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Audit Chiefs Face Evolving Cyber & ESG Threats
11 Dec
Summary
- Cybercrime losses in Nigeria exceeded N100bn in 2023.
- Internal audit must validate sustainability data and climate exposures.
- Future auditors need technologist, strategist, and culture builder skills.
The responsibilities of internal auditors in Nigeria's banking sector are being reshaped by escalating cybercrime and sustainability demands. Union Bank's Managing Director, Yetunde Oni, highlighted that Nigeria faces significant cybercrime exposure, with losses exceeding N100 billion in 2023 and a high ranking in global cyberattacks.
This has transformed cybersecurity into an enterprise-wide resilience issue, urging internal audit to validate and enhance controls. Simultaneously, environmental and governance (ESG) accountability is crucial for institutional credibility, requiring auditors to scrutinize sustainability disclosures and climate-related risks.
Looking ahead, Chief Audit Executives must embody multiple roles: technologist, strategist, risk philosopher, and culture builder. Internal audit is transitioning from a watchdog to an active shaper of institutional resilience, embedding transparency and ethical conduct across organizations.
