Job
Description
Purpose of this role is to contribute in developing and managing execution of the Strategy and Plan for Concurrent Audits as a matter of good governance and prudent practice, covering all the key risk-sensitive areas including KYC/AML, Lending business and related operations, Treasury transactions and operations, Reconciliation of bank accounts and general ledger accounts, and compliance with the relevant applicable laws/regulations and internal policies/ guidelines with an objective to shorten the interval between a transaction and its independent examination and provide hindsight for processes and controls requiring greater focus during internal audits. A) Development of Audit Strategy and Plan Contribute in developing concurrent audit strategies for timely and proactive coverage of key risks including Credit risk, Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc., and related controls. Contribute in developing concurrent audit plans based on risk and the regulatory framework; Ensure use of advanced integrated auditing concepts and extensive use of technology and data analysis for achievement of the audit objectives. Actively and Proactively contribute in managing the external concurrent auditors where external specialized professional audit services are used for Concurrent Audits coverage; Ensure the timely and quality delivery of the Concurrent Audits by the external concurrent auditors. B) Execution of Audit Strategy and Plan Execute audit strategy and plan of concurrent audits testing ~5000+ controls covering key risk-sensitive areas in accordance with the Policies, Procedures, Legal, Statutory and Regulatory requirements, Internal Audit Standards, and leading best practices. Contribute in developing concurrent audit checklists and processes for adequate and effective concurrent audit coverage of various risks across key areas / activities including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc., and various applicable laws and regulatory circulars / guidelines across various regulators. Maintain and update concurrent audit procedures and checklists to ensure they remain current and updated keeping pace and aligned with changes in internal policies/guidelines as well as legal/statutory/regulatory changes and evolving industry best practices. Ensure timely and quality execution of concurrent audit reviews . Ensure timely completion of Concurrent audit plan with quality of audits, and meet with all concurrent audit documentation and reporting requirements as per Concurrent audit policy and procedures and leading best practices . Active and Proactive Engagement within audit as well as with the relevant Business and Functional stakeholders related to concurrent audits to enhance the maturity level of controls over various risks including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc. benchmarking with the leading best practices. Effective communication and reporting of Concurrent audit findings and follow up with various stakeholders to ensure timely remediation and implementation of concurrent audit recommendations. Provide effective recommendations for improvements to the organization policies, processes and practices based on leading industry practices and emerging risks. C) Continuous Monitoring Keep abreast of the emerging audit trends and drive key audit initiatives for efficient and effective achievement of the concurrent audit objectives Identify and develop automated tests for efficient and effective concurrent audit on an ongoing basis.
