{"id":2299,"date":"2022-07-27T11:59:34","date_gmt":"2022-07-27T10:59:34","guid":{"rendered":"https:\/\/www.novambl.com\/?p=2299"},"modified":"2022-07-27T11:59:34","modified_gmt":"2022-07-27T10:59:34","slug":"future-of-internal-audit-in-an-increasingly-digital-world","status":"publish","type":"post","link":"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/","title":{"rendered":"Future of Internal Audit in an Increasingly Digital World"},"content":{"rendered":"

Future of Internal Audit in an Increasingly Digital World – A Paper Presented at the 52nd Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) Held on June 23, 2022 at Lagos Oriental Hotel, Victoria Island, Lagos<\/strong><\/p>\n

 <\/p>\n

Protocols. <\/b><\/p>\n

The year 2020 saw the globe plunge into an unprecedented health crisis, the likes of which could not have been\u00a0 anticipated by global institutions, world governments, health \/ environment\u00a0\/ security agencies or any scientific or technology based entities. Today, in 2022, the impact of\u00a0the changes the world at large has experienced in every\u00a0 sector and on every continent are still\u00a0being dealt with by governments, businesses, and individuals.<\/p>\n

Almost in one fell swoop, things that erstwhile were deemed impossible, difficult, or challenging\u00a0became the order of the day. With lock-downs instituted from one country to the other where\u00a0people could not go about their daily lives, let alone carry out their regular business \u2013 the lock-downs bringing about stay at home orders; permissions for only\u00a0 key business to operate;\u00a0sanitization \/ protection measures; international travel bans \u2013 and the impact of these on\u00a0personal relations and business operations, led people to find alternative ways to keep their lives and businesses going.<\/p>\n

 <\/p>\n

    \n
  1. Working with Technology, Working Through Technology<\/b><\/li>\n<\/ol>\n

    The resulting adaptations and innovations that occurred in 2020 led to the execution of a high volume of internet\u00a0 based and technology driven activities and operations, including the golden \u201cwork from home\u201d style of business\u00a0 operations that continued into 2021.<\/p>\n

    As a high number of people across the globe came to terms with remote operations, the digital\u00a0presence of\u00a0 individuals and businesses grew astronomically \u2013 from daily communications on\u00a0social media platforms, to official meetings on Zoom, Teams, and other virtual meeting\u00a0platforms, to e-payments via online banking and mobile\u00a0 applications, to cloud computing and\u00a0storage, to remote management and reviews of numerous tasks and operations\u00a0 using video\u00a0streaming and other audio-visual tools.<\/p>\n

    With these, new ways of working with technology and through technology became the order of\u00a0the day and now in 2022 we are living in a new normal of hybridization \u2013 a merging of the\u00a0innovations, learnings and realizations\u00a0 brought about by the pandemic, with the old ways of physical, in-person operations \u2013 which continues to evolve.<\/p>\n

     <\/p>\n

      \n
    1. Digitization in the Banking Industry and the New Players <\/b><\/li>\n<\/ol>\n

      This new normal we are in today shows a continuous integration of digitization in our daily lives\u00a0and by extension in our business operations. As financial institutions, the emergence of\u00a0FINTECH companies is not a new topic; we now have banks either acquiring FINTECHs,\u00a0FINTECHs acquiring banking licenses and banks creating FINTECH arms. We have now moved forward to telecoms entities providing banking services to their customers \u2013 MTN and\u00a0Airtel have been granted payment service Bank (PSB) licenses by the Central Bank of Nigeria,\u00a0where deposit takings, cross border payments, e-wallet operations, and debit\/pre-paid cards\u00a0can be offered to customers. MTN\u2019s MoMo Payment Service Bank (MoMo PSB) Limited,\u00a0formally commenced operations on the 19th of May 2022 with an agent network of over 166,000\u00a0active agents.<\/p>\n

      The foregoing mean growth in customer base, transactions, revenue, regulations and by default,\u00a0growth in risks, controls, and compliance concerns. The new normal demands evaluation of the\u00a0opportunities presented by the\u00a0 changed or hybrid operations in each specific organization using\u00a0methods that match the development. This implies\u00a0 that relying on or requiring physical proximity\u00a0to, manual handling or operation of and\/or central or fixed location\u00a0 or base for deliberation,\u00a0review, assessment or reporting on activities need to change as the digital space, where most of\u00a0the new transactions will take place, is not limited to physical or singular unique location(s).<\/p>\n

       <\/p>\n

        \n
      1. Changing Customers in the Digital Era <\/b><\/li>\n<\/ol>\n

        Digitization has brought a whole new approach to how people live their daily lives and conduct\u00a0their businesses. The future is coming, some would argue that it is already here. Let\u2019s project a\u00a0little bit into the future: millennials, also known as Generation Y, are generally those aged 26 to\u00a041 (born 1981 \u2013 1996) are the working age we have today; Gen Z are generally those aged\u00a0from 10 to 25 (born 1997 \u2013 2012) are working age and soon to be working age.<\/p>\n

