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NITDA, ISACA unveil mechanism to check bank fraud

By on October 23, 2013

The National Information Technology Development Agency and the Information Systems Audit and Control Association (Nigeria) have developed a mechanism that will check frauds in banks and hold people accountable for whatever they do, especially in government circles.

The system will also address the conflicts and incessant clashes of interests between the various government agencies charged with revenue collection and also engender transparency.

The mechanism is to be unveiled by 2015.

The National President of ISACA, Mr. Peter Ene, and Director-General, NITDA, Alhaji Ashiru Daura, said this in Abuja during a joint meeting on the Control Objective for Information Technology platform, which was developed since 1996 in the United States and has now metamorphosed into the COBIT 5.

According to them, Nigeria’s intelligence community can key into the COBIT 5, because it is capable of solving the many security problems in the country.

Ene said, “Most Nigerians, when defrauded in the banks, can’t link the person who is responsible. Also, how will they be prosecuted? Are there standards and do banks meet the required standards for ATM? People should be held accountable for what they do in Nigeria. It also brings sanity into the system, separates management and governance. We can’t just be working without rules.

“If the police have a proper IT infrastructure, we will have a proper mechanism that will checkmate insurgencies in the country. The COBIT 5 will also address this.”

He insisted that with the utilisation of Information Technology, the country’s economy would benefit from the COBIT 5 when fully operational.

Ene said, “We have the COBIT 5 because of the failures in the past. It separates governance from management. It doesn’t stop at the financial or IT level alone, it covers everything. The COBIT 5 has seven components. It is the only business framework of enterprise and business IT.

“It will move Nigeria forward, and if we have a single framework, all the distractions generated by the clash of interest of government agencies will be a thing of the past. The COBIT 5 can coordinate all these things. It deals with the issue of accountability in both the public and private sectors. Right now, there is no regulation or sanity among government agencies. It will save a lot of time and money.”

 

 

[Punch]