Deputy Head-Internal Audit & Quality Assurance

KEY RESPONSIBILITIES

Management of Audit universe, audit plans, scope and charter

Identify and maintain a detailed audit universe covering all auditable entities and processes within the organization.

Regularly update the audit universe to reflect changes in the organization’s operations, risk landscape, and regulatory requirements.

Define and refine audit scopes at annual, half-yearly, and quarterly intervals, ensuring a focused approach to addressing key risks and compliance requirements.

Ensure that the charter reflects organizational objectives, compliance standards, and audit independence principles.

Oversee the overall management and control of the internal audit functions of MFL.

Ensure audits are conducted in accordance with the approved audit plans, scope, and charter.

Branch Audit Management

Develop and implement a comprehensive branch audit plan of Muthoot Fincorp Ltd (MFL).

Ensure timely completion of Branch Audit.

Oversee field functionaries, including Zonal Heads, Audit Managers, and Internal Auditors, to ensure effective execution of the plan.

Assign and conduct snap audits and surprise audits as needed to ensure operational compliance and mitigate risks.

Lead and ensure thorough investigations of fraud and serious incidents and Implement measures to address gaps and prevent recurrence.

Ensure timely HOTO audits during branch transitions to verify asset and process integrity.

Coordinate periodic risk assessments and maintain a risk gradation system to identify and mitigate vulnerabilities.

Organize compliance tests and process audits based on operational requirements to uphold organizational standards.

Track and monitor the progress of branch audits through a robust review mechanism using MIS and virtual meetings.

Organize and conduct quarterly risk assessments through RARC (Regional Audit Review Committee) and ZRMC (Zonal Risk Management Committee) in collaboration with business and operations stakeholders.

Functional Audit Management

Design and implement functional, process, and management audit programs aligned with organizational goals.

Develop detailed audit plans, schedules, and resource allocation for effective execution.

Timely completion of Audit as per the Audit Plan.

Conduct of functional audit following a structured approach to evaluate processes and controls effectively. It begins with the audit announcement to set expectations and align stakeholders, followed by data indentation to gather necessary information. A kick-off meeting clarifies the audit plan and roles, leading to the field audit, which examines operations and identifies inefficiencies. Collected data is analyzed to uncover trends and critical issues, and findings are categorized based on impact. A draft report is shared with stakeholders for discussion and feedback before finalizing the report with actionable recommendations to drive decision-making and improvements.

Exercise administrative control over audit resources, including direct and indirect reports, ensuring optimal utilization and effectiveness.

Provide leadership, guidance, and mentorship to the audit team to maintain high professional standards.

NBPS Audit Management

Ensure all the NBPS audit has been covered along with the branch audit.

Ensure Monthly and Yearly spot audit is completed as per the regulatory requirement.

Ensure External Internal Audit complete the Forex and MTSS audit on time.

Perform quality control checks to ensure products meet industry standards.

Ensure that products are compliant with relevant regulatory and safety standards.

Identify any discrepancies or non-compliance issues and report them to top management and ACB.

Prepare detailed reports outlining audit findings, including product performance and any areas for improvement.

Centralized Audit Management

Establish and structure a central audit team to handle specialized audit assignments and critical tasks.

Assess the requirements of each audit task and allocate resources accordingly, ensuring optimal utilization of team capabilities.

Oversee the progress of various assignments undertaken by central auditors through robust MIS reports and regular virtual meetings.

Ensure regular approvals and maintenance of UCIC records in compliance with organizational and regulatory guidelines.

Prepare and present periodic reports on the progress and outcomes of central audit activities to senior management.

Ensure that all audit operations adhere to internal policies and external regulations.

SULB Audit Management

Conduct internal audits of all functions within SULB and MFL One to ensure compliance with organizational policies and regulatory standards.

Develop and implement long-term and short-term audit plans for SULB and MFL One, aligned with organizational goals and priorities.

Define detailed audit scopes, including specific considerations for PC (Processing Centre Audit / Process Compliance) audits and File Audits / credit audits, to ensure thorough coverage of critical areas.

