Developing Integrated Internal Control and Audit Systems for Insurance and Banking Sector Compliance Assurance

References

[1] Abimbade, O., Akinyemi, A., Bello, L. and Mohammed, H., 2017. Comparative Effects of an Individualized Computer-Based Instruction and a Modified Conventional Strategy on Students’ Academic Achievement in Organic Chemistry. Journal of Positive Psychology and Counseling, 1(2), pp.1-19.

[2] Abiodun, E.A., 2020. Internal control procedures and firm's performance. International Journal of Scientific & Technology Research, 9(2), pp.6407-6415.

[3] Adedoja, G., Abimbade, O., Akinyemi, A. and Bello, L., 2017. Discovering the power of mentoring using online collaborative technologies. Advancing education through technology, pp.261-281.

[4] Adelana, O.P. and Akinyemi, A.L., 2021. ARTIFICIAL INTELLIGENCE-BASED TUTORING SYSTEMS UTILIZATION FOR LEARNING: A SURVEY OF SENIOR SECONDARY STUDENTS’AWARENESS AND READINESS IN IJEBU-ODE, OGUN STATE. UNIZIK Journal of Educational Research and Policy Studies, 9, pp.16-28.

[5] Adeniran, B.I., Akinyemi, A.L. and Aremu, A., 2016. The effect of Webquest on civic education of junior secondary school students in Nigeria. In Proceedings of INCEDI 2016 Conference 29th-31st August (pp. 109-120).

[6] Akinyemi, A. and Ojetunde, S.M., 2019. Comparative analysis of networking and e-readiness of some African and developed countries. Journal of Emerging Trends in Educational Research and Policy Studies, 10(2), pp.82-90.

[7] Akinyemi, A.L. and Ebimomi, O.E., 2020. Influence of Gender on Students’ Learning Outcomes in Computer Studies. Education technology.

[8] Akinyemi, A.L. and Ojetunde, S.M., 2020. Techno-pedagogical models and influence of adoption of remote learning platforms on classical variables of education inequality during COVID-19 Pandemic in Africa. Journal of Positive Psychology and Counselling, 7(1), pp.12-27.

[9] Akinyemi, A.L., 2013. Development and Utilisation of an Instructional Programme for Impacting Competence in Language of Graphics Orientation (LOGO) at Primary School Level in Ibadan, Nigeria (Doctoral dissertation).

[10] Akinyemi, A.L., Ogundipe, T. and Adelana, O.P., 2021. Effect of scratch programming language (SPL) on achievement in Geometry among senior secondary students in Ibadan, Nigeria. Journal of ICT in Education, 8(2), pp.24-33.

[11] Anomah, S., 2019. Modeling a systems-based framework for effective IT auditing and assurance for less regulatory environments.

[12] Aremu, A. and Laolu, A.A., 2014. Language of graphics orientation (LOGO) competencies of Nigerian primary school children: Experiences from the field. Journal of Educational Research and Reviews, 2(4), pp.53-60.

[13] Armour, J., Gordon, J. and Min, G., 2020. Taking compliance seriously. Yale J. on Reg., 37, p.1.

[14] Bevan, O., Freiman, M., Pasricha, K., Samandari, H. and White, O., 2019. Transforming risk efficiency and effectiveness. McKinsey & Company.

[15] Boppana, V.R., 2020. Adoption of CRM in Regulated Industries: Compliance and Challenges. Available at SSRN 5135109.

[16] Brunswicker, S., Priego, L.P. and Almirall, E., 2019. Transparency in policy making: A complexity view. Government Information Quarterly, 36(3), pp.571-591.

[17] Campbell, A. and Moffatt, P., 2019. Early intervention. In Research Handbook on Cross-Border Bank Resolution (pp. 79-101). Edward Elgar Publishing.

[18] Carvalho, A.M., Sampaio, P., Rebentisch, E., Carvalho, J.Á. and Saraiva, P., 2019. Operational excellence, organisational culture and agility: the missing link?. Total Quality Management & Business Excellence, 30(13-14), pp.1495-1514.

[19] Chohan, U.W., 2019. The FATF in the global financial architecture: challenges and implications.

[20] Determann, L. and Tam, J., 2020. The California privacy rights act of 2020: a broad and complex data processing regulation that applies to businesses worldwide. Journal of Data Protection & Privacy, 4(1), pp.7-21.

[21] Diamantis, M.E. and Laufer, W.S., 2019. Prosecution and punishment of corporate criminality. Annual Review of Law and Social Science, 15(1), pp.453-472.

[22] Didenko, A.N., 2020. Cybersecurity regulation in the financial sector: prospects of legal harmonization in the European Union and beyond. Uniform Law Review, 25(1), pp.125-167.

