As part of BOI’s efforts at deepening its relationship with financial institutions across the country, the Bank hosted the 24th Annual Quarterly meeting of Chief Inspectors of Banks in Nigeria.
The Managing Director/CEO Bank of Industry Ms Evelyn Oputu, who was chairperson of the occasion used the platform to canvass for banks in the country to embrace information sharing and improved capacity building initiatives to check risk management failures. Ms Oputu, pointed out that the emergence of new technologies was posing new challenges to the banking industry, a concern which she said must be addressed holistically by all stakeholders.
She spoke through the bank’s Executive Director, Operations, Mr. Mohammed Alkali who represented her at the event that took place in June, 2013 in Lagos.
According to her, the dearth of skilled inspectors in banks and inadequate capacity building within the sector makes the enthronement of effective risk management framework in the nation’s financial system a necessity.
She pointed out that the current processes within the financial system had been developed in a holistic manner and should not be jeopardised through disregard for relevant stakeholders while adding that a risk-based auditing approach would further strengthen the business of banking, and give early warning signals before any action could affect the whole system.