NOVA Merchant Bank, a leading merchant bank in Nigeria will be hosting the 52nd Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria on Thursday, 23 June 2022 at the Oriental Hotel in Lagos.

The meeting which is themed “The Future of Internal Audit in an Increasingly Digital World”, will bring together Auditors and other stakeholders in the banking industry including the Law Enforcement Agencies to deepen discussions on the need to create more innovative processes and formulate automation for Internal Auditors to succeed in the ever-evolving technology landscape.

The Managing Director/Chief Executive Officer of NOVA Merchant Bank Limited, Mr. Nath Ude, who is the chief host of the event, said the bank remains fully committed to supporting initiatives aimed at easing business solutions and promoting digitalization.

He said: “I am particularly happy at the theme for the event as the topic is apt and in line with the global trend of revolutionaries thinking and the future demands that auditors, who are now dealing with more advanced and more technical business processes, require advanced technical IT and IS skills to bring increased value to their execution.”

Ude further emphasized that the vulnerability to financial loss and data compromise in the digital space has been a significant concern that requires auditors to understand the digital processes and exposures that businesses face.

Continuing, Ude noted that a new breed of Internal Auditors will be needed to move organizations forward in this digital world and those businesses must recognize and support this as auditors are an integral part of the workforce.

Also reiterating the need for auditors to understand the digital processes, the Chairman of ACAEBIN, Mr. Uduak Nelson Udoh, said that the banking industry is automating the delivery of its services in line with technological advancement as such, auditors need to reskill, up-skill and innovate to be able to face the challenges of the time.

Uduak said: “Globally, banking services has been digitized and the recent Covid-19 pandemic has exposed and changed a lot in the way certain types of work are carried out. banks especially are embracing remote work too as such; the need to open physical branches is beginning to dwindle and is no longer cost-effective. This new development has posed a new challenge to the auditors with the attendant risks to businesses.”

He further stated that the topic couldn’t have come at a better time and it is important Auditors continue to review their methodology in line with emerging issues in the digital space to be able to carry out their functions effectively.

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