ACAEBIN Tasks Auditors To Be Armed With AI-Driven Tools For Efficiency, Risk Management

The Association of Chief Audit Executives of Banks in Nigeria has called on its members to embrace the use of Artificial Intelligence for risk management, speed of delivery and efficiency.

The professional body made this call on Wednesday at its 57^th Quarterly General Meeting with the theme: “‘Artificial Intelligence: Game Changer for 21st Century Chief Audit Executives and Auditors.’

While commending the Central Bank of Nigeria (CBN) on its newly released circular mandating all account to be linked to Biometric Verification Number or National Identification Number, the Association advocated the need for auditors to harness the power of artificial intelligence tools to rapidly process vast volumes of data, and identify risks in the financial system.   

According to its chairman, Prince Akamadu, the world is transforming with technological advances, reshaping industries and businesses at an unprecedented pace.

The Chief Audit Executive added that auditors must embrace new technologies that can enhance their abilities and revolutionize their profession, noting that Al is emerging as a game changer, propelling auditors into uncharted territories of efficiency, accuracy, relevance and strategic insights as well as presenting an opportunity to unleash true potential.

“Imagine a world where auditors are armed with Al-driven tools that can analyze transactions within seconds, minimize errors and ensure compliance. With Al, Auditors can significantly enhance their ability to identify risk, uncover fraud, and provide recommendations for improvement. Furthermore, Al equips the auditor with the ability to continuously learn and adapt, helping us remain agile in the face of an ever-evolving business landscape” he said.