KARACHI: The State Bank of Pakistan (SBP) hosted a seminar on “Internal Audit: Emerging Challenges and Effective Practices in Central Banks” under the aegis of SAARCFINANCE Forum at the National Institute of Banking and Finance, Islamabad during March 27 to 29, 2019, a statement said on Saturday.
Besides Pakistan, officials from SAARC central banks participated in the event, it added.
Qasim Nawaz, executive director of SBP, inaugurated the seminar, and said that until a few years back, business process reengineering was at the core of innovation in banks.
Advancements in technology have further transformed the horizon of financial services and these innovations are also raising the challenges of their own.
Further, he said the board and the senior management of the State Bank are cognizant of the need to align its internal operations to the changing environment, and to promote innovation in the financial sector in a regulated environment.
Horst Simon, the keynote speaker at the event, discussing technological risks faced by businesses around the world, highlighted the importance of risk culture inculcated within the organisation.
He emphasised on the roles and responsibilities of the board, senior management and the employees to maintain a robust risk management mechanism.
The seminar was also addressed by Zayeem Bin Alam, senior manager of PricewaterhouseCoopers, the statement said.
Zayeem discussed the risks of cyber security, social media, data privacy and third party risks and offered an IT auditor’s perspective of how to address those risks by discussing controls.
Syed Sohail Javaad, director payment systems department shared the ongoing developments about digital payments, their importance, evolution, the benefits of disruptive technologies to regulators, the emerging risks and appropriate responses to them from the perspective of internal audit.
Apart from these speakers, the delegates of the central banks also presented their country papers for the information of the audience.