Oluchi Chibuzor
The Managing Director/Chief Executive Officer of Wema Bank Plc, Mr Moruf Oseni, has charged audit executives in the banking sector to strengthen collaboration as emerging technologies, including Artificial Intelligence (AI), automation and advanced analytics, continue to transform the industry.
This, he said, is because the banking industry faces an evolving risk landscape driven by digitalisation, cyber threats and increasingly sophisticated technology, requiring internal audit functions to become more proactive, technology-enabled and data-driven.
Speaking at the 65th Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Mr Oseni said the banking industry is undergoing a profound transformation, driven by Artificial Intelligence, advanced analytics, digital platforms, automation, and rapidly evolving technologies.
He echoed that these innovations are redefining how financial institutions serve customers, manage operations, and create value.
According to him, “Every transformation brings new dimensions of risk: AI-enabled fraud, deepfakes, identity manipulation, cyberattacks, API vulnerabilities, data breaches and business email compromise are no longer distant possibilities; they are increasingly tangible risks that demand the attention of boards, management, regulators and assurance functions alike. Technology may change the way we bank, but trust remains the currency upon which banking is built.
“As our customers increasingly interact with financial institutions through digital channels, the preservation of digital trust must become an enterprise-wide priority. It requires responsible innovation, resilient technology infrastructure, robust cybersecurity, sound data governance, effective internal controls and, above all, leadership that understands both the opportunities and the risks associated with emerging technologies.”
Speaking, the Chairperson, ACAEBIN, Mrs Aina Amah, said artificial intelligence, digitalisation, automation and interconnected platforms are redefining banking, creating unprecedented opportunities while simultaneously introducing new vulnerabilities.
According to her, “As Chief Audit Executives, we must therefore ensure that innovation is accompanied by robust governance, effective controls, cyber resilience and accountability. ACAEBIN has continued to respond to these realities with deliberate action. Since our last QGM, our Training Academy has expanded its capacity-building agenda across areas including AI, Blockchain and Smart Contracts, Fraud Risk Assessment and Forensic Audit, Data Analytics, and the auditing of Financial Institutions and FinTechs.”