ACAEBIN Advocates Collaboration among Banking Departments to Enhance Cybersecurity

Nume Ekeghe

In a bid to bolster cybersecurity measures within the banking sector, the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), has urged banks to establish an assurance community comprising Information Security, Internal Audit, Internal Control/Systems Control, Compliance, and Risk Management departments.

This recommendation was made during ACAEBIN’s Annual General Meeting and Retreat held in Abuja, as detailed in the communique issued at the conclusion of the event.

Themed, “The Role of the Internal Auditor in Promoting Stability in the Financial Services Sector and National Economic Growth,” the week-long retreat saw a gathering of industry stakeholders keen on addressing challenges and exploring opportunities within the banking sector.

Notable discussions included the implications for the economy and the Central Bank of Nigeria (CBN) efforts to stimulate economic growth in line with the mandate of President Bola Ahmed Tinubu’s administration’s economic objectives.

Chairman of ACAEBIN, Prince Akamadu, highlighted the timeliness of the conference theme amidst the economic challenges facing Nigeria. He emphasized the pivotal role of the banking industry and the proactive stance required from members of the third line of defense, particularly the Internal Audit Function, in supporting the Central Bank’s initiatives.

Speaking with journalists during the Conference, the Chairman of ACAEBIN, Akamadu, explained that the conference theme “resonates deeply with the challenges and opportunities the banking industry is currently facing and by extension the economy.”

He said, “The past one year has witnessed a series of challenges in our economy which has impacted the living conditions of the generality of Nigerians and the banking industry is at the centre of the developments. As members of the third line of defence (the Internal Audit Function), we are expected to be proactive in our approach and support the efforts of the Central Bank of Nigeria in addressing the current challenges in the financial sector. For us to continue to play our part as valued stakeholders, it is pertinent that we take a critical look into the future and equip ourselves with those critical skills and resources that would enable us to perform our functions well, not just as gatekeepers but also as valued advisors to our organisations and the industry at large.”

Akamadu underscored the importance of equipping banking professionals with essential skills to serve as both gatekeepers and advisors.

He further addressed the critical role of the banking sector in Nigeria’s economy, noting the retreat’s contribution to discussions on addressing foreign exchange challenges and curbing fraudulent activities through enhanced Know Your Customer mechanisms.