Hot topics for internal audit in financial services has been saved
Hot topics for internal audit in financial services
We have specifically articulated the top 10 themes important to the regulator today and as a corollary becomes important to the Internal Audit function of the financial institutions (primarily Banks), given the symbiotic relationship emerging between the regulators and the Internal Audit departments.
Some of the common challenges faced by the Banks in this domain is as below:
• No way of verifying the authenticity of third party FIRCs with the FIRC issuing Banks, till the RBI database is put in place. While some Banks are proposing to put the practice of notifying the FIRC issuing Banks on a post facto basis, the risk still remains.
• Expired FIRCs (beyond a period of 1 year of issuance) may be accepted and settled against the export transaction
• Inaccuracies in the XOS regulatory reporting on account of the above