Internal Audit Role - BFSI

Internal Audit (INA) Function Overview:

- The primary role of INA function is to help the Board of Directors and Senior Management of the Company to protect its assets, reputation and sustainability. INA function provides independent and objective assurance as to whether design, quality and operational effectiveness of internal controls, risk management and governance related systems and processes as represented by Management, is adequate.

- The INA function is an integral part of sound corporate governance and the Company has adopted a risk management framework referred to as "Three lines of defense". INA's scope of work as the Third Line of defense includes:

- All PCHFL's activities in both Wholesale and Retail finance businesses (including outsourced activities) and related legal entities. INA determines areas within its scope through Risk Based Audit Plan (RBIA) by adopting an independent approach.

- Assesses and make appropriate recommendations to improve the governance processes on business decision making, risk management and control; promote appropriate ethics and values within PCHFL; and ensure effective performance management and staff accountability etc.

- Undertake audits, special investigations, or reviews at the request of Audit Committee of Board (ACB), Senior Management or Regulators.

Overview of Role:

The role of the Internal Auditor is to conduct an independent and objective assessment of the processes and provide an unbiased opinion of the Company's operations. Audit needs to evaluate and improve the effectiveness of the control, risk management, and compliance processes.

Key responsibilities shall include:

- Reviewing the systems established by management to ensure compliance with those policies, plans, procedures, laws and regulations which could have a significant impact on operations of the organization.

- Reviewing the means of safeguarding assets and, as appropriate, verifying the existence of assets.

- Reviewing operations or programs to ascertain whether results are consistent with established objectives and goals and whether the operations or programs are being carried out as planned.

- Reviewing the reliability and integrity of financial and operating information and the means used to identify, measure, classify and report such information.

Required Job Skills and Experience:

- Strong familiarity with Companies Act, RBI / NHB and other regulatory requirements.

- Significant experience in developing, testing, and assessing internal controls.