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Compliance Audit of IRDAI for bank

I. Pre-Audit Preparation

Review the scope and objectives of the audit.

Gather relevant documentation (policies, procedures, previous audit reports).

Identify the audit team and assign roles.

Schedule meetings with key stakeholders.

II. Regulatory Framework Review

Familiarize with IRDAI regulations and guidelines.

Identify applicable laws and standards for the bank.

Review changes in regulations since the last audit.

III. Internal Policy and Procedure Assessment

Evaluate the bank's internal policies related to insurance operations.

Verify compliance with IRDAI’s licensing requirements.

Assess procedures for customer onboarding and KYC norms.

IV. Risk Management Evaluation

Review the bank's risk management framework.

Assess the identification, assessment, and mitigation of compliance risks.

Evaluate reporting mechanisms for compliance breaches.

V. Documentation Review

Check for proper documentation of insurance transactions.

Verify that records are maintained as per regulatory requirements.

Assess the completeness and accuracy of customer files.

VI. Training and Awareness

Review training programs for employees on compliance matters.

Evaluate the effectiveness of awareness campaigns related to IRDAI regulations.

Check for documentation of training sessions and attendance.

VII. Conducting the Audit

Perform on-site inspections and interviews with staff.

Test compliance with IRDAI guidelines through sampling.

Document findings and evidence of compliance or non-compliance.

VIII. Reporting

Prepare a draft audit report summarizing findings.

Include recommendations for improvement.

Share the draft with the audit team for review.

IX. Follow-Up Actions

Schedule a meeting to discuss the audit findings with management.

Develop an action plan to address identified issues.

Set timelines for implementation of corrective measures.

X. Final Audit Report

Finalize the audit report incorporating management feedback.

Submit the report to the appropriate governing body.

Ensure proper archiving of audit documentation for future reference.

This checklist can help ensure a thorough compliance audit in line with IRDAI regulations for banks.

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