KUALA LUMPUR (Jan 12): The Asian Institute of Chartered Bankers (AICB) has today launched the new Certification for Bank Auditors (CBA) to enhance competencies for internal bank auditors with an emphasis on IT auditing, as cyber attacks are one of the top risks within banks today. 

"The launching of this CBA is very necessary to raise the standards of financial audit in the financial system," AICB chairman Tan Sri Azman Hashim told reporters after the launch.

Furthermore, Azman highlighted auditors with this new qualification will be in demand as there is a need to ensure auditors are up to the current standards, while the industry moves forward into the banking 4.0 environment. 

He said bank professionals who hold either a degree, diploma or certificate with three years of audit experience can apply for the CBA qualification. 

An accelerated route is also available for those with Certified Internal Auditor (CIA) or Professional accounting qualifications which are recognised by the Malaysian Institute of Accountants (MIA) with three years banking audit experience, Azman added.

"As we operate in a global marketplace which is highly interconnected, we see this clear need for internal bank auditors to posses the relevant body of knowledge and keep well abreast of these developments, so they can effectively carry out their responsibilities, contribute to good governance and thus improve stability of the financial industry," Azman added.

"It is against this backdrop, coupled with the institute's recognition to develop a pipeline of certified internal bank auditors, that the Certification for Bank Auditors was developed," he said. 

Meanwhile, AICB chief executive Prasad Padmanaban in his keynote address stressed that the CBA qualificatuon is a must-have qualification for internal auditors who wish to increase their respective organisational value, amidst constant technological disruption we face today.

Prasad said the introduction of the CBA qualification is also in tandem with the mandate by the regulator to fully implement the specialist certification initiative by 2022.

"As the only professional body for banking professionals in the country, it is our responsibility to ensure the qualifications offered by the institute reflect the highest standards required by the industry," he added.

"The certification for Bank Auditors qualification will raise competencies of internal auditors to better understand business processes and therefore, align better with the broader organisational goals," Prasad said.