Heritage Bank Lauds Auditors for Deepening Banking Public Confidence

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By Modupe Gbadeyanka

Members of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) have been praised for deepening confidence of the banking public.

This commendation came from the MD/CEO of Heritage Bank Plc, Mr Ifie Sekibo, during the group’s 47th quarterly meeting held over the weekend via a virtual platform.

At the event themed Elevating Internal Audit’s Role in the Face of Emerging Risks and Opportunities, the bank chief said the auditors have specifically made inputs that have helped in shaping policy directions by regulators, including the fight against fraud and other financial crimes.

However, he charged them to continue to upgrade their knowledge and embrace change and them harness it to chart a new course for internal audit, stressing that only auditors with updated skills can make their role more relevant and impactful for stakeholders.

“Embracing new processes and tools to modernise and maximise the audit function helps not only with the perception of internal audit’s value, but also the reality of its contributions.

“Opportunities to evaluate include virtual auditing, electronic workflow management, and distance team-building and development,” he emphasised.

Mr Sekibo, who was represented by an Executive Director of the bank, Mr Jude Monye, suggested that auditors must “become versed in cybersecurity, artificial intelligence, data analytics, fraud management, regulatory pronouncements, forensics etc and having equipped himself, present balanced, objective audit reports to executive management while striking the right balance between the assurance and consulting responsibilities.”

In his remarks, the Chairman of ACAEBIN, Mr Yinka Tiamiyu, agreed with Mr Sekibo, reiterating the need for internal auditors to maximise opportunities of the current challenges facing the industry, as each day brings new developments that directly influence the likelihood and potential impact of banking future.

“On our part, the need for improvement in service delivery and safety of customer’s funds as we digitalized our product offerings are concerns facing the industry, as such we must not relent in our efforts to get strong authentication mechanisms as we make our services more convenient and easier for customers.

“Banks should strive to find solution to the problems associated with identity theft as we pursue digital products and inclusive banking. This is to ensure that customers are happy with us and complaints minimized,” Mr Tiamiyu urged his colleagues.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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