        Today\u2019s Gen Z are tomorrow\u2019s millennials, and this group (Gen Z) who have grown up or are\u00a0growing up playing with their parent\u2019s mobile phones at the age Gen Y played physical card or\u00a0board games; who are attending coding classes during summer holidays at the age Gen Y was\u00a0learning about chat rooms on the internet and who play video games with people half a world\u00a0away whom they will never meet at the age Gen Y was going to their friends\u2019 houses to play\u00a0video games with people in their neighbourhood or school; are the business owners, industry leaders and global leaders that we will have tomorrow. Can we take a moment to envision a world run by such digitally sensitized people?<\/p>\n

         <\/p>\n

          \n
        1. Evolving Risks in the Digital Era <\/b><\/li>\n<\/ol>\n

          As our businesses adapt to bring services closer, faster and more conveniently to current,\u00a0prospective and future\u00a0 clients, the attendant risks and controls required to manage such risks\u00a0cannot be overstated.<\/p>\n

          Just as banking evolved from having your bank account accessible from a specific branch of a\u00a0specific bank located at a specific location, to where we now have borderless banking\u00a0accessible from an app in a phone in our pocket; the risks have evolved from guarding the bank branch to guarding the internet connection points, cloud storage and\u00a0 intranet connections of our banks \u2013 all words and concepts that would have been strange as recently as 40 years ago. The exposures to financial loss and data compromise in the digital space is a significant\u00a0concern that requires\u00a0 auditors who not only understand internal business processes but also\u00a0have the skills base to understand the digital processes and exposures the Bank faces.<\/p>\n

          The anonymity that digitalization brings \u2013 remote account opening processes, use of robots by\u00a0tech-savvy\u00a0 individuals, groups and entities to simplify processes (or impersonate actual\u00a0humans), single individuals creating multiple accounts either of their own making or by\u00a0impersonating existing individuals \u2013 is an avenue for revenue leakage and reputational damage\u00a0for Banks. Auditors need to think along such lines in the execution of their roles.<\/p>\n

           <\/p>\n

            \n
          1. Evolution of Regulatory Requirements <\/b><\/li>\n<\/ol>\n

            We cannot overlook the regulatory angle of increased digitization. Regulatory frameworks will,\u00a0by necessity,\u00a0 continue to evolve in order to put checks in place around the operation and\u00a0reporting of new technologies adopted by Banks. From the use of banker\u2019s cheques to the use\u00a0money transfer forms; from the use of ATMs to the use of internet banking and POS machines; from the use USSD (Unstructured Supplementary Service Data) codes and mobile money apps\u00a0to the use of QR (Quick Response) codes, regulations have evolved to protect customers and\u00a0Banks from exploitation, abuse and misuse.<\/p>\n

            Data privacy laws, information assets of customers and the internal policies on access to,\u00a0storage and security over customer and Bank proprietary data\/information are areas auditors\u00a0need to monitor, with increasing importance as the world moves forward in the digital space.<\/p>\n

            With open banking today and its use of APIs (Application Programming Interfaces), this is a key\u00a0area that cannot be overlooked.<\/p>\n

            Today, we have the advent of crypto currencies. Regulations around these and future\u00a0innovations need to be covered by audit teams. Processes, controls and regulations around the\u00a0recognition, reporting, safeguarding and\u00a0 management of crypto currency accounts, account\u00a0holder information, transactions and all the possible money laundry and financing of terrorism\u00a0risks that such innovation can bring are areas auditors must watch out for.<\/p>\n

            The Central Bank of Nigeria issued a circular to all deposit money banks and payment service\u00a0providers in February 2021 on its regulatory framework for open banking in Nigeria; CBN\u00a0Regulatory Guidelines on the e-Naira was issued in October 2021 \u2013 to provide few examples of\u00a0new regulations coming up in the digitization age.<\/p>\n

             <\/p>\n

              \n
            1. Auditing in a Digital Era <\/b><\/li>\n<\/ol>\n

              The tools, knowledge and skills of internal auditors must evolve with the evolving times. The\u00a0tools used to carry out audits; the knowledge \u2013 terms, terminologies, applications, options, uses\u00a0\u2013 of digital platforms, outlets, services; and the skills \u2013 comfort with basic computer applications\u00a0and IT (Information Technology) audit software, development of IS (Information Systems) audit\u00a0skills, (re)learning \u2013 must rise to meet the changes in the industry.<\/p>\n

