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RBI Information Security (IS) Audit

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The banking industry ranks among the most susceptible to cyber threats and attacks, with 60% of individuals annually reporting data breaches by loan services. In response, the Reserve Bank of India (RBI) has mandated in its master directions that all Non-Banking Financial Companies (NBFCs) undergo IT audits and obtain RBI attestation under the RBI Information Security Audit.

The Information Security (IS) Audit follows the Terms of Reference (TOR) and guidelines set by the ICAI, RBI, and other relevant authorities. For NBFCs to undergo this audit, they must engage an external auditor to establish an audit plan, including the scope of current and past audits. Once the action plan is set, auditors will evaluate the network systems and operational environment against various security measures, including security, network, access, and electronic document controls.

Our RBI Compliance Audit & Assurance Services

RBI Information Security Audit

The RBI Information Security Audit is a crucial element for banks implementing robust IT security and practical measures. This audit, supported by customized applications, skilled resources, and proven methods, ensures adherence to strict governance. These protocols mandate regular audits of IT infrastructure and cybersecurity, reinforcing the banks’ commitment to maintaining a secure digital environment.

RBI PPI Compliance Audit

In 2016, the RBI updated its guidelines for all prepaid payment instruments (PPIs), incorporating a specific audit and PPI Licensing process. These PPI Technical Audits are needed as they provide updates to enhance security measures. The RBI has mandated these audits to restrict unauthorized access and facilitate faster digital transactions. Consequently, businesses utilizing PPIs must undergo these audits to protect their assets .

RBI Data Localization Audit

The RBI DL SAR audit report is a critical compliance requirement to ensure that all payment system operators store their data within India. The SAR audit evaluates adherence to RBI’s data localization norms, ensuring payment operators’ data handling aligns with the mandated guidelines. This audit is essential for maintaining the integrity and security of financial transactions within the country’s regulatory framework.

RBI NBFC P2P Compliance Audit

The RBI NBFC P2P Compliance Audit is a crucial regulatory requirement for Non-Banking Financial Company (NBFC) Peer-to-Peer (P2P) lenders. This audit ensures that these entities adhere strictly to the Reserve Bank of India’s guidelines for P2P lending platforms. It involves a thorough examination of operational processes, risk management practices, and adherence to fair practices codes. The goal of this audit is to safeguard the interests of all stakeholders, promote transparency, and maintain the integrity of digital lending within the financial sector, aligning NBFC P2P platforms with RBI’s stringent regulatory standards.

RBI NBFC Compliance Audit

The RBI NBFC Compliance Audit is a vital regulatory process for Non-Banking Financial Companies (NBFCs), ensuring their adherence to the Reserve Bank of India’s guidelines and regulations. This audit encompasses a detailed evaluation of an NBFC’s financial operations, risk management protocols, and compliance with statutory norms. It aims to reinforce financial stability, protect consumer interests, and uphold the integrity of financial transactions in the sector. By adhering to this compliance audit, NBFCs align with the RBI’s rigorous financial standards, maintaining trust and transparency in their operations.

RBI NBFC AA Compliance Audit

The RBI NBFC Account Aggregator (AA) Compliance Audit is a specialized regulatory requirement for NBFCs operating as Account Aggregators. This audit ensures adherence to the Reserve Bank of India’s stringent guidelines focused on data aggregation and financial information sharing. The process involves scrutinizing the operational methodologies, data handling practices, and security protocols of NBFC AAs. Its primary objective is to guarantee the secure and ethical management of consumer financial data, promoting transparency and building trust in these emerging financial services, in line with the RBI’s commitment to safeguarding consumer interests and enhancing the financial sector’s reliability.

RBI PSS Compliance Audit

The RBI Payment System Operators (PSS) Compliance Audit is an essential regulatory requirement for entities operating within India’s payment ecosystem. This audit, mandated by the Reserve Bank of India, ensures that Payment System Operators comply with the established norms and guidelines of the RBI. It focuses on examining the operational integrity, security measures, and risk management practices of these entities. The primary aim is to uphold the security and efficiency of the payment systems, enhancing consumer protection and maintaining the robustness of India’s financial infrastructure in line with RBI’s stringent regulatory framework.

RBI UCBs Security Compliance Audit

The RBI Urban Co-operative Banks (UCBs) Security Compliance Audit is a critical regulatory mandate for UCBs, ensuring their alignment with the Reserve Bank of India’s security standards. This audit rigorously evaluates the cybersecurity measures, data protection protocols, and risk management strategies employed by these banks. The objective is to reinforce the resilience of UCBs against cyber threats, protect customer data, and maintain the overall stability and trustworthiness of the banking sector. This compliance audit is crucial for UCBs to meet RBI’s comprehensive security guidelines, thus safeguarding the banking ecosystem and enhancing customer confidence in these financial institutions.

Social Engineering Tests

The RBI Payment Aggregators and Payment Gateways Audit is an essential regulatory requirement for entities in the digital payment processing sector. As mandated by the Reserve Bank of India, this audit focuses on ensuring that Payment Aggregators and Payment Gateways adhere to RBI’s comprehensive guidelines. It involves a detailed evaluation of their transaction processing systems, security protocols, and compliance with data protection standards. The primary goal is to ensure the secure handling of electronic payments, safeguard consumer data, and maintain the integrity and reliability of digital financial transactions, in line with RBI’s rigorous standards for financial operations.

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CERT-In empanels CEREIV for conducting Digital security verification services to validate the readiness of organizations & their systems.

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