Bank Auditors Advocate Information Sharing To Combat Bank Fraud

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has called for the establishment of an assurance community of Information Security, Internal Audit, Internal Control/Systems Control, Compliance, and Risk Management departments by banks to collaborate regularly and share insights and monitor cybersecurity-related initiatives and projects.

This recommendation was contained in the Communique issued at the end of the Association’s Annual General Meeting and Retreat of members held in Abuja.

The week-long event with the theme ‘The Role of the Internal Auditor in Promoting Stability in the Financial Services Sector and National Economic Growth’, witnessed a convergence of members and other banking industry stakeholders sharing ideas and knowledge on the challenges and opportunities of the banking industry, by extension the economy, and the efforts of the Central Bank of Nigeria to stimulate the economy and reposition it in line with the mandate of the President Bola Tinubu.

Speaking with journalists during the Conference, the chairman of ACAEBIN, Prince Akamadu, explained that the conference theme resonates deeply with the challenges and opportunities the banking industry is currently facing and by extension the economy.

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He said, “the past one year has witnessed a series of challenges in our economy which has impacted the living conditions of the generality of Nigerians and the Banking industry is at the centre of the developments. As members of the third line of defence (the Internal Audit Function), we are expected to be proactive in our approach and support the efforts of the Central Bank of Nigeria in addressing the current challenges in the financial sector.

“For us to continue to play our part as valued stakeholders, it is pertinent that we take a critical look into the future and equip ourselves with those critical skills and resources that would enable us to perform our functions well, not just as gatekeepers but also as valued advisors to our organisations and the industry at large.”

Akamadu further stated that the role of the banking sector was crucial in the Nigerian economy, adding that the retreat was part of the measures by the Association at contributing to the discussion on ways of addressing the foreign exchange challenges in the country.

He noted that “banks are not resting on their oars to curb fraudulent activities and that improving the Know Your Customer mechanism was one of the means of reducing incidences of fraud to the barest minimum.”

Meanwhile, Akamadu and other executive committee members were re-elected for another two-year term to pilot the affairs of the Association. In his acceptance speech, he thanked his colleagues for the confidence reposed on him and other members of the executive.

He pledged to continue to strengthen collaboration with other stakeholders and the regulatory agencies in the collective effort at sanitising the banking system and improving the economy of the nation at large.