              The volume and breadth of transactions, reports, customer service requests, incident reports,\u00a0regulatory filing and the checks that will need to be done on these items cannot be done\u00a0effectively with the usual tools and cannot be done effectively using the usual processes. Throughout the history of auditing, audit tools have had to be more advanced or at least at par\u00a0with the tools used by process owners. As of today, there is no audit team that does not use a\u00a0computer system and one or more software applications to carry out their audits. From the use\u00a0of various Spreadsheet software applications to the Computer Assisted Audit Techniques\u00a0(CAATs) i.e. specifically designed auditing software; our current audit teams leverage existing\u00a0technologies in executing their roles.<\/p>\n

              Our current audit teams generally are divided \u2013 in one way or another \u2013 between business\u00a0process auditors and IT\/IS auditors and perhaps Investigation or Forensic teams. While IT\/IS\u00a0auditors specialize in the audit of\u00a0 information technology or information systems, the future\u00a0demands that business process auditors, who are now dealing with more advanced and more\u00a0technical business processes, require more advanced and more technical IT and IS audit skills\u00a0to bring increased value to their audit execution and in proffering recommendations.<\/p>\n

              We know from experience that the computer knowledge, expertise and experience of our audit\u00a0teams has direct impact on their ability to optimize the use of the technology available to them.<\/p>\n

              Likewise, our auditors\u2019 knowledge, expertise, and experience of existing and advancing\u00a0technologies will have a direct impact on their ability to review and advise management on risks\u00a0and controls related to technologies adopted by the organization.<\/p>\n

               <\/p>\n

                \n
              1. The Digital Reality \u2013 Experiencing Tomorrow, Today <\/b><\/li>\n<\/ol>\n

                Technological advancement in hardware and software applications, have brought about\u00a0automations that\u00a0 continuously reduce the need for human interference in processes and by\u00a0default, human interference in auditing of such processes; especially where the applications are\u00a0intelligent systems that learn and evolve based on their learnings \u2013 most commonly referred to\u00a0as AI (Artificial Intelligence).<\/p>\n

                We have robots responding to customer queries on websites and mobile apps, we have cookies\u00a0that record and report on webpages visited by website users, we have algorithms that report on\u00a0how often an item was clicked on, how long a page was open and whether a transaction was\u00a0concluded on shopping sites, streaming services, social media sites, etc. We can speak to our\u00a0phones and other devices, and they respond to our enquiry.<\/p>\n

                Virtual reality (VR) systems are growing in the real world \u2013 once mainly only focused on or used\u00a0by gamers, now we have the metaverse where a whole ecosystem can be created for people to\u00a0live digital lives, where meetings can be held in virtual reality simulated spaces by people in\u00a0different locations on the globe, each fully seated at a desk or in a board room with a\u00a0presentation being made by a facilitator in a virtual office with attendees using avatars of their\u00a0choosing.<\/p>\n

                 <\/p>\n

                  \n
                1. A look at Banking Trends <\/b><\/li>\n<\/ol>\n

                  Accenture\u2019s report on \u201cBanking Top 10 Trends for 2022\u201d provides a good summary of all the\u00a0aforementioned topics and considerations. 6 of the 10 items speak directly to what we have\u00a0discussed:<\/p>\n

                    \n
                  1. Everyone wants to be a super-app: Super-apps are dominating more aspects of the digital world and human interaction. Banks face a high-stakes choice to compete or collaborate.<\/li>\n<\/ol>\n
                      \n
                    1. Innovation makes a comeback: To keep up with fintechs and other competitors, banks are rediscovering their creative mojo and asking a simple, powerful question: \u201cWhy not?\u201d<\/li>\n<\/ol>\n
                        \n
                      1. The digital brain gets a caring heart: Banks are looking for ways to have meaningful conversations with customers in digital spaces. Technology like AI can help make the human connection.<\/li>\n<\/ol>\n
                          \n
                        1. Digital currencies head for college: With crypto currencies here to stay, experiments like CBDCs are gathering momentum. The search is on for use cases that prove the economic benefits.<\/li>\n<\/ol>\n
                            \n
                          1. Smart operations put zero in their sights: Artificial intelligence and machine learning in banking now surpass humans in some tasks. Applying this tech will bring zero waste operations within reach.<\/li>\n<\/ol>\n
                              \n
                            1. Payments: anywhere, anytime \u2026 and now anyhow: The next payments revolution will stem from open networks, which empower banks to reimagine their payments offerings for newly-demanding customers.<\/li>\n<\/ol>\n

                               <\/p>\n

                                \n
                              1. Conclusion <\/b><\/li>\n<\/ol>\n

                                In conclusion, where in the past auditors used paper and the infamous green pen auditors and\u00a0their tools continue to evolve to meet or stay ahead of the technologies used by businesses.<\/p>\n

