Accra, Nov. 26, GNA – Dr. David Animante, Chief Risk Officer at Fidelity Bank Ghana, has urged banks to keep pace with “digital disruptions” led by financial technology (Fintech) and telecommunications companies.
Speaking at the 28th National Banking and Ethics Conference, he said traditional model of banking was being replaced with digital wallets, QR codes, and point-of-sale systems, therefore, financial institutions should catch up with the trend.
He, however, cautioned against cybersecurity risks associated with digital innovations, and emphasised the essence of mitigating such risks.
The forum was organised by the Chartered Institute of Bankers Ghana on the theme: “Navigating Horizon Risks: Strategies for Financial Institutions.”
Dr. David Animante touched on the future of risk management, the challenges of digital innovation, and Fidelity Bank’s commitment to ethical and sustainable banking.
He advocated for “a comprehensive and integrated approach” to risk management, indicating that the era of “managing risks in silos” was long gone.”
The Chief Risk Officer highlighted the “three-lines-of-defense” model at Fidelity Bank which enabled the Bank to effectively manage risks such as credit and interest rate risks, operational and cyber risks.
“This integrated system ensures that any residual risk is minimised and better controlled, making risk management not only more effective but also more cost-efficient,” he noted.
He said Fidelity Bank had made strides in cybersecurity, adhering to global standards to safeguard clients’ data and funds.
“Our cybersecurity infrastructure is robust, and we are committed to ensuring the security of our customers’ information,” he noted.
Dr. David Animante highlighted Fidelity Bank’s commitment to environmental, social, and governance (ESG) standards, as part of the bank’s core operations.
“Environmental responsibility is fundamental to us…We rigorously vet the origins of deposits and remain committed to sustainability and responsible business practices.
“Anti-money laundering policies are strictly enforced to ensure that we are only supporting businesses aligned with our ethical values,” he stated.
He touched on the Bank’s sustainability initiatives and Key Performance Index (KPIs) designed to hold employees accountable for ethical conduct, as the bank continued to meet customer expectations.
GNA