Opportunities and Challenges:
- BFSI industry is set to grow significantly in the coming years due to India’s economic expansion and growing awareness among the population of these financial products / services
- New and wider products will provide immense opportunities to develop niche areas
- The industry has adopted IT as an integral part of business strategy, where RSM is well positioned to provide various services on such IT platforms
- High supervision by regulators will require constant vigilance and need to adopt measures to mitigate risks based on various control measures including ‘Risk Based Audits’ (RBA) as provided by:
- The Reserve Bank of India in its RBA guidelines to banks
- The Insurance Regulatory authority of India (IRDA) to the insurance industry
- Securities Exchange Board of India (SEBI) for the mutual fund industry
How we can help:
- Concurrent audit of Central Processing Centre
- Concurrent audit of Regional Processing Centre
- Concurrent audit and Internal audit of Branch Operations
- ‘Know Your Customer’ (KYC) audit
- Trade Finance audit
- Operations Manual compilation job
- Retail Liability audit
- Manpower assessment services
- ERM Framework designing services
- Retail Assets audit
- Depository Participant audit
- Certification Report (A1 & A2 Forms for Forex)
- Certification Report for Central Depository Services Limited
- Certification Report for National Depository Services Limited
- Stock audits on periodical basis
- Audit of hypothecated securities on a periodical basis
- SOX audits / reviews for selected branch operations areas
Concurrent audits:
Concurrent audit is examinations which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person not involved in its documentation. Concurrent audit is essentially a management process integral to the establishment of sound internal accounting functions and effective controls and setting the tone for a vigilance internal audit to preclude the incidence of serious errors and fraudulent manipulations.
Concurrent audits conducted by us include:
- Compliance review for ‘Know Your Customer’ (KYC) guidelines issued by the regulators
- Review of all major ‘TAT’ (Turn Around Time) compliance set for major operational transactions
- Identification of ‘Revenue Leakages’ due to incorrect income realization (incorrect interest recovery, short or non recovery of charges or penalties, etc.)
- Continuous monitoring of systems and procedures including IT systems
- Review for compliance to all major regulatory requirements as applicable to banking and financial industry
- Review for compliance of the relevant Operational Manual applicable to various functions and reporting exceptions, if any and covers the following:
- Corporate Banking and Trade Finance (Bill Discounting, Bank Guarantees, Packing Credit, Import and Export Remittances, etc.)
- Retail Liability (Current Account, Savings Account, term deposits, etc.)
- Retail Assets (Home Finance, Agricultural Finance, Personal Overdraft, etc.)
- Cash Management services
- Depository Participant Services
- Credit Administration
- Small and Medium Enterprises (SME) Finance
Advantage RSM:
RSM in India is consistently ranked amongst India’s top six accounting and consulting groups and globally RSM is the sixth largest audit, tax and consulting network
- We have some of the major private, foreign and public sector banks as clientele
- Large projects handled for Central Processing Centre (CPC) and Regional Processing Centre (RPC) at top private and foreign banks
- Extensive experience in catering to the financial services sector in advisory, taxation and accounting matters across functions and geographies
- Multi-disciplinary team of professionals comprising of Chartered Accountants, Management Graduates, Engineers, Company Secretaries, CISA / DISA, Cost Accountants and Law graduates