Customers:
Case Study 03
Nationalized
Indian Bank
Risk Assessment
Framework & Risk Based Internal Audit
Client Situation
The bank was looking to automate
their entire internal audit administration to reduce
the cost of audit. It was also important for them
to sensitize the audit process in the context of exposure.
Before D'RisK, the bank had administered the entire
manually. Specific difficulties involved in transparent
reporting of business units, understanding the specific
threats that were facing business units as well as
assisting such units correct their errors. Standardization
of audit process was necessary to introduce a equitable
level playing field between departments to reduce
subjectivity.
Approach
- Define Audit units
- Develop enterprise wide
audit content knowledge repository
- Define rules for rating
and scoring consolidation and also defining assessment
parameters
- Review specific threats
and group against taxonomy
- Build corrective actions
around the threat classes
- Benchmark like functions
for best practice enablement
- Monitoring & tracking
included automated rules for overdue works and remedial
action also needed to be established including workflow
for escalation & assignment
- Provision for specialized
risk templates for specialized branches was provided
to simplify the process
- Azilon also assisted the
client create innovative annexure whereby management
would have visibility into the rough calculations
carried out by auditors
- Value preposition provided
to the bank by automating population of audit fields
where possible, from two systems; the core banking
system of Finacle and also BankMate
- The client customized their
reports and Azilon provided a comprehensive view
of potential irregularities that had been mapped
against the business lines and risk codes.
| Benefits |
| The
client was able to generate both risk
profile reports and regulator governance
statements. This allowed the bank to move
towards RBIA and created a structure in
which the business units were bought in
and able to benefit from the risk information
that was being supplied to them. Automatic
population from Finacle and BankMate reduced
audit time considerably thereby making
the task for auditors much easier. This
freed up their time so that focus could
be applied to irregularities rather than
filling of complex statistical information.
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