Financial institutions, regulators, technology partners and law-enforcement agencies have been urged to deploy responsible innovation, resilient technology infrastructure and robust cybersecurity in an effort to address the opportunities and the new risks associated with emerging technologies in the banking industry.
The charge was given at the ACAEBIN’s 65th Quarterly General Meeting (QGM) held in Lagos with the theme: “Auditing the Future: Governing AI, Cyber Risks and Digital Trust in an Era of Intelligent Banking.”
The Managing Director/Chief Executive Officer of Wema Bank Plc, Mr. Moruf Oseni, said the banking industry is undergoing a profound transformation, driven by Artificial Intelligence, advanced analytics, digital platforms, automation, and rapidly evolving technologies.
Oseni, who was represented by the Executive Director, Finance and Digital, Tunde Mabawonku, said every transformation brings new dimensions of risk, including AI-enabled fraud, deepfakes, identity manipulation, cyberattacks, API vulnerabilities, data breaches and business email compromise.
He said these vulnerabilities are no longer distant possibilities but are increasingly tangible risks that demand the attention of boards, management, regulators and assurance functions alike.
“As our customers increasingly interact with financial institutions through digital channels, the preservation of digital trust must become an enterprise-wide priority. This is where the role of Internal Audit becomes particularly significant.
“Internal Audit must evolve alongside the institutions it serves – from predominantly retrospective assurance to a more forward-looking, technology-enabled and insight-driven function that helps boards and management anticipate risks, challenge assumptions and make better-informed decisions,” he added.
The Chairperson, ACAEBIN, Mrs. Aina Amah, said while the theme speaks directly to the realities confronting the banking industry, audit executives must therefore ensure that innovation is accompanied by robust governance, effective controls, cyber resilience and accountability.
Amah, who was represented by the first vice president, ACAEBIN, Mogbitse Atsagbede, said the association has continued to respond to these realities with deliberate action.
She noted that the association has extended its engagement beyond the banking and professional community by engaging with the Nigerian Police Force National Cybercrime Centre, to constructively dialogue on cybercrime, fraud trends, intelligence sharing, and the need for stronger collaboration between law enforcement, financial institutions, and the internal audit community.
According to her, the association is equally conscious of the continuing evolution of the regulatory landscape, especially as the Central Bank of Nigeria (CBN) continues to issue and update regulatory requirements and initiatives affecting financial institutions, reinforcing expectations around sound governance, risk management, financial stability and institutional resilience.
Amah said ACAEBIN remains committed to supporting its members in understanding, interpreting, and effectively implementing regulatory and supervisory requirements, while providing constructive professional input where appropriate.
In her presentation, the Senior Manager, Information Technology (IT) & Control Assurance, Deloitte Nigeria, Chisom Odobeatu, said the banking industry has become increasingly technology-driven, urging assurance providers and audit executives to embrace emerging technologies and continuously upgrade their skills to remain relevant.
Odobeatu emphasised that the rapid pace of technological development required auditors to move beyond traditional approaches and adapt to the changing intelligence banking environment.
She said intelligent banking was increasingly coming into play as technology evolves, stressing that assurance providers must keep pace with the changes to effectively support boards and other stakeholders.
Odobeatu further stated that assurance providers and audit executives must also collaborate and leverage technological advancement to strengthen their functions and provide greater value to organisations.
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