Background:
Banking has become highly digital, more connected and complex, challenging the extant risk management framework in the financial institutions. Internal inspection and audit in banks/NBFCs/Financial Institutions (FIs) have to be risk based and should focus on the emerging critical areas such as cybersecurity, data protection, governance of data, models, AI, third party risk management, operational resilience and governance. The compliance should be a continuous activity with technology enabled and increased usage of data analytics and AI. Considering the significant emphasis placed by the regulator on the internal inspection and audit systems of banks/NBFCs/FIs, the internal audit systems should be vibrant and more outcome focused. The internal audit function in the financial institutions should be robust enough to ensure that the institution’s operations are compliant, efficient and aligned with the extant laws and regulations. The tone for Governance and compliance should be set at the top by the Board and senior management.
Objective:
This one-day virtual program will deliberate on emerging new risks, operational challenges for building a resilient organisation and the appropriate audit strategies/tools required to ensure effective internal control 24 x 7 x 365 and the new challenges and options for effective internal audit function.
Program Highlights:
- Significance of Audit Functions in the Financial System and the emerging
- Risk Based Internal Audit of Banks – Common Supervisory Observations and Concerns
- IT & Outsourcing Audit
- Internal Audit function, Audit Committee of the Board and Reporting to Board: Best Practices from Supervisory Perspective
- Use of Advanced Technology in Audit
- Usage of Concurrent Audit in Internal Audit
- Spot Audit & Frauds Investigation