Polaris Bank CEO Harps On IT To Combat Cyber Fraud

Adekunle Sonola the Managing Director/Chief Executive Officer of Polaris Bank Limited, has harped on the need for audit professionals  to acquire digital and technological skills in other to be able to fight cyber and other Internet related fraud.

He said the importance of information technology, IT, to the profession cannot be over emphasised in the current digital age.

Sonola spoke at the 54th quarterly meeting of the Association of chief Executives of Banks in Nigeria, with the theme: ‘Cybersecurity Threats and the Challenges of Building Sustainable Financial Sector: the Way Forward’ and was represented by Segun Opeke, Executive Director, Lagos Business of the bank.

He explained that technology solutions must be built to encapsulate audit capabilities for satisfactory audit objectives, adding that professionals must begin to use cutting edge technologies ” as core levers” in their business.

Calling for audit parnership among banking institutions, Sonola said this is necessary because technology has changed the landscape of banking.

The chief executive said, “From my perspectives, some of the following issues will aid our contribution to managing cyber security risks and their related threats to financial services.

“The audit function can no longer remain analogue and gathering loads of files and documents to review transactions and events after the fact. To be relevant and truly add value in this digital age, audit professionals must begin to build and acquire IT and digital skills.

“We have to move the audit function to the cutting edge of technology and begin to speak languages like machine learning, AI, cloud computing, IoT, as core levers of your trade.

“When technology solutions and applications are being conceived to meet operational or business needs in our institutions, the audit function must be actively involved in that process and ensure that audit capabilities are built into technology solutions in a manner that satisfies audit objectives.

“With the pace at which technology is changing the banking landscape, coupled with the interconnectedness of the financial system against the backdrop of open banking, audit partnership among financial institutions must lead the frontier of collaboration.”