                                A new breed of internal auditors will be needed to move organizations forward in the digital\u00a0world. Business must recognize and support this as our auditors are a vital part of our workforce\u00a0\u2013 trainings, sessions, seminars,\u00a0 knowledge sharing, meetings and all other avenues where new\u00a0technologies are discussed should have audit team members in attendance and continually learning to stay ahead of or at least in sync with the changes.<\/p>\n

                                The journey has already begun, the digital role of audit in each organization must be defined,\u00a0the mindsets and aspirations of internal auditors must be assessed and any roadblocks to the\u00a0achievement of digital auditors must be identified and addressed by each organization.<\/p>\n

                                For this, regular upskilling, trainings, attendance at seminars and knowledge sharing sessions,\u00a0continuous engagements with groups such as the Association of Chief Audit Executives of\u00a0\u00a0Banks in Nigeria (ACAEBIN), security agencies and continuous interactions with regulators,\u00a0would serve to keep auditors abreast of new technologies, audit approaches and guidelines and\u00a0regulations affecting new and emerging technologies.<\/p>\n

                                Thank you for the opportunity given to NOVA Bank to host the Association on the 52nd Quarterly General Meeting. I wish you successful deliberation in the course of your meeting.<\/p>\n

                                 <\/p>\n

                                Nath Ude
                                \nMD\/CEO NOVA Bank<\/b><\/p>\n

                                 <\/p>\n

                                References <\/i><\/strong><\/p>\n

                                  \n
                                1. https:\/\/en.wikipedia.org\/wiki\/COVID-19_pandemic<\/li>\n
                                2. https:\/\/www.mtnonline.com\/wp-content\/uploads\/2022\/05\/MoMo-Payment-Service-Bank-commences- commercial-Operations.pdf<\/li>\n
                                3. https:\/\/www.cbn.gov.ng\/Out\/2021\/PSMD\/Circular%20on%20the%20Regulatory%20Framework%20on%20Open%20Banking%20in%20Nigeria.pdf<\/li>\n
                                4. https:\/\/www.cbn.gov.ng\/Out\/2021\/FPRD\/eNairaCircularAndGuidelines%20FINAL.pdf<\/li>\n
                                5. https:\/\/www.accenture.com\/us-en\/insights\/banking\/top-10-trends-banking<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

