RBI may ask banks to adopt risk based internal audit
Business
The Reserve Bank of India (RBI) may ask banks to adopt a Risk-Based Internal Audit (RBIA) approach.
Instead of just ticking boxes, this approach focuses on real risks and making sure banks actually manage them well — think less paperwork, more action.
RBIA targets fraud and money laundering
RBIA will target areas like fraud, money laundering, and any new business risks.
Banks will need strong systems to quickly act on audit findings and keep improving.
Plus, top roles like chief risk officer and head of internal audit will be key players, while bank boards are expected to take real responsibility for keeping things in check.