[23] Edwards, Q., Mallhi, A.K. and Zhang, J., 2018. The association between advanced maternal age at delivery and childhood obesity. J Hum Biol, 30(6), p.e23143.

[24] Egbuhuzor, N.S., Ajayi, A.J., Akhigbe, E.E., Agbede, O.O., Ewim, C.P.M. and Ajiga, D.I., 2021. Cloud-based CRM systems: Revolutionizing customer engagement in the financial sector with artificial intelligence. International Journal of Science and Research Archive, 3(1), pp.215-234.

[25] Faith, D.O., 2018. A review of the effect of pricing strategies on the purchase of consumer goods. International Journal of Research in Management, Science & Technology (E-ISSN: 2321-3264) Vol, 2.

[26] Famaye, T., Akinyemi, A.I. and Aremu, A., 2020. Effects of Computer Animation on Students’ Learning Outcomes in Four Core Subjects in Basic Education in Abuja, Nigeria. African Journal of Educational Research, 22(1), pp.70-84.

[27] Foerderer, J., Kude, T., Schuetz, S.W. and Heinzl, A., 2019. Knowledge boundaries in enterprise software platform development: Antecedents and consequences for platform governance. Information Systems Journal, 29(1), pp.119-144.

[28] Foorthuis, R., 2020. Tactics for internal compliance: A literature review. arXiv preprint arXiv:2008.03775.

[29] Freij, Å., 2020. Using technology to support financial services regulatory compliance: current applications and future prospects of regtech. Journal of Investment Compliance, 21(2/3), pp.181-190.

[30] Gadde, H., 2019. AI-Driven Schema Evolution and Management in Heterogeneous Databases. International Journal of Machine Learning Research in Cybersecurity and Artificial Intelligence, 10(1), pp.332-356.

[31] Geeraert, A., 2019. The limits and opportunities of self-regulation: Achieving international sport federations’ compliance with good governance standards. European Sport Management Quarterly, 19(4), pp.520-538.

[32] Giner, B., Allini, A. and Zampella, A., 2020. The value relevance of risk disclosure: An analysis of the banking sector. Accounting in Europe, 17(2), pp.129-157.

[33] Gratton, N., 2020. From engagement to strategy: The journey towards a civic university. In University–Community Partnerships for Promoting Social Responsibility in Higher Education (pp. 105-120). Emerald Publishing Limited.

[34] Hanlon, P.R., Bandyopadhyay, R. and Brorby, G.P., 2019. Evaluating the applicability of a risk-based approach (decision tree) to mycotoxins mitigation. Food Protection Trends, 39(5), pp.406-416.

[35] Hassan, Y.G., Collins, A., Babatunde, G.O., Alabi, A.A. and Mustapha, S.D., 2021. AI-driven intrusion detection and threat modeling to prevent unauthorized access in smart manufacturing networks. Artificial intelligence (AI), p.16.

[36] Imran, S., Patel, R.S., Onyeaka, H.K., Tahir, M., Madireddy, S., Mainali, P., Hossain, S., Rashid, W., Queeneth, U. and Ahmad, N., 2019. Comorbid depression and psychosis in Parkinson’s disease: a report of 62,783 hospitalizations in the United States. Cureus, 11(7).

[37] Ioannou, S., Wójcik, D. and Dymski, G., 2019. Too-big-to-fail: why megabanks have not become smaller since the global financial crisis?. Review of Political Economy, 31(3), pp.356-381.

[38] Iyabode, L.C., 2015. Career Development and Talent Management in Banking Sector. Texila International Journal.

[39] James, A.T., Phd, O.K.A., Ayobami, A.O. and Adeagbo, A., 2019. Raising employability bar and building entrepreneurial capacity in youth: a case study of national social investment programme in Nigeria. Covenant Journal of Entrepreneurship.

[40] Jędrzejka, D., 2019. Robotic process automation and its impact on accounting. Zeszyty Teoretyczne Rachunkowości, (105), pp.137-166.

[41] Kahyaoğlu, S.B., Sarıkaya, R. and Topal, B., 2020. Continuous auditing as a strategic tool in public sector internal audit: The Turkish case. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 23(1), pp.208-225.

[42] Kolade, O., Osabuohien, E., Aremu, A., Olanipekun, K.A., Osabohien, R. and Tunji-Olayeni, P., 2021. Co-creation of entrepreneurship education: challenges and opportunities for university, industry and public sector collaboration in Nigeria. The Palgrave Handbook of African Entrepreneurship, pp.239-265.

[43] Kumari, K.A.H.M. and Weerasooriya, W.M.R.B., 2019. Impact of effective internal control implementation on private commercial bank’s financial performance; special reference to central province of Sri Lanka. International Journal of Scientific and Research Publications (IJSRP), 9(12), p.p9645.

