Wema Bank MD Charges Auditors to Strengthen Digital Risk Controls
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
Wema Bank's Managing Director, Mr Moruf Oseni, has urged audit executives in the banking sector to enhance collaboration as technology advances, including AI, automation, and analytics, reshape the industry. This is due to the evolving risk landscape brought about by digitalisation, cyber threats, and sophisticated technology, necessitating proactive, technology-driven, and data-focused internal audit functions.
At the ACAEBIN's 65th Quarterly General Meeting, Oseni highlighted that the banking sector is undergoing significant transformation, driven by AI, advanced analytics, digital platforms, automation, and emerging technologies. He emphasized that these innovations are altering customer service, operations management, and value creation in financial institutions.
Oseni noted that risks such as AI-enabled fraud, deepfakes, identity manipulation, cyberattacks, API vulnerabilities, data breaches, and business email compromise are becoming more tangible, demanding attention from boards, management, regulators, and assurance functions. He stressed that while technology transforms banking, trust is the foundation of the industry.
As customers engage with financial institutions through digital channels, preserving digital trust must be an enterprise-wide priority, requiring responsible innovation, resilient technology, strong cybersecurity, effective data governance, robust internal controls, and leadership that understands the opportunities and risks of emerging technologies.
ACAEBIN Chairperson, Mrs Aina Amah, echoed Oseni's sentiments, stressing that AI, digitalisation, automation, and interconnected platforms are redefining banking, offering opportunities while introducing new vulnerabilities. She stressed that Chief Audit Executives must ensure that innovation is paired with robust governance, effective controls, cyber resilience, and accountability.
Since their last QGM, ACAEBIN's Training Academy has expanded its capacity-building programs to cover AI, blockchain and smart contracts, fraud risk assessment and forensic audit, data analytics, and auditing financial institutions and fintechs.
Written by urgent.news from This Day's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
