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Risk management efficiency: FirstBank joins other internal auditors across Africa

COMFORT EKELEME

Chairman/President, Institute of Internal Auditors Nigeria/ Chief Audit Executive, First Bank of Nigeria Limited Internal audit,Uduak Udoh has called on Internal audit to develop sound understanding of upcoming events like block chain, dynamic hedging and instant payment processing in order to assist their organization’s readiness.

The Institute of Internal Auditors (IIA) Nigeria, led by Uduak Udoh, its Chairman/President and Chief Audit Executive, First Bank of Nigeria Limited recently joined other Chief Audit Executives and Internal Audit practitioners and professional across Africa at the 6th annual conference of the African Federation of Institutes of Internal Auditors (AFIIA) organized in Gaborone, Botswana.

With the theme “The Future of Internal Audit is Now. Assure. Advise. Anticipate” the event was convened to promote and reinforce the role of Internal Audit as a fundamentally proactive field, through its assurance and advisory roles with a view to helping management intervene before risks materialize.

According to Uduak Udoh, “In today’s global age, fast driven by the momentous technological advancement, internal auditors while providing compliance-related assurance over cyber risks, should also apply new mind-sets and methods – aided by technological approaches to audit cyber risks.”

“Internal audit should develop sound understanding of upcoming events e.g. block chain, dynamic hedging, instant payment processing etc, and the position of regulators, in order to assist their organization’s readiness”, he said.

Reinforcing Uduak’s position, Richard Chambers, Chief Executive Officer, /President, Institute of Internal Auditors (IIA) Global said; “The value of internal audit is not in looking in the past, but rather the value in internal audit is looking into the future.

The event had 600 participants from across Africa and the world; notably Margretmary Mushango, President of the Institute of Internal Auditors Botswana (IIAB); Eric Yankah, President, Africa Federation of Institutes of Internal Auditors; Femi Osinubi and Kikelomo Asuelime, both Board members of Institute of Internal Auditors (IIA) Nigeria and Humphrey Okorie, CEO, IIA Nigeria amongst others.

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