Source www.ndtv.com The RBI says an internal audit function should broadly assess and contribute to overall improvement of an organisation’s governance, risk management and control processes by using a systematic and disciplined approach. The function is an integral part of sound corporate governance and considered as third line of defence.
The housing finance companies have been asked to put in place a RBIA framework by June 30, 2022. An effective RBIA is an audit methodology that links an organisation’s overall risk management framework and provides an assurance to the board of directors and senior management on quality and effectiveness of an organisation’s internal controls, risk management and governance-related systems and processes.
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- Reserve Bank Of India (RBI) Extends Risk-Based Internal Audit to Housing Finance Companies (HFCs)
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