Chief Risk Officer at Fidelity Bank Ghana, Dr. David Animante, has called on 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 the traditional model of banking is being replaced with digital wallets, QR codes, and point-of-sale systems, therefore, financial institutions should catch up with the trend.
Furthermore, he cautioned against cybersecurity risks associated with digital innovations and emphasized the essence of mitigating such risks, while touching 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 is long gone.
The Chief Risk Officer highlighted the “three-lines-of-defence” model at Fidelity Bank which enabled the Bank to effectively manage risks such as credit and interest rate risks, and operational and cyber risks.
“This integrated system ensures that any residual risk is minimized 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 added.
He 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.
