How are large NBFCs well placed to meet RBI's latest provisioning norm?

Answer 1

Regulatory Compliance is increasing and becoming more challenging every day. With RBI extended mandate and guidelines for above class of banking or finance entities to Audit management system having a Risk Based Internal Audit (RBIA) Is Imperative to manage compliance risk effectively.

Our Risk Based Internal Audit Management (RBIA) solution integrates the entire working of Audit department within single software solution, reducing manual efforts required and making audits more impactful for Non-banking financial companies and Urban Co-operative banks. The solution will cover the following actions: –

• Will adopt a risk-based audit methodology

• Create Audit Calendar and assign Auditors to respective audits

*Enabling entire planning and Auditors allocation within the system

• Offer Audit checklist to enable auditors capture their observations, attach working papers etc. in one

• Enable follow up on issues and actions

• Automated reporting for Higher Management and Audit committees

Adopt Claptek’s efficient & transparent Global software, with the expertise of audit & risk management professionals and 20+ years of experience in Risk & Audit domain.