                                  Future of Internal Audit in an Increasingly Digital World – A Paper Presented at the 52nd Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) Held on June 23, 2022 at Lagos Oriental Hotel, Victoria Island, Lagos   Protocols. The year 2020 saw the globe plunge into an unprecedented health crisis, the likes of which could not have been\u00a0 anticipated by global institutions, world governments, health \/ environment\u00a0\/ security agencies or any scientific or technology based entities. Today, in 2022, the impact of\u00a0the changes the world at large has experienced in every\u00a0 sector and on every continent are still\u00a0being dealt with by governments, businesses, and individuals. Almost in one fell swoop, things that erstwhile were deemed impossible, difficult, or challenging\u00a0became the order of the day. With lock-downs instituted from one country to the other where\u00a0people could not go about their daily lives, let alone carry out their regular business \u2013 the lock-downs bringing about stay at home orders; permissions for only\u00a0 key business to operate;\u00a0sanitization \/ protection measures; international travel bans \u2013 and the impact of these on\u00a0personal relations and business operations, led people to find alternative ways to keep their lives and businesses going.   Working with Technology, Working Through Technology The resulting adaptations and innovations that occurred in 2020 led to the execution of a high volume of internet\u00a0 based and technology driven activities and operations, including the golden \u201cwork from home\u201d style of business\u00a0 operations that continued into 2021. As a high number of people across the globe came to terms with remote operations, the digital\u00a0presence of\u00a0 individuals and businesses grew astronomically \u2013 from daily communications on\u00a0social media platforms, to official meetings on Zoom, Teams, and other virtual meeting\u00a0platforms, to e-payments via online banking and mobile\u00a0 applications, to cloud computing and\u00a0storage, to remote management and reviews of numerous tasks and operations\u00a0 using video\u00a0streaming and other audio-visual tools. With these, new ways of working with technology and through technology became the order of\u00a0the day and now in 2022 we are living in a new normal of hybridization \u2013 a merging of the\u00a0innovations, learnings and realizations\u00a0 brought about by the pandemic, with the old ways of physical, in-person operations \u2013 which continues to evolve.   Digitization in the Banking Industry and the New Players This new normal we are in today shows a continuous integration of digitization in our daily lives\u00a0and by extension in our business operations. As financial institutions, the emergence of\u00a0FINTECH companies is not a new topic; we now have banks either acquiring FINTECHs,\u00a0FINTECHs acquiring banking licenses and banks creating FINTECH arms. We have now moved forward to telecoms entities providing banking services to their customers \u2013 MTN and\u00a0Airtel have been granted payment service Bank (PSB) licenses by the Central Bank of Nigeria,\u00a0where deposit takings, cross border payments, e-wallet operations, and debit\/pre-paid cards\u00a0can be offered to customers. MTN\u2019s MoMo Payment Service Bank (MoMo PSB) Limited,\u00a0formally commenced operations on the 19th of May 2022 with an agent network of over 166,000\u00a0active agents. The foregoing mean growth in customer base, transactions, revenue, regulations and by default,\u00a0growth in risks, controls, and compliance concerns. The new normal demands evaluation of the\u00a0opportunities presented by the\u00a0 changed or hybrid operations in each specific organization using\u00a0methods that match the development. This implies\u00a0 that relying on or requiring physical proximity\u00a0to, manual handling or operation of and\/or central or fixed location\u00a0 or base for deliberation,\u00a0review, assessment or reporting on activities need to change as the digital space, where most of\u00a0the new transactions will take place, is not limited to physical or singular unique location(s).   Changing Customers in the Digital Era Digitization has brought a whole new approach to how people live their daily lives and conduct\u00a0their businesses. The future is coming, some would argue that it is already here. Let\u2019s project a\u00a0little bit into the future: millennials, also known as Generation Y, are generally those aged 26 to\u00a041 (born 1981 \u2013 1996) are the working age we have today; Gen Z are generally those aged\u00a0from 10 to 25 (born 1997 \u2013 2012) are working age and soon to be working age. Today\u2019s Gen Z are tomorrow\u2019s millennials, and this group (Gen Z) who have grown up or are\u00a0growing up playing with their parent\u2019s mobile phones at the age Gen Y played physical card or\u00a0board games; who are attending coding classes during summer holidays at the age Gen Y was\u00a0learning about chat rooms on the internet and who play video games with people half a world\u00a0away whom they will never meet at the age Gen Y was going to their friends\u2019 houses to play\u00a0video games with people in their neighbourhood or school; are the business owners, industry leaders and global leaders that we will have tomorrow. Can we take a moment to envision a world run by such digitally sensitized people?   