VH-Gold Loan Audit

Business

Aditya Birla Capital

Unit

Aditya Birla Capital Limited

Location

Mumbai

Role

Vertical Head, Gold Loans Audit

Department

Internal Audit

Eligibility Criteria

Bachelor or master's degree, Experience in Collection for mid market/corporate

Development of Audit Strategy and Plan

• Develop the audit strategy and plan for proactively and qualitatively conducting the gold loans audits across the gold loan branches, product and channels in ABCL NBFC factoring the nature of business, level and direction of risk, extent and nature of collateral, scale of operations, level of digitalisation and use of technology, use and involvement of third party vendors/partners, complexity & diversity of the gold loans portfolio, the organization strategy, culture and maturity

• Develop the gold loans audit plan based on risk assessment and regulatory framework ensure use of advanced integrated auditing concepts and extensive use of technology and data for achievement of the audit objectives in line with the organization's strategy and objectives, applicable regulatory guidelines and audit policy & procedures

• Set up and develop specialised team forexecution of gold loan audits including specialised areas such as collateral valuation and purity checks, and other key areas across gold loans lifecycle

Execution of Audit Strategy and Plan

• Effective management and execution of the gold loans audit strategy and plan for proactive identification and remediation of Credit risk and the related risks such as regulatory, financial, operational risks.

• Drive and manage gold loans audits of new as well as existing branches, product, channels aligned with the nature and complexity of the business to provide independent and objective assurance on the risk management and controls

• Drive and manage gold loans audits covering controls over various risks inherent in the entire Lifecycle of gold loans across branches, product and channels in ABCL NBFC in accordance with the Policies, Procedures, Legal and Regulatory requirements, Internal Audit Standards, and leading best practices Identify the areas requiring strengthening of controls and recommend systemic improvements for mitigating the risks

• Conduct gold loans audits across gold loan branches and central functions to assess the adequacy and effectiveness of the monitoring processes and controls covering various key activities and areas in the gold loans lifecycle including collateral valuation and management, gold loans sanction, disbursement and servicing, recovery and auction processes, safekeeping and physical security

• Conduct review of gold loans system controls in both the Loan Origination System and Loan Management Systems related to automated business and operational process controls to assess adequacy and effectiveness of the controls such as those related to customer onboarding, loan booking and disbursement, asset classification etc.

• Conduct reviews of gold loans processes across branches, functions, product and channels to assess adequacy and effectiveness of controls for compliance with applicable laws and regulations such as regulations related to KYC/AML, fair practices, LTV and interest rates, collateral valuation safe-keeping and release, exposure management, income recognition, asset classification, auction, recovery and settlement etc.

• Manage and execute concurrent gold loans audit through in-house or co-sourced professional audit resources with suitable coverage commensurate with the scale and complexity of the gold loans business, product, channels to effectively complement the risk-based audits

• Provide effective recommendations for improvements to the organization policies, processes and practices based on leading industry practices and emerging risks

• Develop processes for adequate and effective audit coverage of various risks including Credit, Regulatory, Financial, and Operational risks arising from gold loans portfolio and lifecycle

• Keep audit procedures and checklists current and updated keeping pace and aligned with changes in internal policies/guidelines as well as legal/regulatory changes and evolving industry best practices

• Ensure timely completion of audit plan and projects along with quality of audits, and meet with all audit documentation and reporting requirements as per audit policy and procedures and leading best practices

• Active engagement with stakeholders for implementation of recommendations for effective risk mitigations and improvement in the control environment

Continuous Control Monitoring and Offsite Audit

• Develop strategies for identification of triggers / risk hotspots and conduct unplanned reviews / checks based on various triggers/ hot spots, directives received from regulators, board committees and senior management

• Keep abreast of the emerging gold loans audit trends and drive key audit initiatives for efficient and effective achievement of the audit objectives

• Explore and use emerging technology solutions to build and implement a continuous control monitoring and offsite audit process for proactive and ongoing assessment of controls across various risks in the gold loans lifecycle including Credit, Regulatory, Financial, Fraud and Operational risks, arising from gold loans portfolio and lifecycle processes across branches, product and channels in ABCL NBFC to ensure, timely and proactive identification and resolution of significant risk and control issues Identify and develop automated tests for monitoring effectiveness of controls on an ongoing basis

Communication and Stakeholder Engagement

Effective communication and reporting to various stakeholders including regulators, board committee and senior management

People Management

• Develop specialised audit team for execution of complex and specialised audit reviews covering gold loans portfolio and lifecycle processes across branches, product, channels
• Develop, nurture and grow talent through effective employee engagement and management
• Continuous development of self and the team through regular learning and sharing of knowledge / best practices