Development of Offsite Audit Strategy and Plan | - Develop and manage the audit strategy and plan for proactively and qualitatively conducting the Offsite gold loans audits (including KYC audit, image-based audit, continuous control monitoring using data analytics, trigger-based surprise audits, etc.) covering the key areas across the end to end gold loans lifecycle 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 offsite gold loans audit plans (including KYC audit, image-based audit, continuous control monitoring using data analytics, trigger-based surprise audits, etc.) ensuring use of advanced integrated auditing concepts and extensive use of technology and data for achievement of the audit objectives Set up and develop specialised gold loans offsite audit team (including central offsite audit team and surprise auditors) for execution of offsite gold loan audit reviews including specialised areas such as collateral valuation and purity checks, and other key areas across gold loans lifecycle
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Execution of Audit Strategy and Plan | - Effective management and execution of the Offsite gold loans audits (including KYC audit, image-based audit, continuous control monitoring using data analytics, trigger-based surprise audits, etc.) for proactive identification and remediation of Credit risk and the related risks such as regulatory, financial, operational risks.
- Drive and manage Offsite gold loans audits (including KYC audit, image-based audit, continuous control monitoring using data analytics, trigger-based surprise audits, etc.) testing controls covering 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
- Drive and manage Offsite gold loans audits (including KYC audit, image-based audit, continuous control monitoring using data analytics, trigger-based surprise audits, etc.) covering controls over various risks inherent in the entire Lifecycle of gold loans 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 Offsite gold loans audits (including KYC audit, image-based audit, continuous control monitoring using data analytics, trigger-based surprise audits, etc.) 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 offsite reviews of gold loans 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 offsite 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 offsite gold loans audit coverage of various risks including Credit, Regulatory, Financial, and Operational risks arising from gold loans portfolio and lifecycle
- Keep offsite gold loans audits (including KYC audit, image-based audit, continuous control monitoring using data analytics, trigger-based surprise audits, etc.) 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 gold loans offsite audit plan and projects along with quality of audits, and meet with all audit documentation and reporting requirements as per risk based internal 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
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Continuous Control Monitoring and Offsite Audit | - Develop strategies for identification of triggers / risk hotspots and conduct unplanned surprise reviews / checks based on various triggers/ hot spots, directives received from regulators, board committees and senior management
- Keep abreast of the emerging gold loans offsite audit trends and drive key offsite 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 gold loans 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
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