[44] Leblanc, R. ed., 2020. The handbook of board governance: A comprehensive guide for public, private, and not-for-profit board members. John Wiley & Sons.

[45] Lyudmila, T., 2020. Total quality management in an insurance company: use of balanced scorecards to meet the interests of stakeholders. Корпоративные финансы, 14(1), pp.39-54.

[46] Mekpor, E.S., 2019. Anti-money laundering and combating the financing of terrorism compliance: Are FATF member states just scratching the surface?. Journal of Money Laundering Control, 22(3), pp.451-471.

[47] Mountfield, A., Gardner, M., Kasemir, B. and Lienin, S., 2019. Integrated management for capital markets and strategy: The challenges of “value” versus “values” sustainability investment, smart Beta, and their consequences for corporate leadership. Rethinking Strategic Management: Sustainable Strategizing for Positive Impact, pp.105-128.

[48] Nawari, N.O. and Ravindran, S., 2019. Blockchain technology and BIM process: Review and potential applications. Journal of Information Technology in Construction, 24.

[49] Newbury, L.B. and Izaguirre, J.C., 2019. Risk-Based Supervision in Low-Capacity Environments: Considerations for Enabling Financial Inclusion.

[50] Nwabekee, U.S., Aniebonam, E.E., Elumilade, O.O. and Ogunsola, O.Y., Predictive Model for Enhancing Long-Term Customer Relationships and Profitability in Retail and Service-Based.

[51] Nwabekee, U.S., Aniebonam, E.E., Elumilade, O.O. and Ogunsola, O.Y., 2021. Integrating Digital Marketing Strategies with Financial Performance Metrics to Drive Profitability Across Competitive Market Sectors.

[52] OJIKA, F.U., OWOBU, W.O., ABIEBA, O.A., ESAN, O.J., UBAMADU, B.C. and IFESINACHI, A., 2021. A Conceptual Framework for AI-Driven Digital Transformation: Leveraging NLP and Machine Learning for Enhanced Data Flow in Retail Operations.

[53] Okello, S., Kirori, G.N. and Ndiao, S.O., 2019. Financial performance of the banking sector in Kenya: The role of internal audit. Journal of Finance and Accounting, 3(1), pp.29-50.

[54] Okolie, C.I., Hamza, O., Eweje, A., Collins, A., Babatunde, G.O. and Ubamadu, B.C., 2021. Leveraging digital transformation and business analysis to improve healthcare provider portal. Iconic Research and Engineering Journals, 4(10), pp.253-257.

[55] OKOLO, F.C., ETUKUDOH, E.A., OGUNWOLE, O., OSHO, G.O. and BASIRU, J.O., 2021. Systematic Review of Cyber Threats and Resilience Strategies Across Global Supply Chains and Transportation Networks.

[56] Olanipekun, K.A., 2020. Assessment of Factors Influencing the Development and Sustainability of Small Scale Foundry Enterprises in Nigeria: A Case Study of Lagos State. Asian Journal of Social Sciences and Management Studies, 7(4), pp.288-294.

[57] Onoja, J.P., Hamza, O., Collins, A., Chibunna, U.B., Eweja, A. and Daraojimba, A.I., 2021. Digital Transformation and Data Governance: Strategies for Regulatory Compliance and Secure AI-Driven Business Operations.

[58] Orynbayeva, A., 2019. A governance model for managing Robotics Process Automation (RPA). Delft University of Technology. Pro gradu. Viitattu, 25, p.2022.

[59] Oyeniyi, L.D., Igwe, A.N., Ofodile, O.C. and Paul-Mikki, C., 2021. Optimizing risk management frameworks in banking: Strategies to enhance compliance and profitability amid regulatory challenges. Journal Name Missing.

[60] Park, G., 2019. The changing wind of data privacy law: A comparative study of the European Union's General Data Protection Regulation and the 2018 California Consumer Privacy Act. UC Irvine L. Rev., 10, p.1455.

[61] Pearlson, K.E., Saunders, C.S. and Galletta, D.F., 2019. Managing and using information systems: A strategic approach. John Wiley & Sons.

[62] Remolina, N., 2019. Open banking: Regulatory challenges for a new form of financial intermediation in a data-driven world.

[63] Rikhardsson, P., Singh, K. and Best, P., 2019. Exploring continuous auditing solutions and internal auditing: A research note. Accounting and Management Information Systems, 18(4), pp.614-639.

[64] Ringe, W.G., Morais, L.S. and Ramos Muñoz, D., 2019. A Holistic Approach to the Institutional Architecture of Financial Supervision and Regulation in the EU.

