• Monday, February 26, 2024
businessday logo

BusinessDay

Auditors must embrace AI to revolutionize banking profession – Akamadu

Auditors must embrace AI to revolutionize banking profession – Akamadu

Prince Akamadu, chairman of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) has called for the need for all bankers to leverage artificial intelligence (AI) technology to make work easier.

The chairman disclosed this in Lagos during the 57th Quarterly General Meeting of the association, themed: ‘Artificial Intelligence: Game Changer for 21st Century CAEs and Auditors’ is both apt and timely, noting that auditors must embrace new technologies that can enhance their abilities and revolutionize the profession.

Read also: Artificial Intelligence in marketing communications: My perspective

“By harnessing the power of AI, we can rapidly process vast volumes of data, identify patterns, and anomalies, and draw once unimaginable insights. Imagine a world where Auditors are armed with AI-driven tools that can analyse transactions within seconds, minimize errors and ensure compliance. With AI, Auditors can significantly enhance their ability to identify risk, uncover fraud, and provide recommendations for improvement,” Akamadu said.

He says AI remains a game-changer, propelling auditors into uncharted territories of efficiency, accuracy, relevance, and strategic insight. He said, “Gone are the days when auditors were buried under piles of documents and struggled to analyse the vast amounts of data at their disposal.”

Speaking on the risk associated with the technology, he warned that AI is not a panacea but a tool that must be guided by human expertise, judgment, and ethical principles to uphold transparency, fairness, and accountability.

Meanwhile, he applauded the CBN directive mandating all tier-1 bank accounts and wallets for individuals to have a Bank Verification Number (BVN) and National Identification Number (NIN), as a game changer that will reduce the fraud associated with such accounts.

Read also: Minister, Abiru unveils artificial intelligence hub in Lagos

He also called on the apex bank to mandate fintechs to set up fraud desks and enforce stricter regulatory oversight on the activities of Bureaux de Change.