Wema Bank's Oseni Calls for Evolving Internal Audits in Banking

During the 65th Quarterly General Meeting (QGM) of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) held in Lagos, financial experts discussed the necessity for internal audit functions in Nigeria’s banking sector to transition from retrospective assurance to forward-looking, technology-enabled roles. Moruf Oseni, managing director/chief executive officer of Wema Bank Plc, highlighted that the evolving landscape of banking, influenced by Artificial Intelligence, advanced analytics, and digital platforms, necessitates a critical role for internal audits.

The meeting's theme, “Auditing the Future: Governing AI, Cyber Risks and Digital Trust in an Era of Intelligent Banking,” underscored the need for innovation to be matched with governance. Oseni stressed that preserving digital trust requires resilient infrastructure and robust cybersecurity.

He called for collaboration among boards, risk and compliance teams, regulators, technology partners, and law enforcement. Aina Amah, chairperson of ACAEBIN, and Mogbitse Atsagbede, first vice president, reiterated the importance of robust controls and accountability in the face of new vulnerabilities introduced by digitalization.