Banking Financial Services and Insurance (BFSI) sector in India has witnessed a meteoric growth in last few years and is set to grow exponentially due to rising per capita income, introduction of new products, innovation in technology, expanding distribution networking and increasing customer awareness of financial products. BFSI in India has earned a reputation to stand out in the global financial turmoil and geo-political upheavals due to its strong regulatory and compliance framework and robust monetary policies. Economic expansion of Indian markets due to higher GDP growth rates in past and forecast for a sustainable economic growth in future years will require a stronger BFSI sector.

The role of Automation, Analytics and Artificial Intelligence (AAA) will be very critical for organizations to stay resilient and adaptable in a fast-evolving business environment. This booklet is intended to provide an insight into the role of Internal Audit and Risk Advisory in BFSI sector. The booklet is not intended to be a comprehensive document but rather to reflect the emerging trends and the changing role of Internal Audit and Risk Management in the context of BFSI sector. 

This publication provides insights into the following key points:

- The evolving role of Internal Audit and Risk Management in the BFSI sector;

- Use of Automation, Data Analytics and Artificial Intelligence in Internal Audits;

- Cybersecurity landscape, cyber threats and key regulatory considerations;

- Internal Audit standards and frameworks;

- Key Internal Audit considerations across various BFSI segments, including banking, insurance, wealth management, asset management, broking, investment banking and fintech platforms;

- Digital Personal Data Protection Act, 2023 and related cybersecurity considerations.

The publication also highlights practical challenges, emerging trends and technology-led opportunities that are shaping the future of internal audits in the BFSI sector.

We hope you will find this publication insightful and useful.

Click Here to Download- RSM India Publication – Internal Audit in BFSI Sector: Leveraging Automation, Analytics and Artificial Intelligence