the securities leg and cash leg of settlement.
Commenting on the upgrade, Haruna Jalo-Waziri, managing director/chief executive officer of CSCS said: “The upgrade from A to A+ is a significant milestone towards being a globally respected and leading central securities depository in Africa.
The key upgraded areas further indicate that we have made notable improvements in managing our market’s overall risks as we increasingly continue to align ourselves with global best practices. I am extremely proud of the collective efforts made over the years by our committed staff to enable us to make such progress.”