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Risk assessment for NBFC
How we conduct risk assessment and develope a plan for internal audit department
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Things you should keep in mind while preparing an Internal Audit Plan:
1. Hot spots/ Risk surveys done by some big advisory firms ( Easily available on Internet)
2. Previous audit plans, to understand ageing( Since when a function is not audited)
3. Check previous audit reports (Function with high risks should be frequently audited as compared to low risk functions)
4. Attrition rate ( More attrition = More risk)
5. Discuss with HODs for their inputs
6. Discuss with Risk team for Inputs (In some organisation risk and audit are part of same department)
7. Regulations ( Some of the regulatory audits are obviously part of your audit plan)
8. Top business carrier(Topline , bottom line , Mazor expenses)
9 Size of your team/budget …
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