[65] Russo, R., 2019. Risk management, internal control and cooperative compliance in taxation. The Future of Risk Management, Volume I: Perspectives on Law, Healthcare, and the Environment, pp.329-350.

[66] Scoleze Ferrer, P.S., Galvão, G.D.A. and de Carvalho, M.M., 2020. Tensions between compliance, internal controls and ethics in the domain of project governance. International Journal of Managing Projects in Business, 13(4), pp.845-865.

[67] Shakeri, H. and Khalilzadeh, M., 2020. Analysis of factors affecting project communications with a hybrid DEMATEL-ISM approach (A case study in Iran). Heliyon, 6(8).

[68] Stradomska, G., Tołwińska, A. and Kegö, W., 2019. Legal compliance systems–A necessary mechanism in organizational risk management. Journal of Intercultural Management, 11(4), pp.81-99.

[69] Sy, A. and Tinker, A.M., 2019. Auditors in the financial meltdown: an examination. Social Responsibility Journal, 15(4), pp.513-533.

[70] Torugsa, N., Yawised, K. and O’Donohue, W., 2019. Social customer relationship management in small and medium enterprises: Overcoming barriers to success. Management science: foundations and innovations, pp.157-181.

[71] Turetken, O., Jethefer, S. and Ozkan, B., 2020. Internal audit effectiveness: operationalization and influencing factors. Managerial Auditing Journal, 35(2), pp.238-271.

[72] Vivek, D., Rakesh, S., Walimbe, R.S. and Mohanty, A., 2020. The Role of CLOUD in FinTech and RegTech. Annals of the University Dunarea de Jos of Galati: Fascicle: I, Economics & Applied Informatics, 26(3).

[73] Wewege, L., Lee, J. and Thomsett, M.C., 2020. Disruptions and digital banking trends. Journal of Applied Finance and Banking, 10(6), pp.15-56.

[74] Wolf, D.C., Aggarwal, M., Battalora, M., Blacker, A., Catalano, S.I., Cazarin, K., Lautenschalaeger, D., Pais, M.C., Rodríguez, M., Rupprecht, K. and Serex, T.L., 2020. Implementing a globally harmonized risk assessment‐based approach for regulatory decision‐making of crop protection products. Pest Management Science, 76(10), pp.3311-3315.

[75] Yang, W. and Koshiyama, A.S., 2019. Assessing qualitative similarities between financial reporting frameworks using visualization and rules: COREP vs. pillar 3. Intelligent Systems in Accounting, Finance and Management, 26(1), pp.16-31.

@article{1708645,
      author = {Azeez Odetunde, Bolaji Iyanu Adekunle, Jeffrey Chidera Ogeawuchi},
      title = {Developing Integrated Internal Control and Audit Systems for Insurance and Banking Sector Compliance Assurance},
      journal = {Iconic Research And Engineering Journals},
      year = {2021},
      volume = {4},
      number = {12},
      pages = {393-407},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1708645.pdf},
      abstract = {In an increasingly complex regulatory environment, financial institutions such as banks and insurance companies face growing pressure to ensure compliance while maintaining operational efficiency. This explores the development of integrated internal control and audit systems as a strategic approach to strengthening compliance assurance within the banking and insurance sectors. Traditional fragmented compliance and audit frameworks often lead to inefficiencies, duplicated efforts, and heightened risk exposure. An integrated system, however, aligns internal control mechanisms with audit functions and regulatory requirements, enabling organizations to proactively identify, manage, and mitigate compliance and operational risks. Drawing upon the COSO internal control framework and key regulatory standards including Basel III, Solvency II, AML/CFT guidelines, and data privacy regulations this study outlines a model for designing and implementing cohesive internal control and audit systems. Emphasis is placed on aligning governance structures, leveraging data-driven audit tools, and utilizing modern technologies such as artificial intelligence, RegTech, and enterprise risk management platforms. These elements enhance real-time monitoring, automate compliance checks, and foster a culture of accountability and transparency across the organization. Challenges such as organizational silos, legacy IT systems, and resistance to change are also discussed, with practical recommendations for overcoming them. Case studies from leading financial institutions illustrate best practices and underscore the benefits of integration, including improved regulatory alignment, reduced compliance costs, and enhanced stakeholder trust.
Ultimately, this advocates for a strategic shift toward fully integrated internal control and audit systems as a foundation for sustainable compliance and risk governance in the financial sector. Such integration not only supports regulatory adherence but also positions institutions to better withstand market shocks, maintain reputational integrity, and drive long-term value creation.},
      keywords = {Development, Integrated, Internal control, Audit Systems for Insurance and Banking Sector Compliance Assurance},
      month = {June},
  }