KARACHI: AI is the future of banking for Pakistan as it is the only pathway for meaningful financial inclusion for a country of 250 million with a median age of 23 and achieving other SDGs at the same time.
Arif Siddique Khokhar, Federated GRC Advisor at TransVare Corporation, delivered a speech session on the digital transformation of Audit, Governance, Risk and Compliance in Banking at Future Banking Forum.
The session demonstrated how the TransVare Federated GRC Platform connects Audit, Risk, Controls, Compliance, Incidents and Remediation in one secure and traceable environment.
Khokhar also highlighted secure and private AI capabilities. “These capabilities can help banking teams derive faster insight from Audit, Governance and Risk information while retaining data control, governance and professional accountability”, he informed.
AuditVare was acknowledged as a solution for Internal Audit for an AI-enabled era in Pakistan’s financial sector, Khokhar said and added that its capabilities include Risk-Based Audit Planning, Workflow-Driven Audit Engagements, Evidence Management, Observation Tracking, Remediation Follow-Up and Executive Reporting
He said that combined with AI-enabled insight, it enables Internal Audit functions to strengthen assurance and provide more timely Board-level visibility.
Kashif Alam Khan, President, ISACA Karachi, together with members of the ISACA Karachi Board, and Abdul Qadir, Executive Director, PwC Technology and Cyber Risk, among other senior industry leaders, expressed their confidence in the AI-enbaled internal audit in the Pakistani banking industry.
Meanwhile, in a message, influential Pakistani-Saudi entrepreneur, Muhammad Ghazali Aqeeq, pinned his hopes in Pakistan’s financial sector to make giant strides given its capabilities and competencies in artificial intelligence.