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Banking, Financial Services and Insurance (BFSI)

Banking, Financial Services and Insurance (BFSI) is set to grow exponentially in India due to the rising per capita income, introduction of new products, innovation in technology, expanding distribution, networking and increasing customer awareness of financial products. BFSI Industry has seen bold reforms in the past decade and will continue to be a top priority focus industry for India’s economic development based on inclusive growth.

Opportunities and Challenges

  • BFSI is set to grow significantly in the coming years due to India’s economic expansion and growing awareness among the population of these financial products / services.
  • New and wider products will provide immense opportunities to develop “niche areas: for service providers
  • BFSI industry has adopted information technology as an integral part of business strategy. Service providers such as Suresh Surana & Associates are well positioned to provide various services on such IT platforms
  • High supervision by regulators will require constant vigilance and need to adopt measures to mitigate risks based on various control measures including “Risk Based Audits” (RBA) as provided by the Reserve Bank of India in its RBA guidelines to banks, by the Insurance Regulatory authority of India (IRDA) to the Insurance industry and by Securities Exchange Board of India (SEBI) for the Mutual Fund industry.

What We Do

  • Concurrent audit of Central Processing Centre
  • Concurrent Audit of Regional Processing Centre
  • Concurrent Audit of Branch Operations
  • “Know Your Customer” (KYC) audit
  • Trade Finance Audit
  • Operations Manual compilation job
  • Retail Liability Audit
  • Manpower Assessment services
  • ERM Framework Designing Services
  • Retail Assets Audit
  • Depository Participant Audit
  • Certification Report (A1 & A2 Forms for Forex)
  • Certification Report for Central Depository Services Limited
  • Certification Report for National Depository Services Limited
  • Internal audit of branch operations
  • Stock audits on periodical basis
  • Audit of hypothecated securities on a periodical basis
  • SOX audits / reviews for selected branch operations areas

Concurrent Audits

Concurrent Audits is an examination which is contemporaneous with the occurrence of transactions or is carried out as near thereto as possible. It attempts to shorten the interval between a transaction and its examination by an independent person not involved in its documentation. Concurrent audit is essentially a management process integral to the establishment of sound internal accounting functions and effective controls and setting the tone for a vigilance internal audit to preclude the incidence of serious errors and fraudulent manipulations.


Concurrent Audits conducted by us include:

  • Compliance review for “Know Your Customer” (KYC) guidelines issued by the regulators
  • Review of all major “TAT” (Turn Around Time) compliance set for major operational transactions
  • Identification of “Revenue Leakages” due to incorrect income realization (incorrect interest recovery, short or non recovery of charges or penalties, etc)
  • Continuous monitoring of systems and procedures including IT systems
  • Review for compliance to all major regulatory requirements as applicable to banking and financial industry
  • Review for compliance of the relevant Operational Manual applicable to various functions and reporting exceptions, if any

  • and covers the following
  • Corporate Banking and Trade Finance (Bill Discounting, Bank Guarantees, Packing Credit, Import and Export Remittances etc)
  • Retail Liability (Current Account, Savings Account, term deposits etc)
  • Retail Assets (Home Finance, Agricultural Finance, Personal Overdraft etc)
  • Cash Management services
  • Depository Participant Services
  • Credit Administration
  • Small and Medium Enterprises (SME) Finance
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The site was last updated on: 14 September 2010