NOVA Merchant Bank to host Chief Audit Executive of banks in Nigeria

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

The meeting, themed, ‘The Future of Internal Audit in an Increasingly Digital World,’ will bring together auditors and other stakeholders in the banking industry, including 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 digitalisation.

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 revolutionalised thinking and the future demands that auditors, who are now dealing with more advanced and more technical business processes, require advanced technical information technology and information system skills to bring increased value to their execution.”

He further emphasised 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.

Ude noted that a new breed of internal auditors will be needed to move organisations forward in this digital world, adding that businesses must recognise 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 The Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Mr. Uduak Nelson Udoh, said that the banking industry is automating the delivery of its services in line with technological advancement, l as such, auditors need to reskill, up-skill and innovate to be able to face the challenges of the time.

“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,” Udoh said.

He further stated that the topic couldn’t have come at a better time, stressing that 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.

NOVA Merchant Bank continues to demonstrate dominance in the Nigerian merchant banking space with its integrated suite of financial solutions covering wholesale banking, investment banking, asset management, wealth management, trade services, transaction banking, cash management, and digital banking.