Head of Audit & Inspection

Bombay Mercantile Co-Operative Bank Ltd., a leading Multi-State Scheduled Bank, with 52 branches across 10 states, requires dynamic and experience personnel.

Age: 45-50 Years

Location: Mumbai

Qualification and Experience:

• Essential: Chartered Accountant (CA) / Certified Internal Auditor (CIA) / MBA (Finance) / CISA (for IT Audit exposure)
• Preferred: Additional qualification in cooperative banking, fraud examination, or banking law
• Experience: Minimum 15 years in banking/financial services, with at least 5 years in a senior audit role. Experience in cooperative banking or public sector banks is preferred.
• Strong knowledge of RBI, cooperative banking laws, and risk-based audit frameworks
• Experience with audit tools, risk assessment systems, and compliance tracking platforms

Key Responsibilities:

1. Audit Planning & Strategy

• Develop and implement a comprehensive risk-based internal audit plan covering branches, departments, and business functions.
• Present the annual audit plan to the Audit Committee of the Board (ACB) for approval and ensure timely execution.

2. Execution of Audits

• Oversee all audits: branch audits, departmental audits, IS audits, revenue audits, concurrent audits, and special audits.
• Ensure adherence to the audit calendar and timely completion of audit cycles.
• Conduct surprise audits and forensic reviews as and when required.

3. Reporting & Follow-up

• Submit objective, accurate, and actionable audit reports to the ACB and senior management.
• Monitor and ensure timely compliance with audit observations and rectification of deficiencies.
• Maintain an effective issue-tracking and closure mechanism.

4. Regulatory Compliance & Support

• Ensure compliance with RBI guidelines on Risk-Based Internal Audit (RBIA) and other regulatory circulars.
• Facilitate internal audits mandated by RBI, NABARD, Registrar of Co-operative Societies, etc.
• Support regulatory inspections by providing required documents and responses.

5. Risk Assessment & Advisory

• Identify process weaknesses, fraud risks, and non-compliance areas and recommend preventive/corrective measures.
• Participate in the strengthening of internal controls, policies, and standard operating procedures (SOPs).
• Advise management on risk trends and emerging threats.

6. Audit Quality Assurance

• Establish audit quality standards and review audit methodologies for effectiveness.
• Periodically update the audit manual in line with best practices and regulatory guidance.
• Conduct root cause analysis of repeat findings and suggest sustainable solutions.

7. Team Leadership & Capacity Building

• Lead and manage the internal audit team including concurrent and outsourced auditors.
• Build a professional and independent audit team with relevant skills.
• Conduct internal training and knowledge-sharing sessions.

Job Type: Full-time

Schedule:

• Day shift

Ability to commute/relocate:

• Masjid, Mumbai, Maharashtra: Reliably commute or planning to relocate before starting work (Preferred)

Education:

• Bachelor's (Preferred)

Experience:

• Inspection & Audit : 10 years (Preferred)

Work Location: In person