There Is An Urgent Need To Adapt To Digital Age— Barbara Okai-Tettey To Banks

According to the Senior Manager of Compliance at Stanbic Bank Ghana, Barbara Dede Okai-Tettey, the urgent need for risk and compliance managers to adapt to the rapidly evolving digital landscape is a first concern.

She made this statement during her presentation on “The Compliance Function in the Digital Age: A Future-Fit Approach’, which took place at the Risk Summit Africa 2024 held at the Labadi Beach Hotel in Accra

Ms. Okai-Tettey went into more detail about the need for businesses to quickly adapt to the digital age. She stated that tailored solutions and seamless, 24-hour access to internet services are increasingly sought after by customers.

Subsequently, there is developing inclination for adaptable installment choices without the awkward administration of conventional frameworks. As a result, she advised established institutions to reevaluate their approaches to product and service development.

She went on to say that the dynamics have changed since Fintechs entered the financial ecosystem.

“Fintech companies are swift, technologically adept, and have significantly altered our operational paradigms. We must evolve our approaches or risk obsolescence”, she said.

Ms. Okai-Tettey continued by saying that the agility and customer-centric models of fintech and insurance companies stand in stark contrast to the traditional banking approach, which is marked by limited access and reliance on physical cash.

“These newer entities offer flexible, mobile-accessible options that appeal to modern consumers. Compliance must evolve, not just from a risk perspective but also from an advisory role. It is important to protect the business while adapting to changing times,” she added

She also discussed the fundamental responsibility of compliance, which is to protect institutions from regulatory violations that can result in severe penalties, fines, or even license revocations. She also advised practitioners of Risk and Compliance to be trustworthy by being adaptable to technological advancements while adhering to the fundamentals of the profession.

“To be a trusted partner in the digital age, compliance officers need to understand the principles underpinning the digital economy. This includes comprehending the functionalities and risks associated with fintech products, thereby enabling them to provide cutting-edge advice and creative solutions,” she said.

At the moment, numerous compliance functions are navigating the shift from traditional to modern approaches. The objective is to strike a balance that protects the business while still allowing it to flourish and effectively compete in the market.

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The Risk Summit Africa serves as a gathering point for professionals, experts, and thought leaders hailing from diverse industries, encompassing finance, insurance, healthcare, cybersecurity, and more.

Together, they converge to address pressing issues in the domains of governance, risk, compliance, audit, security, and business continuity. The 2024 edition of Risk Summit Africa was held under the theme, ‘Resilience in Uncertainty: Charting the Path Forward.’

Credit: Barbara Dede Okai-Tettey ,
Senior Manager, Compliance – Stanbic Bank Ghana