Head Branch

Head - Branch & Vendor Audit

Job Location - Mumbai

Profile :

• Purpose of this role is to develop and manage execution of the Audit Strategy and Plan for Branch and Vendor Audits covering all the key areas across Branches including activities handled/managed at the Branches related to business origination and customer onboarding, premium collections, operations, regulatory compliance and reporting, customer service and complaints management, fair practices and information security aspects, and key risks related to Vendors including fraud, regulatory and reputational risks to assess adequacy and effectiveness of risk management and controls related to Branches and Vendors, and adherence to internal policies and procedures as well as applicable laws, statutory requirements and regulations.
• The primary function of the role will be to develop and manage the audit strategy and plan for proactively and qualitatively conducting the Branch and Vendor Audits across Branches adopting risk-based auditing approach, factoring the nature of the functions/activities at the branches, level and direction of risk, scale of operations, level of digitalisation and use of technology, use and involvement of third party vendors/partners at branches, applicable laws and regulations, the organization strategy, culture and maturity.
• Develop audit strategies for identification and assessment of various risks in the key areas/ activities at the Branches and related to Vendors including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc., and current maturity level of controls at Branches.
• Develop audit plans based on risk assessment of Branches 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
• Plan and conduct Branch Audits testing controls across Branches in accordance with the Policies, Procedures, Legal, Statutory and Regulatory requirements, Internal Audit Standards, and leading best practices
• Develop processes for adequate and effective audit coverage of various risks in the key areas / activities at the Branches 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.
• Keep audit procedures and checklists 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.
• Develop specialised audit team for timely and quality execution of complex and specialised audit reviews covering all the key areas at Branches and key risks related to Vendors
• Actively and proactively manage the co-sourcing arrangements where specialised professional audit services are used for Branch and Vendor Audits coverage; Ensure the timely and quality delivery of the Branch and Vendor Audits even where such co-sourcing arrangements are utilised
• 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
• Implement a continuous monitoring process for ongoing assessment of various risks at Branches including Compliance risk, Legal risk, Fraud risk, Operational risk, Third party risk/Outsourcing risk, Financial risk, People risk, Reputational risk etc., to ensure, timely identification and resolution of significant risk and control issues; Identify and develop automated tests for monitoring effectiveness of controls at Branches on an ongoing basis.
• Active and proactive engagement with the relevant Functional leaders responsible for management and oversight over Branches and Vendors on developing and enhancing the maturity level of the controls relating to 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