Head – Internal Audit – NBFC

Key Responsibilities:

1. Regulatory Compliance Monitoring:

– Monitor RBI circulars, notifications, master directions, guidelines, and other regulatory developments applicable to NBFCs.

– Assess the impact of new and amended regulations on various business functions.

– Ensure regulatory requirements are incorporated into internal policies, SOPs, and operational processes.

– Maintain a repository of applicable regulatory requirements and compliance obligations.

2. Compliance Audit:

– Develop and execute a risk-based Regulatory Compliance Audit Plan.

– Conduct periodic audits across business functions.

– Evaluate adherence to RBI regulations, internal policies, board-approved frameworks, and statutory requirements.

– Perform thematic and focused reviews based on regulatory risks.

3. Gap Assessment & Reporting:

– Identify regulatory non-compliances, control weaknesses, and process gaps.

– Conduct root cause analysis for audit observations.

– Prepare detailed audit reports highlighting:

1. Nature of non-compliance

2. Regulatory reference

3. Business impact

4. Risk rating

5. Corrective action recommendations

– Present findings to senior management and relevant stakeholders.

4. Corrective Action Tracking:

– Work closely with business and functional teams to implement corrective actions.

– Monitor progress against agreed action plans.

– Validate closure of audit observations through follow-up reviews.

– Escalate unresolved or overdue observations to management.

5. Regulatory Advisory:

– Provide guidance to business teams on interpretation and implementation of RBI regulations.

– Participate in policy reviews to ensure regulatory alignment.

– Support departments during regulatory inspections and internal/external audits.

6. Risk Management:

– Identify emerging regulatory risks.

– Recommend preventive controls and process improvements.

– Strengthen the organization’s compliance culture through proactive reviews.

7. Stakeholder Management:

– Collaborate with business heads, compliance, legal, risk, finance, operations, and IT teams.

– Build strong working relationships to facilitate timely implementation of audit recommendations.

8. Documentation & Governance:

– Maintain comprehensive documentation of audit working papers, evidence, reports, and compliance trackers.

– Prepare periodic MIS and dashboards for management and Board-level committees.

– Ensure audit documentation meets regulatory and internal quality standards.

Required Qualifications:

– Chartered Accountant (CA), MBA (Finance), Company Secretary (CS), CMA, LLB, or equivalent professional qualification.

– Certification in Internal Audit, Risk Management, Compliance, or Regulatory Auditing will be an added advantage.

Experience:

– 8 – 12 years of experience in NBFCs, Banks, Financial Institutions, or Audit/Consulting firms.

– Minimum 5 years of experience in Regulatory Compliance.

– Hands-on experience in auditing RBI regulatory compliance for NBFCs.

– Experience in interacting with regulators, auditors, and senior management is preferred.