Evolving Risks in the Digital Era As our businesses adapt to bring services closer, faster and more conveniently to current,\u00a0prospective and future\u00a0 clients, the attendant risks and controls required to manage such risks\u00a0cannot be overstated. Just as banking evolved from having your bank account accessible from a specific branch of a\u00a0specific bank located at a specific location, to where we now have borderless banking\u00a0accessible from an app in a phone in our pocket; the risks have evolved from guarding the bank branch to guarding the internet connection points, cloud storage and\u00a0 intranet connections of our banks \u2013 all words and concepts that would have been strange as recently as 40 years ago. The exposures to financial loss and data compromise in the digital space is a significant\u00a0concern that requires\u00a0 auditors who not only understand internal business processes but also\u00a0have the skills base to understand the digital processes and exposures the Bank faces. The anonymity that digitalization brings \u2013 remote account opening processes, use of robots by\u00a0tech-savvy\u00a0 individuals, groups and entities to simplify processes (or impersonate actual\u00a0humans), single individuals creating multiple accounts either of their own making or by\u00a0impersonating existing individuals \u2013 is an avenue for revenue leakage<\/p>\n","protected":false},"author":1,"featured_media":2302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14,9],"tags":[48,55,28],"class_list":["post-2299","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-press-release","tag-acaebin","tag-fintech","tag-nath-ude"],"yoast_head":"\nFuture of Internal Audit in an Increasingly Digital World - NOVA Bank<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Future of Internal Audit in an Increasingly Digital World\" \/>\n<meta property=\"og:description\" content=\"Future of Internal Audit in an Increasingly Digital World – A Paper Presented at the 52nd Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) Held on June 23, 2022 at Lagos Oriental Hotel, Victoria Island, Lagos   Protocols. The year 2020 saw the globe plunge into an unprecedented health crisis, the likes of which could not have been\u00a0 anticipated by global institutions, world governments, health \/ environment\u00a0\/ security agencies or any scientific or technology based entities. Today, in 2022, the impact of\u00a0the changes the world at large has experienced in every\u00a0 sector and on every continent are still\u00a0being dealt with by governments, businesses, and individuals. Almost in one fell swoop, things that erstwhile were deemed impossible, difficult, or challenging\u00a0became the order of the day. With lock-downs instituted from one country to the other where\u00a0people could not go about their daily lives, let alone carry out their regular business \u2013 the lock-downs bringing about stay at home orders; permissions for only\u00a0 key business to operate;\u00a0sanitization \/ protection measures; international travel bans \u2013 and the impact of these on\u00a0personal relations and business operations, led people to find alternative ways to keep their lives and businesses going.   Working with Technology, Working Through Technology The resulting adaptations and innovations that occurred in 2020 led to the execution of a high volume of internet\u00a0 based and technology driven activities and operations, including the golden \u201cwork from home\u201d style of business\u00a0 operations that continued into 2021. As a high number of people across the globe came to terms with remote operations, the digital\u00a0presence of\u00a0 individuals and businesses grew astronomically \u2013 from daily communications on\u00a0social media platforms, to official meetings on Zoom, Teams, and other virtual meeting\u00a0platforms, to e-payments via online banking and mobile\u00a0 applications, to cloud computing and\u00a0storage, to remote management and reviews of numerous tasks and operations\u00a0 using video\u00a0streaming and other audio-visual tools. With these, new ways of working with technology and through technology became the order of\u00a0the day and now in 2022 we are living in a new normal of hybridization \u2013 a merging of the\u00a0innovations, learnings and realizations\u00a0 brought about by the pandemic, with the old ways of physical, in-person operations \u2013 which continues to evolve.   Digitization in the Banking Industry and the New Players This new normal we are in today shows a continuous integration of digitization in our daily lives\u00a0and by extension in our business operations. As financial institutions, the emergence of\u00a0FINTECH companies is not a new topic; we now have banks either acquiring FINTECHs,\u00a0FINTECHs acquiring banking licenses and banks creating FINTECH arms. We have now moved forward to telecoms entities providing banking services to their customers \u2013 MTN and\u00a0Airtel have been granted payment service Bank (PSB) licenses by the Central Bank of Nigeria,\u00a0where deposit takings, cross border payments, e-wallet operations, and debit\/pre-paid cards\u00a0can be offered to customers. MTN\u2019s MoMo Payment Service Bank (MoMo PSB) Limited,\u00a0formally commenced operations on the 19th of May 2022 with an agent network of over 166,000\u00a0active agents. The foregoing mean growth in customer base, transactions, revenue, regulations and by default,\u00a0growth in risks, controls, and compliance concerns. The new normal demands evaluation of the\u00a0opportunities presented by the\u00a0 changed or hybrid operations in each specific organization using\u00a0methods that match the development. This implies\u00a0 that relying on or requiring physical proximity\u00a0to, manual handling or operation of and\/or central or fixed location\u00a0 or base for deliberation,\u00a0review, assessment or reporting on activities need to change as the digital space, where most of\u00a0the new transactions will take place, is not limited to physical or singular unique location(s).   Changing Customers in the Digital Era Digitization has brought a whole new approach to how people live their daily lives and conduct\u00a0their businesses. The future is coming, some would argue that it is already here. Let\u2019s project a\u00a0little bit into the future: millennials, also known as Generation Y, are generally those aged 26 to\u00a041 (born 1981 \u2013 1996) are the working age we have today; Gen Z are generally those aged\u00a0from 10 to 25 (born 1997 \u2013 2012) are working age and soon to be working age. Today\u2019s Gen Z are tomorrow\u2019s millennials, and this group (Gen Z) who have grown up or are\u00a0growing up playing with their parent\u2019s mobile phones at the age Gen Y played physical card or\u00a0board games; who are attending coding classes during summer holidays at the age Gen Y was\u00a0learning about chat rooms on the internet and who play video games with people half a world\u00a0away whom they will never meet at the age Gen Y was going to their friends\u2019 houses to play\u00a0video games with people in their neighbourhood or school; are the business owners, industry leaders and global leaders that we will have tomorrow. Can we take a moment to envision a world run by such digitally sensitized people?   