{"id":168,"date":"2021-01-25T11:32:16","date_gmt":"2021-01-25T11:32:16","guid":{"rendered":"https:\/\/rvkassociates.com\/blog\/?p=168"},"modified":"2021-02-19T07:53:34","modified_gmt":"2021-02-19T07:53:34","slug":"risk-based-internal-audit-rbia-framework-strengthening-governancearrangements","status":"publish","type":"post","link":"https:\/\/rvks.in\/blogs\/risk-based-internal-audit-rbia-framework-strengthening-governancearrangements\/","title":{"rendered":"NOTIFICATION, RBI , 2020-21 , Risk Based Internal Audit (RBIA) Framework \u2013 Strengthening Governance arrangements"},"content":{"rendered":"\n<p class=\"has-text-align-right\">          January 07, 2021<\/p>\n\n\n\n<p>The Chairman \/ Managing Director \/ Chief Executive Officer<br>All Scheduled Commercial Banks (Excluding RRBs)<br>All Local Area Banks<br>All Small Finance Banks and<br>All Payments Banks<\/p>\n\n\n\n<p>Madam \/ Dear Sir,<\/p>\n\n\n\n<p><strong>Risk Based Internal Audit (RBIA) Framework \u2013 Strengthening Governance arrangements<\/strong><\/p>\n\n\n\n<ol class=\"is-style-none wp-block-list\"><li>1. In terms of the Guidance Note on Risk-Based Internal Audit issued by RBI vide <strong>circular DBS.CO.PP.BC.10\/11.01.005\/2002-03 dated December 27, 2002<\/strong>, banks, inter alia, are required to put in place a risk based internal audit (RBIA) system as part of their internal control framework that relies on a well-defined policy for internal audit, functional independence with sufficient standing and authority within the bank, effective channels of communication, adequate audit resources with sufficient professional competence, among others.<\/li><\/ol>\n\n\n\n<ol start=\"2\" class=\"is-style-none wp-block-list\"><li>2.  While the aforesaid Guidance Note lays out the basic approach for risk based internal audit functions, banks are expected to re-orient their approach, in line with the evolving best practices, as a part of their overall Governance and Internal Control framework. Banks are encouraged to adopt the International Internal Audit standards, like those issued by the Basel Committee on Banking Supervision (BCBS) and the Institute of Internal Auditors (IIA).<\/li><li><\/li><li>3.  To bring uniformity in approach followed by the banks, as also to align the expectations on Internal Audit Function with the best practices, banks are advised as under:<br><\/li><\/ol>\n\n\n\n<ol start=\"4\" class=\"is-style-none wp-block-list\"><li><strong>Read More&#8230;.<\/strong><br><strong>Click below&#8230;.<\/strong><\/li><\/ol>\n\n\n\n<p><a href=\"http:\/\/bit.ly\/Rbi-RBIA-Framework-Strengthening-Governance-arrangements\">http:\/\/bit.ly\/Rbi-RBIA-Framework-Strengthening-Governance-arrangements<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>January 07, 2021 The Chairman \/ Managing Director \/ Chief Executive OfficerAll Scheduled Commercial Banks (Excluding RRBs)All Local Area BanksAll Small Finance Banks andAll Payments Banks Madam \/ Dear Sir, Risk Based Internal Audit (RBIA) Framework \u2013 Strengthening Governance arrangements 1. In terms of the Guidance Note on Risk-Based Internal Audit issued by RBI vide [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":46,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,14],"tags":[34],"class_list":["post-168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-notifications","category-rbi","tag-rbi"],"_links":{"self":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/168","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/comments?post=168"}],"version-history":[{"count":6,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/168\/revisions"}],"predecessor-version":[{"id":584,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/posts\/168\/revisions\/584"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/media\/46"}],"wp:attachment":[{"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/media?parent=168"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/categories?post=168"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rvks.in\/blogs\/wp-json\/wp\/v2\/tags?post=168"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}