Lead - Internal Audit Head (NBFC/ HFC)

Role & responsibilities

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:
    o Nature of non-compliance
    o Regulatory reference
    o Business impact
    o Risk rating
    o 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 organizations 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.

Preferred candidate profile:

• 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:

• 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.