"70% Indian Market Share "
Compliance Audit is the audit carried out on the level of compliance of any previous audit of any particular auditee, wherein pending non-compliance and open items are verified. In addition to verifying the compliance and risk management given on the observations made on the previous audit report. Compliance Audit can be done on any type of audit viz. RBIA, Management Audit, IS Audit, Revenue Audit, Expenditure Audit, etc. The auditees whose reports are closed are eligible for Compliance Audit. At the time of audit schedules, the system automatically fetches the auditees eligible for a compliance management audit. Previous audit’s irregularities along with account details are also auto fetched by the system. eTHIC strengthens regulatory compliance with efficient compliance and risk management tools.
Globally Compliance function has evolved from an advisory role to one that puts more emphasis on active risk management and monitoring. This involved expanding beyond an advisory role to becoming an active co-owner of risks to provide an independent oversight of the control framework. This changeover of compliance function is in the nascent stage in Indian Banking. NCS wants to track this evolution and provide a technology platform for this critical function.
More emphasis by Audit on timely and correct compliance of audit finding will lead to better compliance culture and in the long run better internal control. eTHIC has a separate compliance module to facilitate this.