Picnews
By Eyitayo Quadri | Chief Risk Officer, Union Bank of Nigeria
In the complex world where finance, influence and decision-making intersect, integrity is more than a moral ideal. It is a critical risk-management asset — one that protects institutions, strengthens trust and leaves a lasting legacy beyond an individual’s lifetime.
A significant part of my professional responsibility involves anticipating risks, understanding vulnerabilities and finding ways to prevent failures before they occur. That is the quiet responsibility of a risk officer: challenging assumptions, asking difficult questions and identifying threats that others may overlook.
Over time, this role has revealed a fundamental truth: the greatest risks faced by financial institutions are not always found in financial models, market indicators or balance sheets. Many of the most damaging risks come from human behaviour — from the integrity, or lack of it, of those entrusted with authority.
This reality is not new. History, culture and faith traditions have long highlighted the power of character and reputation. One such lesson comes from the biblical account of a widow whose late husband’s integrity became the only asset she could rely on.
The man had died leaving behind debts. In that era, creditors could claim his sons as repayment. With no material possession left to offer, the widow turned to Prophet Elisha and appealed through the reputation her husband had built — a reputation for honesty and integrity.
That reputation became her greatest resource. Through Elisha’s instruction, she gathered empty vessels and poured out the small quantity of oil she possessed. The oil continued to flow until every vessel was filled. She sold the oil, settled the debt and secured a future for herself and her children.
Beyond the miracle, the story carries a powerful financial lesson: integrity is an asset. It may not appear on any conventional balance sheet, but it creates value, builds trust and can provide security when every other resource is exhausted.
The uncomfortable reality is that integrity failures often occur not at the lowest levels of an organisation but among those closest to power and decision-making.
The Association of Certified Fraud Examiners (ACFE), in its 2024 global fraud study covering 1,921 cases across 138 countries, found that fraud committed by senior individuals often results in significantly higher losses. The report also highlighted that many fraud cases are linked to weak controls or deliberate attempts by individuals in positions of authority to bypass existing safeguards.
This is where institutions face their greatest vulnerability. Those trusted to protect the system can sometimes become the ones who undermine it.
The lesson from the ancient story is clear: influence and authority must be guided by integrity. Without it, the same position that creates value can become a source of destruction.
Warren Buffett famously observed that reputation takes years to build but only moments to damage. The global banking industry has experienced the consequences of this truth.
Between 2008 and 2016, financial institutions worldwide paid hundreds of billions of dollars in penalties related to misconduct, including market manipulation, money laundering failures and the sale of unsuitable products. These were not failures caused by a lack of intelligence or resources. They were failures of judgement, culture and integrity.
Nigeria’s financial sector has also experienced the consequences of fraud. Reports from industry bodies have highlighted significant financial losses arising from fraudulent activities, including cases involving insiders. Although employees represent a smaller proportion of fraud perpetrators compared with external actors, insider-related fraud often causes greater damage because employees possess authorised access and institutional trust.
For a bank, trust is not just part of the business — it is the foundation of the business. When trust is damaged, the consequences extend beyond immediate financial losses. Reputation, customer confidence and institutional credibility are also affected.
However, the lesson is not one of fear but of possibility. Trust can be rebuilt, strengthened and multiplied when institutions consistently choose ethical conduct.
Integrity takes time to develop but can disappear quickly when neglected. This is why it remains one of the most valuable assets an organisation can possess.
For financial institutions, integrity must move beyond individual character and become embedded into systems, policies and culture. Strong institutions are built when ethical behaviour is supported by effective controls, accountability structures and environments where employees feel confident to raise concerns.
Risk management is not simply about preventing losses; it is about creating organisations where doing the right thing becomes the easiest choice.
A strong risk culture begins with leadership. The tone from the top determines whether integrity is genuinely valued or merely discussed.
Effective governance frameworks, independent oversight and strong internal controls exist to ensure that no individual — regardless of position or influence — operates beyond accountability.
One of the strongest tools against misconduct remains an empowered workforce. Employees who feel safe to speak up provide organisations with an early warning system against potential failures.
Controls without integrity become ineffective paperwork, while integrity without controls becomes vulnerable. Sustainable risk management requires both: strong systems and people committed to doing what is right.
To professionals entrusted with positions of influence, your greatest asset is not your title, position or achievements. It is your reputation. Every decision, including those made when nobody is watching, either strengthens or weakens that asset.
To women in the financial industry and beyond, the story of the widow reminds us that integrity creates influence beyond formal authority. A good name can open doors that status alone cannot.
To young professionals entering the workplace, do not accept the idea that integrity is a disadvantage or that success requires compromising your values. Character is an investment whose returns extend far beyond personal gain.
Behind every financial decision are real people, families and communities whose futures may depend on the choices made in boardrooms and offices.
In risk management, we spend our careers measuring what can be lost. But integrity reminds us to also recognise what cannot be taken away.
The greatest legacy we leave behind will not only be the transactions completed, profits achieved or positions held, but whether our word remained trustworthy when doing the right thing came at a cost.
Integrity is the one asset no creditor can seize, no market can destroy and no passing moment can erase.
Building institutions that preserve and protect it remains one of the most important responsibilities in modern risk management.
Eyitayo Quadri is the Chief Risk Officer at Union Bank of Nigeria, overseeing credit, operational and market risks, as well as internal controls and regulatory alignment. He has held senior roles in risk management, business strategy and banking across institutions including Keystone Bank, Ecobank, Citibank (NIB) and UBA. He holds a BSc in Mathematics from Lagos State University, an MBA in International Finance & Strategy from Bayes Business School, University of London, and professional certifications in risk management and banking.
