Heritage Bank sees new digital auditing modes as sure buffer against hard times

The readiness to bring fresh dimensions in data analytics, artificial intelligence, cybersecurity, forensics and even fraud management as well as regulatory pronouncements into the auditing process could be the shift banking needs to break even as the economy nurses its wound from the coronavirus outbreak, bankers said.

Ifie Sekibo, the Heritage Bank chief, said through a representative at a quarterly meeting of lenders’ top auditing heads, Jude Monye (himself an executive director of the bank), that stakeholders and industry pundits need to leverage potential benefits role redefinition to brace up for evolving risks.

The pandemic outbreak has set in motion a swift macroeconomic disruption on a large scale and upset the rhythm of global trade, Sekibo told auditors, further saying procedures and processes had changed as well.

“Embracing new processes and tools to modernize and maximize the audit function helps not only with the perception of internal audit’s value, but also the reality of its contributions.

“Opportunities to evaluate include virtual auditing, electronic workflow management, and distance team-building and development.”

Read also: Heritage Bank to forfeit N1.2bn, $327,000 in ‘ghost’ account to Nigerian govt

The Heritage Bank boss said audit units must be willing to maximise change and use the current economic condition to reposition for the future, considering that it will their contributions more beneficial to stakeholders.

Meanwhile, Yinka Tiamiyu, chair of Association of Chief Audit Executives of Banks in Nigeria, observed that given bankers’ debt of service to their clientele, current challenges must be passionately addressed.

“On our part, the need for improvement in service delivery and safety of customer’s funds as we digitalized our product offerings are concerns facing the industry, as such we must not relent in our efforts to get strong authentication mechanisms as we make our services more convenient and easier for customers.

“Banks should strive to find solution to the problems associated with identity theft as we pursue digital products and inclusive banking. This is to ensure that customers are happy with us and complaints minimized,” he said.

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