Execution of Audit Strategy and Plan

• Ensure timely and quality execution of the financial risk audits strategy and plan in accordance with the professional auditing standards, best practices, internal policies/guidelines and applicable laws/ regulations

• Implement and adhere to the defined processes for coverage of financial risk management emanating out of various regulatory circulars / guidelines across various regulators (RBI, IRDAI, SEBI, PFRDA, AMFI)

• Conduct Revenue recognition review (~200 -250 across all business) in line with the nature and complexity of the business; Review the major lines of revenue for each line of business within the ABCL group; Identify the area vulnerable to risk and assess the controls in place for mitigating the financial risk; Perform assessment of financial risk and control and recommend systemic improvements for mitigating the financial risk and enhancing the maturity level of the controls

• Conduct cost audits (~100-150) across major areas of cost across the entities within the ABCL group; Recommend improvement areas for enhancing the efficiency of controls toward cost optimization

• Conduct procurement and vendor management reviews (~500 major procurement items/ agreements by value / volume); Assess the process relating to procurement including Opex, Capex, Infrastructure with regards to effectiveness of the processes and controls relating to vendor due diligence, onboarding, price finalization, Service level agreements (SLA), adherence to SLA and pay outs to the vendors

• Conduct review of third party outsource vendors reviews (~100-200 outsourced vendor reviews) with regards to controls in place at the vendors in line with the defined SLAs; Assess the Outsourcing risk management framework with regards to processes and controls for assessment of outsourced activities and monitoring and manging of outsourcing risk

• Conduct review of business partners / channel partner / bank partner arrangement (out of the 2 lakh+ agents/channel partners and bank partners); Review the process for ensuring adherence to the SLAs and controls over pay outs / revenue recognition emanating from the agents/channel partners and bank partnership arrangements

• Conduct review in line with the regulatory guidelines relating to adherence to Share dealing Code and prevention and detection of Insider trading across the entities based on the nature and complexity of the business, scale and size of the business and number of person with potential UPSI; Review the process of access to information and monitoring of trades across the 34,000+ employees; Review the processes to prevent potential leakage of UPSI which may result in detailed inquiry and strict action from SEBI

• Conduct specialised reviews through use of extensive data analysis and advanced forensic techniques on trading transactions data across employees in line with the SEBI requirements and the share dealing code for instances pertaining to violation of share dealing code / potential insider trading; leakage of UPSI;  

• Ensure timely and quality execution of the audit plan for proactive identification and remediation of financial risk relating to various business products, processes and units

• Provide effective recommendations for improvements to the organization policies, processes and practices based on leading industry practices and emerging risks

• Active engagement with stakeholders for implementation of recommendations for effective risk mitigations and improvement in the control environment

Continuous Monitoring

• Execute strategies for identification of triggers / risk hotspots and conduct unplanned reviews / investigations based on various triggers/ hot spots, directives received from regulators, board committees and senior management

• Keep abreast of the emerging audit trends and drive key audit initiatives for efficient and effective achievement of the audit objectives

• Execute continuous monitoring for effective ongoing monitoring of risk relating to various business products, processes and units; Identify and develop 5000+ automated test for ongoing monitoring of financial risk across the various entities within the ABCL group

Communication and Stakeholder Engagement

• Effective communication and reporting to various stakeholders where appropriate

• Active and Proactive Engagement within the Internal audit as well as with Business and Functional stakeholders across lines of business/customer segment/product/channel in relation to the financial risk audits

Learning and Development

• Continuous development of self and the team through regular learning and sharing of knowledge / best practices.