Evolving Risks in the Digital Era As our businesses adapt to bring services closer, faster and more conveniently to current,\u00a0prospective and future\u00a0 clients, the attendant risks and controls required to manage such risks\u00a0cannot be overstated. Just as banking evolved from having your bank account accessible from a specific branch of a\u00a0specific bank located at a specific location, to where we now have borderless banking\u00a0accessible from an app in a phone in our pocket; the risks have evolved from guarding the bank branch to guarding the internet connection points, cloud storage and\u00a0 intranet connections of our banks \u2013 all words and concepts that would have been strange as recently as 40 years ago. The exposures to financial loss and data compromise in the digital space is a significant\u00a0concern that requires\u00a0 auditors who not only understand internal business processes but also\u00a0have the skills base to understand the digital processes and exposures the Bank faces. The anonymity that digitalization brings \u2013 remote account opening processes, use of robots by\u00a0tech-savvy\u00a0 individuals, groups and entities to simplify processes (or impersonate actual\u00a0humans), single individuals creating multiple accounts either of their own making or by\u00a0impersonating existing individuals \u2013 is an avenue for revenue leakage\" \/>\n<meta property=\"og:url\" content=\"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/\" \/>\n<meta property=\"og:site_name\" content=\"NOVA Bank\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/novabankng?mibextid=LQQJ4d\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-27T10:59:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/demovalley.com\/nova\/wp-content\/uploads\/2022\/07\/banking_auditors_conference_gall_002-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"853\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"NBManager\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@novabankng\" \/>\n<meta name=\"twitter:site\" content=\"@novabankng\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"NBManager\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"12 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/demovalley.com\\\/nova\\\/future-of-internal-audit-in-an-increasingly-digital-world\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/demovalley.com\\\/nova\\\/future-of-internal-audit-in-an-increasingly-digital-world\\\/\"},\"author\":{\"name\":\"NBManager\",\"@id\":\"https:\\\/\\\/demovalley.com\\\/nova\\\/#\\\/schema\\\/person\\\/48c4d1b1f3fc7753618de57837b0c259\"},\"headline\":\"Future of Internal Audit in an Increasingly Digital World\",\"datePublished\":\"2022-07-27T10:59:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/demovalley.com\\\/nova\\\/future-of-internal-audit-in-an-increasingly-digital-world\\\/\"},\"wordCount\":2390,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/demovalley.com\\\/nova\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/demovalley.com\\\/nova\\\/future-of-internal-audit-in-an-increasingly-digital-world\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/demovalley.com\\\/nova\\\/wp-content\\\/uploads\\\/2022\\\/07\\\/banking_auditors_conference_gall_002-1.jpg\",\"keywords\":[\"ACAEBIN\",\"FINTECH\",\"Nath Ude\"],\"articleSection\":[\"News\",\"Press Release\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/demovalley.com\\\/nova\\\/future-of-internal-audit-in-an-increasingly-digital-world\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/demovalley.com\\\/nova\\\/future-of-internal-audit-in-an-increasingly-digital-world\\\/\",\"url\":\"https:\\\/\\\/demovalley.com\\\/nova\\\/future-of-internal-audit-in-an-increasingly-digital-world\\\/\",\"name\":\"Future of Internal Audit in an Increasingly Digital World - 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NOVA Bank","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/","og_locale":"en_US","og_type":"article","og_title":"Future of Internal Audit in an Increasingly Digital World","og_description":"Future of Internal Audit in an Increasingly Digital World – A Paper Presented at the 52nd Quarterly General Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) Held on June 23, 2022 at Lagos Oriental Hotel, Victoria Island, Lagos   Protocols. The year 2020 saw the globe plunge into an unprecedented health crisis, the likes of which could not have been\u00a0 anticipated by global institutions, world governments, health \/ environment\u00a0\/ security agencies or any scientific or technology based entities. Today, in 2022, the impact of\u00a0the changes the world at large has experienced in every\u00a0 sector and on every continent are still\u00a0being dealt with by governments, businesses, and individuals. Almost in one fell swoop, things that erstwhile were deemed impossible, difficult, or challenging\u00a0became the order of the day. With lock-downs instituted from one country to the other where\u00a0people could not go about their daily lives, let alone carry out their regular business \u2013 the lock-downs bringing about stay at home orders; permissions for only\u00a0 key business to operate;\u00a0sanitization \/ protection measures; international travel bans \u2013 and the impact of these on\u00a0personal relations and business operations, led people to find alternative ways to keep their lives and businesses going.   Working with Technology, Working Through Technology The resulting adaptations and innovations that occurred in 2020 led to the execution of a high volume of internet\u00a0 based and technology driven activities and operations, including the golden \u201cwork from home\u201d style of business\u00a0 operations that continued into 2021. As a high number of people across the globe came to terms with remote operations, the digital\u00a0presence of\u00a0 individuals and businesses grew astronomically \u2013 from daily communications on\u00a0social media platforms, to official meetings on Zoom, Teams, and other virtual meeting\u00a0platforms, to e-payments via online banking and mobile\u00a0 applications, to cloud computing and\u00a0storage, to remote management and reviews of numerous tasks and operations\u00a0 using video\u00a0streaming and other audio-visual tools. With these, new ways of working with technology and through technology became the order of\u00a0the day and now in 2022 we are living in a new normal of hybridization \u2013 a merging of the\u00a0innovations, learnings and realizations\u00a0 brought about by the pandemic, with the old ways of physical, in-person operations \u2013 which continues to evolve.   