‘Computer errors cost banks

billions in revenue’
By Jonah Iboma
Monday, 13 Aug 2007

http://www.punchng.com/Articl.aspx?theartic=Art200708133472753

Computer errors could cost banks billions of naira in revenue loss

annually principally because they are largely undetected, technology
experts have said.

The Managing Consultant, EDP Audit and Security Associates, Mr. Chris
Ekeigwe, noted that the solution to the problem lay in continuous post-
implementation testing and assurance.

Currently, Nigerian banks are facing challenges with their banking

software and applications, especially following the recent consolidation in
the sector.

The President of the Nigerian Software Testing Board, Mr. Akinwale

Akingbade, noted that one problem with software deployment in Nigeria
was the limited testing that they went through before going live.

Speaking to newsmen on Friday on the scheduled training on Bank

Revenue Assurance with Digital Data Analytics, Ekeigwe stated that while
initial testing was necessary, this had to be done continuously

He said, “No amount of testing will guarantee that computer programs will
work perfectly as specified. There is always some residual risk. The
solution lies in continuous post-implementation testing and assurance”.

He said that most top managers, simply thought that once the user
acceptance was done and signed off, the computer would work as
proven, as desired.

“Stop-go control measures are not suitable for Nigeria’s high technology
banking environment”, he added.

Ekeigwe revealed that automated continuous control with solutions such

as the ACL audit software was the key solution to the annual loss that
could result from undetectable computer errors.
He said, “Banks should be able to leverage ACL digital data analytics
software to provide continuous analysis of data and internal controls to
capture and correct problems before they become material. The ultimate
goal should be to provide an independent assurance of the integrity of
transactions.”

He said that it was to help banks deal with the problem, that EDP Audit &
Security Associates developed a new line of service called Bank Revenue
Assurance. EDP has worked with some banks in Nigeria to prove this
revenue assurance concept.

According to him, “EDP pioneered bank revenue assurance in the world;

we are the first firm to introduce the service to the banking industry of the
world. We are set to export the services now to South Africa, Europe,
North America and Asia; our consultants are technologically poised for
the challenges.”