Head – Internal Audit & Fraud Control Unit (FCU)

Role: Head – Internal Audit & Fraud Control Unit (FCU)

Experience: 10 to 18 years

Salary: Up to INR 50 LPA

Location: Gurugram (HO) with Pan-India Branch Oversight

Role Summary

Lead the Internal Audit and Fraud Control Unit (FCU) for a fast-growing NBFC, ensuring a strong risk governance framework, regulatory compliance with RBI norms, portfolio quality oversight, and robust fraud prevention mechanisms. The role will provide independent assurance to the Audit Committee on credit, operational, financial, and regulatory risks.

The role will require extensive travelling at very short notice

Key Accountabilities

1. Risk-Based Audit Planning (NBFC Focused)

·      Develop a risk-based audit plan deploying checks at desired frequency, aligned to portfolio growth, product mix (retail/MSME/vehicle finance), geographical spread and evolving risks.

·      Map audit universe across branches, credit hubs, collections teams, HO functions, treasury, and IT systems.

·      Present audit strategy and risk coverage to the Audit Committee for approval.

·      Incorporate early warning signals (EWS), static pool analysis, GNPA trends, and collection efficiency metrics into audit planning.

2. Credit & Portfolio Audit

·      Review end-to-end loan lifecycle: sourcing, credit appraisal, underwriting deviations, documentation, disbursement, and post-disbursement monitoring.

·      Evaluate underwriting quality, policy adherence, and deviation controls.

·      Audit collections effectiveness, bucket movement, restructuring cases, and NPA management practices.

·      Assess adequacy of provisioning, write-offs, and recovery controls.

3. Regulatory & RBI Compliance Oversight

·      Ensure compliance with RBI Master Directions applicable to NBFCs.

·      Review adherence to KYC/AML norms, CKYC reporting, Fair Practices Code, outsourcing guidelines, and IT governance framework.

·      Validate regulatory returns accuracy (CRILC, NBS returns, etc.) and timeliness.

·      Support management during RBI inspections and supervisory reviews.

4. Internal Financial Controls (IFC) & Governance

·      Design and test Internal Financial Controls over financial reporting (IFC-FR).

·      Evaluate segregation of duties, maker-checker controls, and system-based controls.

·      Review treasury operations, borrowing compliance, ALM processes, and liquidity reporting.

·      Strengthen governance mechanisms and risk escalation protocols.

5.  IT Audit

·       Evaluation of IT policies, procedures, and organizational structure for alignment with business goals.

·       Assessment of firewalls, intrusion detection, anti-malware, and security incident response mechanisms.

·       Ensuring customer data security, encryption standards, and compliance with data privacy regulations.

·       Reviewing user access rights, password policies, multi-factor authentication, and privileged user management.

·       Auditing the risks associated with third-party vendors (e.g., cloud service providers, IT vendors).

·       Testing backup procedures, data recovery, and IT service continuity plans.

Reviewing the process for changes in software/hardware

6. Fraud Risk Management & FCU Leadership

·      Lead fraud risk assessment across sourcing, credit underwriting, collections, vendor payments, and digital channels.

·      Conduct forensic investigations and root cause analysis for suspected and confirmed fraud cases.

·      Preparing reports for the internal committee for fraud review and making casewise presentations

·      Establish preventive controls including field verification audits, surprise branch audits, and vendor due diligence.

·      Oversee whistleblower framework and fraud MIS reporting to the Board.

7. Reporting, Analytics & Board Interface

·      Issue sharp, risk-rated audit reports with clear accountability and timelines.

·      Present thematic risk insights to Senior Management and Audit Committee.

·      Track closure of audit observations and ensure sustainable remediation.

·      Develop dashboards linking audit findings to GNPA, credit cost, and collection efficiency trends.

8. Team & Capability Building

·      Build a high-performing audit and FCU team with strong field audit capability.

·      Standardize audit checklists for branch, credit, and collections audits.

·      Drive use of data analytics in audit sampling and fraud detection.

·      Ensure ongoing training on RBI updates and emerging risk areas.

Key Performance Indicators (KPIs)

·      Timely completion of annual audit plan

·      Reduction in repeat audit observations.

·      Improvement in control compliance score across branches.

·      Fraud detection turnaround time and recovery effectiveness.

·      Audit observation closure within defined TAT.

·      Reduction in policy deviation rates in credit underwriting.

Key Skills & Competencies

·      Strong command over RBI regulations for NBFCs and supervisory expectations.

Qualifications & Experience

• CA / CIA / MBA (Finance) preferred.

• 10–15 years of experience in Internal Audit within NBFC / Banking sector.

• Minimum 3–5 years in a leadership role handling multi-location audits.

• Experience in RBI inspections and fraud investigations preferred.

Reporting Structure

Functional reporting to the Audit Committee of the Board. Administrative reporting to the CFO/MD.