Independent Assessment of the RBIA framework and Development of the QAIP
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Case Study
Independent Assessment of the RBIA framework and Development of the QAIP
A leading non-banking financial company in India, recognized for scale, innovation, and financial inclusion.
The business situation
- The NBFC sought to strengthen its Risk-Based Internal Audit framework through a structured and independent QAIP
- The objective was to enhance governance and align internal audit practices with regulatory expectations
- The institution aimed to benchmark IA policies, SOPs, risk-audit matrices, and self-assessments to identify gaps and improvement areas
- There was a need to assess governance effectiveness, including independence of the Head of Internal Audit and reporting to the Board/ACB
- The client also sought an independent assessment of RBIA design and effectiveness, with actionable recommendations to strengthen oversight and methodology
Our team’s role
Framework Review
Review of IA policies, SOPs, risk-audit matrices, and self-assessments
Governance Assessment
Evaluation of IA independence, reporting lines, and Board/AC oversight
QAIP Design
Design of a QAIP covering governance, methodology, talent, and technology
Audit Effectiveness Review
Assessment of IA reports and compliance with regulatory prescriptions
The value our team added
- Delivered an independent and structured assessment of the RBIA framework’s design and operating effectiveness, aligned to regulatory benchmarks and industry best practices
- Provided actionable recommendations to strengthen governance, audit methodology, and use of technology in internal audit
- Enhanced transparency and assurance for leadership and the Board/ACB through clear documentation of assumptions, methodologies, and results
- Supported the client in embedding a forward-looking, risk-sensitive audit function to reinforce confidence among regulators and stakeholders
Strengthen Internal Audit Effectiveness
From RBIA assessment to QAIP design and implementation
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