Conduct on-site field visits for specific incidents or surprise audits to address immediate concerns and verify adherence to policies and procedures.

Monitor and evaluate the performance of SULB auditors through MIS reports and regular review meetings.

IS Audit Management

Establish a dedicated IS Audit team with the requisite qualifications, expertise, and experience to conduct specialized audits of information systems.

Develop a comprehensive audit universe for IS audits, identifying all auditable entities and processes within the organization’s information systems.

Define the scope of IS audits, ensuring coverage of critical IT infrastructure, applications, and processes.

Design IS Audit Charter to establish the framework and principles governing IS audit activities. Allocate resources effectively to ensure the successful execution of audit plans.

Ensure comprehensive IS audits of outsourced vendors to evaluate their compliance with contractual obligations, data security standards, and organizational policies.

External Internal Audit Management

Act as the primary liaison between the organization and external internal auditors.

Facilitate seamless planning, execution, and reporting of External Internal Audits (EIA) conducted on MFL.

Organize and manage kick-off meetings, field inspections, and other audit-related activities in collaboration with departmental stakeholders.

Schedule review meetings with top management and oversee the release of the final audit report.

Track and monitor ATRs for all EIAs conducted and provide regular updates to top management on the status of ATRs and other post-audit initiatives.

Gold Inspection Management

Maintain close liaison with the Gold Inspection (GI) department to coordinate and collaborate on all inspection activities.

Ensure the effective planning and execution of Gold Loan-related audits and inspections.

Monitor and ensure control over all reported incidents in Gold Loan areas

Oversee daily Gold Loan alerts management, collaborating with Internal Auditors (IAs) and stakeholders to resolve issues promptly.

Develop action plans and follow-up on resolutions to mitigate recurring issues

Compliance and Quality Assurance

Ensure compliance with all regulatory and statutory guidelines applicable to Non-Banking Financial Companies (NBFCs).

Scrupulously follow the Monthly Compliance Tracker and ensure timely updates and provide specialized compliance reporting to the Chief Compliance Officer (CCO)

Conduct periodic Quality Assurance (QA) checks at the field level by engaging Audit Managers and Zonal Heads of Audit.

Provide comprehensive Quality Assurance reports to the Board, Audit Committee of the Board (ACB), and Top Management.

Ensure reports adhere to timelines and quality standards decided by the Top Management.

KEY INTERACTIONS

Internal Stakeholders

Board Members

Senior Management

Functional Heads

Legal

Audit committee of the Board

Chief Compliance Officer

Zonal Audit Head

Risk Management Team

Operations

External Stakeholders

External Auditors

Regulatory Authorities

Vendors

Compliance Bodies

Statutory Auditors

Investors and Shareholders

KEY DECISION TAKEN

Ensuring the thorough review and validation of Branch Audits, Functional Audits, SULB & MFL ONE Audits, External Internal Audits and IS (Information Systems) Audits before presenting findings to Top Management and the Audit Committee of the Board (ACB).

Making final decisions on the risk gradation of Branch Audits, especially in cases of critical incident reporting or suspected fraud.

Reviewing and signing off on findings from investigations related to incident reports and whistleblower complaints.

Deciding on the need for Surprise Audits and Snap Audits while maintaining confidentiality and ensuring minimal disruption to regular operations.

Selecting and onboarding audit team resources with the right skills and qualifications to meet the evolving demands of the audit function.

Deciding when and how to conduct Compliance Testing, Process Audits, and Prep Audits to address emerging risks or regulatory requirements.

Recommending and evaluating external audit vendors to ensure they meet the organization's quality and compliance requirements.

EDUCATION / EXPERIENCE

Minimum Educational Qualifications :

Post graduate degree in any discipline

Additional qualification (optional)

Fellow / Member of IIB&F / ICAI / ICMAI / ICSI is preferrable

Experience :

At least 20+ years of banking / NBFC / any other financial or Insurance sector experience