Job Title: Assistant Manager – Internal Audit, Risk Assurance & Compliance (BFSI)
Location: Mumbai/ Thane
Job Type: Full-time/ Contractual
Reports to: Project Lead-in-charge/ Partner
Firm Overview
KVAT & Co, a business consulting and auditing firm with deep expertise in corporate governance, risk management, compliance, monitoring services, technology, and training. Established in 2021, our firm has rapidly evolved from a pioneering partnership between two visionary leaders to a robust team of seasoned professionals with a diverse industry presence. Our operational capacity has expanded significantly to accommodate the increasing demands of clientele which are some of the leading organizations in the diverse industry segments. We continue to scale our services to deliver unparalleled solutions tailored to meet and exceed the evolving needs of our clients. Our international perspective ensures that we provide comprehensive solutions that meet global standards.
Job Summary
We are seeking a
highly skilled and proactive Assistant Manager to join our
Internal Audit, Risk Assurance, Corporate Governance & Compliance Practice focused on the
Banking, Financial Services, and Insurance (BFSI) domain.
The ideal candidate will possess hands-on experience in
executing internal audits, IFC reviews, risk assessments, compliance audits, and governance advisory assignments for clients operating in
Banking, NBFCs, FinTech, Mutual Funds, Broking, and Insurance sectors.
This role demands strong understanding of
financial sector regulations (RBI, SEBI, IRDAI, PFRDA, NHB),
risk management practices,
internal control systems, and
emerging regulatory expectations such as ESG readiness, outsourcing risk, and technology risk.
Key Responsibilities
- Internal Audit & Risk Assurance (BFSI Focus)
- Execute risk-based internal audits, concurrent audits, branch audits, and operational reviews for BFSI entities including Banks, NBFCs, Insurance Companies, Mutual Funds, and Broking Houses.
- Evaluate process controls across critical business functions such as Credit, Treasury, Operations, Risk, Compliance, AML/KYC, Claims, Underwriting, Investment, IT, and Cybersecurity.
- Perform Internal Financial Controls (IFC) and Internal Controls over Financial Reporting (ICFR) testing as per RBI/IRDAI/SEBI guidelines and COSO framework.
- Conduct revenue assurance, regulatory reporting validation, and outsourcing/vendor audits in line with RBI's outsourcing guidelines and IRDAI third-party management regulations.
- Lead and manage audit fieldwork, identify process inefficiencies, highlight control gaps, and recommend practical risk mitigation measures.
- Develop Audit Plans, Risk Control Matrices (RCMs), and Audit Work Programs tailored to BFSI processes and regulatory expectations.
- Governance, Risk & Compliance (GRC)
- Support clients in strengthening Corporate Governance frameworks and ensuring compliance with Companies Act, 2013, RBI Master Directions, SEBI (LODR), and IRDAI Corporate Governance Guidelines.
- Assist BFSI clients in Board evaluation, policy design (Whistleblower, Risk Management, Related Party Transactions, Conflict of Interest, Fair Practice Code, Outsourcing Policy, etc.).
- Conduct compliance audits and regulatory gap assessments under RBI, SEBI, IRDAI, PFRDA, and NHB regulations.
- Implement and test Regulatory Compliance Management Frameworks for BFSI clients.
- Assist in preparation and review of Business Continuity and Disaster Recovery Plans (BCDRP), Information Security Governance, and Operational Resilience assessments.
- Enterprise Risk Management (ERM)
- Support clients in establishing and maintaining Enterprise Risk Management (ERM) frameworks aligned with Basel III, RBI Risk Governance Guidelines, and IRDAI Risk Management frameworks.
- Conduct Risk Control Self-Assessments (RCSA), risk register development, and Key Risk Indicator (KRI) monitoring.
- Facilitate risk workshops and Board/Audit Committee risk reporting for BFSI clients.
- Advise on Credit Risk, Market Risk, Operational Risk, Cyber Risk, and Conduct Risk frameworks.
- ESG, Technology & Emerging Risks
- Participate in ESG readiness assessments, BRSR (Business Responsibility and Sustainability Reporting) implementation, and sustainability audits for financial institutions.
- Assist BFSI clients in FinTech and digital transformation risk assessments, including data privacy, ITGCs, cybersecurity, and third-party technology audits.
- Perform automation and data analytics-based assurance using Power BI, SQL, Power Query, and Excel analytics for anomaly detection and trend analysis.
