Association seeks information sharing to combat bank fraud

The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has called for the establishment of a functional information security, internal audit and internal system control across deposit money banks (DMBs) to enhance active collaboration, information sharing and seamless monitoring of cyber-related activities.

The group also stressed the need to boost the compliance and risk management framework of banks to help navigate uncertainties and enhance profitability and sustainable growth.

These formed the highlights of a communiqué issued at the end of the association’s yearly general meeting and retreat 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 where ideas were shared on the current challenges and opportunities facing the banking industry and, by extension, the efforts of the Central Bank of Nigeria (CBN) in stimulating the economy and repositioning it in line with the mandate of the present administration.

Chairman of ACAEBIN, Prince Akamadu, explained that the conference theme resonates with the challenges the banking industry is currently facing and the opportunities it presents for the sector and the economy.

He said the past year has witnessed a series of challenges in the country’s economy which has impacted the living conditions of the generality of Nigerians with the banking industry at the centre of the developments.

“As members of the third line of defense (the internal audit function), we are expected to be proactive in our approach and support the efforts of the Central Bank of Nigeria (CBN) 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 enhance professionalism, not just as gatekeepers but also as valued advisors to our organisations and the industry at large,” he said.

Akamadu further said the role of the banking sector was crucial in the Nigerian economy, adding that the retreat was part of the association’s efforts to find lasting solutions to the lingering foreign exchange challenges in the country.

He further noted that the banks are not resting on their oars to curbing fraudulent activities in the system, noting that improving the Know Your Customer mechanism was one of the means of reducing incidences of fraud to the barest minimum.

Akamadu thanked his colleagues for re-elected him and other members of the executive for another two-year term to pilot the affairs of the association.

He further pledged to continue to strengthen collaboration with other stakeholders and the regulatory agencies at sanitising the banking system and ensuring that Nigerian banks remain competitive in the global market.