Digitization in the Banking Industry and the New Players This new normal we are in today shows a continuous integration of digitization in our daily lives\u00a0and by extension in our business operations. As financial institutions, the emergence of\u00a0FINTECH companies is not a new topic; we now have banks either acquiring FINTECHs,\u00a0FINTECHs acquiring banking licenses and banks creating FINTECH arms. We have now moved forward to telecoms entities providing banking services to their customers \u2013 MTN and\u00a0Airtel have been granted payment service Bank (PSB) licenses by the Central Bank of Nigeria,\u00a0where deposit takings, cross border payments, e-wallet operations, and debit\/pre-paid cards\u00a0can be offered to customers. MTN\u2019s MoMo Payment Service Bank (MoMo PSB) Limited,\u00a0formally commenced operations on the 19th of May 2022 with an agent network of over 166,000\u00a0active agents. The foregoing mean growth in customer base, transactions, revenue, regulations and by default,\u00a0growth in risks, controls, and compliance concerns. The new normal demands evaluation of the\u00a0opportunities presented by the\u00a0 changed or hybrid operations in each specific organization using\u00a0methods that match the development. This implies\u00a0 that relying on or requiring physical proximity\u00a0to, manual handling or operation of and\/or central or fixed location\u00a0 or base for deliberation,\u00a0review, assessment or reporting on activities need to change as the digital space, where most of\u00a0the new transactions will take place, is not limited to physical or singular unique location(s).   Changing Customers in the Digital Era Digitization has brought a whole new approach to how people live their daily lives and conduct\u00a0their businesses. The future is coming, some would argue that it is already here. Let\u2019s project a\u00a0little bit into the future: millennials, also known as Generation Y, are generally those aged 26 to\u00a041 (born 1981 \u2013 1996) are the working age we have today; Gen Z are generally those aged\u00a0from 10 to 25 (born 1997 \u2013 2012) are working age and soon to be working age. Today\u2019s Gen Z are tomorrow\u2019s millennials, and this group (Gen Z) who have grown up or are\u00a0growing up playing with their parent\u2019s mobile phones at the age Gen Y played physical card or\u00a0board games; who are attending coding classes during summer holidays at the age Gen Y was\u00a0learning about chat rooms on the internet and who play video games with people half a world\u00a0away whom they will never meet at the age Gen Y was going to their friends\u2019 houses to play\u00a0video games with people in their neighbourhood or school; are the business owners, industry leaders and global leaders that we will have tomorrow. Can we take a moment to envision a world run by such digitally sensitized people?   Evolving Risks in the Digital Era As our businesses adapt to bring services closer, faster and more conveniently to current,\u00a0prospective and future\u00a0 clients, the attendant risks and controls required to manage such risks\u00a0cannot be overstated. Just as banking evolved from having your bank account accessible from a specific branch of a\u00a0specific bank located at a specific location, to where we now have borderless banking\u00a0accessible from an app in a phone in our pocket; the risks have evolved from guarding the bank branch to guarding the internet connection points, cloud storage and\u00a0 intranet connections of our banks \u2013 all words and concepts that would have been strange as recently as 40 years ago. The exposures to financial loss and data compromise in the digital space is a significant\u00a0concern that requires\u00a0 auditors who not only understand internal business processes but also\u00a0have the skills base to understand the digital processes and exposures the Bank faces. The anonymity that digitalization brings \u2013 remote account opening processes, use of robots by\u00a0tech-savvy\u00a0 individuals, groups and entities to simplify processes (or impersonate actual\u00a0humans), single individuals creating multiple accounts either of their own making or by\u00a0impersonating existing individuals \u2013 is an avenue for revenue leakage","og_url":"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/","og_site_name":"NOVA Bank","article_publisher":"https:\/\/www.facebook.com\/novabankng?mibextid=LQQJ4d","article_published_time":"2022-07-27T10:59:34+00:00","og_image":[{"width":1280,"height":853,"url":"https:\/\/demovalley.com\/nova\/wp-content\/uploads\/2022\/07\/banking_auditors_conference_gall_002-1.jpg","type":"image\/jpeg"}],"author":"NBManager","twitter_card":"summary_large_image","twitter_creator":"@novabankng","twitter_site":"@novabankng","twitter_misc":{"Written by":"NBManager","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/#article","isPartOf":{"@id":"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/"},"author":{"name":"NBManager","@id":"https:\/\/demovalley.com\/nova\/#\/schema\/person\/48c4d1b1f3fc7753618de57837b0c259"},"headline":"Future of Internal Audit in an Increasingly Digital World","datePublished":"2022-07-27T10:59:34+00:00","mainEntityOfPage":{"@id":"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/"},"wordCount":2390,"commentCount":0,"publisher":{"@id":"https:\/\/demovalley.com\/nova\/#organization"},"image":{"@id":"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/#primaryimage"},"thumbnailUrl":"https:\/\/demovalley.com\/nova\/wp-content\/uploads\/2022\/07\/banking_auditors_conference_gall_002-1.jpg","keywords":["ACAEBIN","FINTECH","Nath Ude"],"articleSection":["News","Press Release"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/","url":"https:\/\/demovalley.com\/nova\/future-of-internal-audit-in-an-increasingly-digital-world\/","name":"Future of Internal Audit in an Increasingly Digital World - 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