- Reporting, Client Management & Knowledge Building
- Prepare high-quality audit reports, dashboards, management presentations, and executive summaries highlighting observations, root causes, and recommendations.
- Ensure timely project delivery, stakeholder communication, and quality assurance across all engagements.
- Coordinate with client SPOCs, business heads, and compliance officers during the entire engagement lifecycle.
- Contribute to internal knowledge sessions, regulatory updates, industry trend discussions, and training initiatives.
Required Skills & Competencies
Category
Key Skills
Technical Skills
Internal Audit (BFSI), Risk-Based Auditing, IFC/ICFR Testing, ERM, Compliance Audit, Revenue Assurance, Risk Advisory, Operational Audit, ESG Advisory, SOX Readiness
Domain Expertise
Banking Operations, NBFCs, FinTech, Insurance, Mutual Funds, Broking, Treasury Operations, Credit Risk, AML/KYC, Regulatory Compliance
Banking - Retail Asset operations pertaining to Agri Loan, Micro Finance (including BC visits), Personal Loan, Education Loan, Two-Wheeler Loan. Covering aspects pertaining to sourcing, credit appraisal, disbursement and post disbursement monitoring.
Recollection, NOC issuance, recovery.,
Credit card operations including sourcing, sanctioning, credit monitoring, IRAC norms, rewards and redemption, credit card technology service provider monitoring & overview,
Digital Banking Operations including ATM reconciliation, network settlement, digital payment products such as NEFT, RTGS, IMPS, UPI, Debit Cards, Escrow/ RERA accounts, Cash Collections Accounts, ASBA, DEAF related activities, having knowledge of DPSC, NPCI and RBI requirements related to digital payments, Credit card activities
Retail asset operations pertaining to Commercial Vehicle Loan, Commercial Equipment Loans, Auto Loan, Inventory Funding. Covering aspects pertaining to sourcing, credit appraisal, disbursement and post disbursement monitoring
Preparation of Financial Statements, disclosures, transfer pricing, internal accounts requirements
Audit covering credit Appraisal, MPBF assessment, non-fund facilities assessment, priority sector guidelines, post sanction monitoring, limit setup, loan and mortgage document execution, credit covenant compliance, financial analysis.
Review of CRILC returns, CIC returns, PSL reporting, security value reporting, RBS tranche testing, exposure reporting, credit related returns, credit related reporting and MIS audit experience
Market Risk audit experience including stress testing, counterparty risk, pricing, capital charge assessments and regulatory ratios (LCR, NSFR, SLS, IRS, CRAR), benchmarking, RBS tranche testing, ALM, PV01, VaR, and RBI regulatory compliance.
Integrated Treasury audit experience for Forex (Interbank deals, Derivatives, Merchant deals, IRS deals), Domestic (SLR, Non-SLR), Money Market (Call/ Notice Money, Repo etc.) including Accounting, Settlement, Valuations, Reporting, Returns (FTD, GPB etc.) and Ratio verification (SLR, CRR etc.), Limit monitoring, RBS Tranche testing
Wholesale Credit, Project Finance, Property Valuation methodology, credit appraisal, forward and derivatives limit assessment, MPBF assessment, non-fund facilities assessment, consortium lending, post sanction monitoring, limit setup, loan and mortgage document execution, credit processes, limit set up, assessing economic viability.
Trade Operations towards letter of credit (LCs), invoice discounting, remittances, export/import operations/EDPMS/IDPMS. TReDS, FDI, ODI, bank guarantees, SWIFT, e-BGs, forex operations, Nostro, Vostro
Regulatory Knowledge
RBI Guidelines, SEBI Regulations, IRDAI Regulations, Companies Act 2013, PFRDA Regulations, NHB Directions, COSO Framework, IIA Standards
Tools & Analytics
Advanced Excel, Power BI, Power Query, SQL, Tableau, ACL/IDEA
Soft Skills
Analytical Thinking, Business Acumen, Report Writing, Stakeholder Management, Team Collaboration, Communication, Problem Solving
Bachelor's degree in business administration, Finance, Accounting, or a related field; advanced degree in Internal Audit or 3 to 8 years of Internal Audit experience if semi-qualified/ MBA/ B.Com. or related field graduate. Minimum of 3 to 8 years of experience in internal audit, risk, compliance, or related areas. Excellent communication skills, both written and verbal. 
