RBI’s Risk Based Internal Audit Framework

On 7th January, 2021, the RBI issued a Risk Based Internal Audit (RBIA) framework with a view to bring uniformity in the approach of banks and to align the expectations of internal audit function with best practices.

Objective

  • To help the management function of the bank by providing assurance about the risk mitigation.

Background

  • In terms of the Guidance Note on Risk-Based Internal Audit issued by RBI vide circular dated December 27, 2002, banks 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 ....
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