Assistant Manager

Role & responsibilities

1. Audit Planning and Strategy

• Develop and execute the annual audit plan for the microfinance institution (MFI), aligned with the company's strategic goals and regulatory requirements.
• Identify and assess key risk areas in the company's operations and create detailed audit programs to address them.
• Ensure the audit plan covers areas such as loan disbursements, repayment collections, internal controls, financial reporting, and compliance with banking regulations.

2. Conducting Audits

• Lead audits of the company's financial records, systems, and operations to assess their integrity, accuracy, and efficiency.
• Conduct field audits on microfinance branches to evaluate the effectiveness of loan management, collection processes, and overall risk management practices.
• Review financial statements and balance sheets to verify that the companys financial position is accurately represented.

3. Internal Controls Evaluation

• Assess the effectiveness of internal control systems, including checks on financial reporting, operations, and compliance with legal and regulatory requirements.
• Recommend improvements to internal processes to enhance risk management and prevent fraud or mismanagement.
• Review the adequacy of cash management, asset control, and customer transaction processes within the microfinance institution.

4. Compliance Monitoring

• Ensure that the microfinance company complies with local financial regulations, anti-money laundering (AML) laws, and other relevant industry standards.
• Stay up to date with regulatory changes in the microfinance industry and incorporate these into audit practices.
• Review loan processing and repayment operations to ensure that they meet legal standards and lending practices.

5. Reporting and Documentation

• Prepare and present detailed audit reports to senior management, the audit committee, and other stakeholders.
• Highlight key audit findings, including any weaknesses in financial controls, operational inefficiencies, or non-compliance issues.
• Provide recommendations for improvements, along with actionable plans to address identified issues.
• Document audit processes, findings, and outcomes for future reference or regulatory inspections.

6. Supervising and Training Audit Teams

• Manage a team of internal auditors, providing guidance and oversight throughout the audit process.
• Train junior auditors on auditing techniques, company policies, and relevant regulatory frameworks.
• Ensure the audit team maintains a high level of professionalism and ethical standards in their work.

7. Fraud Detection and Prevention

• Identify potential fraud risks in lending practices, customer accounts, and employee actions.
• Investigate any signs of fraudulent activity, internal malfeasance, or financial mismanagement.
• Develop and implement strategies to mitigate fraud risk and improve operational integrity.

8. Risk Management

• Assess financial, operational, and reputational risks associated with the company's activities.
• Assist in the development of a risk management framework to mitigate identified risks.
• Provide recommendations to senior management on ways to minimize risks related to credit, liquidity, and operational processes.

9. Stakeholder Communication

• Collaborate with senior management, the Board of Directors, and other stakeholders to communicate audit findings and ensure that corrective actions are taken.
• Work with external auditors, regulators, and other third parties to ensure proper coordination and adherence to regulations.

10. Continuous Improvement

• Monitor audit outcomes and ensure that audit recommendations are implemented and track their progress.
• Evaluate the effectiveness of audit processes and continually seek ways to improve auditing practices to add value to the organization.
• Participate in the development of new auditing techniques and tools, particularly those relevant to microfinance operations.

11. Audit Follow-ups

• Conduct follow-up audits to ensure that previous audit recommendations have been implemented effectively.
• Verify that corrective actions are addressing the identified risks and compliance gaps.

Preferred candidate profile

a) Candidates with throughout 70% in 10th, 12th, UG and PG are only encouraged to apply.

b) Fresh postgraduates / Engineering Graduates who have a flair to work in a financial domain are preferred.

c) Candidates with reasonable analytical and critical thinking skills are encouraged.

d) High ethical standards in handling confidential information, adhering to professional codes of conduct, and making unbiased, transparent audit judgments are required.

e) Candidates with an ability to carry out audits impartially and independently, ensuring objectivity in the audit process even when working closely with senior management.

f) This position is open across India at various locations. Candidates will be preferably posted in their home state based on the available vacancies.

Perks and benefits

a) Selected candidates will be posted as Asst.Manager in Internal Audit Team across PAN India depending on the vacancies.

b) Selected candidates will be paid an Annual CTC of Rs.3.12 Lakhs plus performance-based allowances.

c) Selected candidates will be eligible for all statutory benefits as per company norms.