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Internal Audit & Compliance Management System for MFI & NBFCs

Audit & Compliance

  • Internal Audit & Compliance Management System for MFI & NBFCs

Streamline Compliance Tracking At The Branch Level

Are compliance issues and audit management causing headaches for your organization? Introducing Arukus Technologies' Internal Audit & Compliance Management System, designed specifically to streamline and enhance compliance tracking at the branch level. Designed specifically to address the unique challenges faced by MFIs and NBFCs, our system empowers you to efficiently track compliance issues at the branch level.

Branch Evaluation System

  • Evaluate every branch operation through our extensive audit scoring system.
  • Assess key operational activities such as physical cash verification, fixed asset tracking, process compliance (eg: verification, disbursements, recovery, etc. and more.)
  • Say goodbye to manual tracking and gain valuable insights into branch performance.
1

Advance Auditing Tool

  • Empower auditors to make informed conclusions and express fair opinions.
  • Utilize a comprehensive list of configurable parameters to efficiently track compliance at the unit level.
  • Identify compliance gaps, monitor trends, and ensure adherence to regulatory requirements with ease.
2

Manager Accountability

  • Flag non-compliance and fraud issues, automatically notifying the responsible manager for acknowledgment and necessary actions.
  • Foster a culture of compliance and accountability throughout your organization.
  • Stay on top of potential risks, address issues promptly, and ensure regulatory compliance.
3

Benefits

  • Enhance Efficiency: Streamline the audit process and eliminate manual tracking, saving valuable time and resources.
  • Proactive Compliance: Identify compliance gaps and address them before they become larger issues, reducing the risk of penalties or reputational damage.
  • Greater Visibility: Gain real-time insights into branch performance and compliance status, enabling data-driven decision making at all levels.
  • Improved Accountability: Ensure every manager takes ownership of compliance issues, fostering a culture of responsibility and risk mitigation.
4

Unlock Compliance Excellence: Empower Your Organization with a Fully Customizable Audit Tool, Assessing Unit-Level Process Compliance Across Branches with a Smart Scoring Mechanism

1 Physical Cash Verification

Reconcile physical cash by denominations and identify mismatches from previous audit records and current spend

2 Asset Tracking

Account for all physical branch assets like furniture, fixtures, computers, etc

3 Process Compliance
Sampling Survey

Measure Process Compliance

A 100% configurable questionnaire that measures every unit level processes with weighted scoring system

  • Field Process - Measure compliance on CGTs, GRT, Disbursements, Recovery, OD follow-ups and much more.
  • Back-end Activity - Questions that seek to measure Administration, Documentation, Cash Management, and MIS processes.
  • Customer Contact - Measure compliance with SOPs on Customer Awareness, Individual & Group Loans, OD Loans, etc.
Non Sampling Survey

Issue Based Investigation

A 100% configurable questionnaire that measures every unit level processes with weighted scoring system

  • Issues of fraud and non-compliance and subsequent investigation are captured with the ability to record detailed observation and findings.
  • Details of the customer, employee involved, product in question, root cause of the issue, and details of the action taken are captured.
  • Each such issue is assigned a negative score which is taken into account while computing the overall Audit Score of the Branch.
4 Audit Score Sheet

Grade Branches based on Audit Scores auto calculated from all parameters that are weighted by their impact on overall performance

5 Detailed Reports

Final Audit Reports of Branches are reviewed by respective Area Managers for revisions before being published to the system

Why an Internal Audit & Compliance Management Tool is a Must-Have for MFI and NBFCs



Microfinance Institutions (MFI) and Non-Banking Financial Companies (NBFCs) operate in a complex and ever-evolving financial landscape, serving diverse customer segments with varying needs. In this highly regulated and competitive environment, an effective Audit & Compliance Management tool becomes an indispensable asset for these institutions, helping them overcome challenges and drive success. Let’s explore the key reasons why an Audit & Compliance Management tool is a must-have for MFIs and NBFCs:

1. Ensuring Regulatory Adherence:
Compliance with industry regulations and statutory requirements is paramount for MFIs and NBFCs to operate ethically and responsibly. An Audit & Compliance Management tool equips these institutions with automated tracking and reporting capabilities, ensuring they stay up-to-date with changing regulations and avoid penalties or legal issues that may arise due to non-compliance.


2. Strengthening Risk Management:
Identifying and mitigating risks are essential for financial institutions to safeguard their assets and reputation. A robust Audit & Compliance Management tool enables MFIs and NBFCs to assess risk factors across their operations, including credit, operational, and market risks. With real-time insights and monitoring, they can proactively address potential threats and implement risk mitigation strategies effectively.


3. Streamlining Internal Auditing:
Conducting internal audits can be a laborious and time-consuming process. An Internal Audit & Compliance Management tool streamlines the auditing process, automating data collection, analysis, and reporting. This saves valuable time, reduces errors, and allows auditors to focus on analyzing critical data and identifying areas for improvement.


4. Enhancing Operational Efficiency:
In a competitive market, operational efficiency is a key differentiator for success. An Audit & Compliance Management tool provides MFIs and NBFCs with a structured framework to streamline processes, identify bottlenecks, and optimize resource allocation. By eliminating redundancies and enhancing workflow, institutions can maximize productivity and customer satisfaction.


5. Fostering Accountability and Transparency:
With an Audit & Compliance Management tool, MFIs and NBFCs foster a culture of accountability and transparency at all levels of the organization. The tool empowers managers and employees to take ownership of their roles, adhere to best practices, and align their activities with the institution’s overarching goals.


6. Driving Data-Driven Decision-Making:
Access to accurate and real-time data is instrumental in making informed decisions. An Audit & Compliance Management tool aggregates and analyzes vast amounts of data, enabling stakeholders to gain valuable insights into performance, risks, and compliance. These data-driven insights form the basis for strategic planning and continuous improvement.


7. Building Customer Trust:
For MFIs and NBFCs, customer trust is the bedrock of their success. An effective Audit & Compliance Management tool ensures that customer data is handled with utmost security and compliance. This, in turn, strengthens customer confidence in the institution, leading to long-lasting relationships and positive word-of-mouth referrals.


Arukus Technologies’ Internal Audit & Compliance Management Tool is a game-changer for MFIs and NBFCs, empowering them to establish robust internal controls, achieve regulatory compliance, and foster a culture of accountability and transparency. With its advanced features, seamless auditing capabilities, and comprehensive reporting, Arukus’s solution enables financial institutions to thrive in a dynamic and competitive landscape while upholding the highest standards of financial integrity.

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