Association seeks information sharing to combat bank fraud

THE Association of Chief Audit Executives of Banks in Nigeria ( ACAEBIN) has called for the establishment of a functional information security, internal audit and internal system control across deposit money banks ( DMBS) to enhance active collaboration, information sharing and seamless monitoring of cyber- related activities.

The group also stressed the need to boost the compliance and risk management framework of banks to help navigate uncertainties and enhance profitability and sustainable growth.

These formed the highlights of a communiqué issued at the end of the association’s yearly general meeting and retreat in Abuja.

The week- long event with the theme: ' The Role of the Internal Auditor in Promoting Stability in the Financial Services Sector and National Economic Growth', witnessed a convergence of members and other banking industry stakeholders where ideas were shared on the current challenges and opportunities facing the banking industry and, by extension, the efforts of the Central Bank of Nigeria ( CBN) in stimulating the economy and repositioning it in line with the mandate of the present administration.

Chairman of ACAEBIN, Prince Akamadu, explained that the conference theme resonates with the challenges the banking industry is currently facing and the opportunities it presents for the sector and the economy.

He said the past year has witnessed a series of challenges in the country's economy which has impacted the living conditions of the generality of Nigerians with the banking industry at the centre of the developments.

"As members of the third line of defense ( the internal audit function), we are expected to be proactive in our approach and support the efforts of the Central Bank of Nigeria ( CBN) in addressing the current challenges in the financial sector.