Risk Based Internal Audit

Risk-Based Internal Audit (RBIA) is a comprehensive, system-wide approach that prioritizes resources on high-risk areas identified through risk assessment to improve overall risk management.

Risk-Based Internal Audit - RBIA (Systemic Focus)
Timing: Periodic, conducted at intervals (e.g., quarterly, annually).
Objective: To provide assurance on the quality of risk management, control systems, and governance.
Scope: Evaluates the entire bank's risk framework, including IT systems, management quality, and risk management policies.
Nature: Focused on high-risk areas rather than transaction-by-transaction verification.
Auditor: Primarily internal staff or designated auditors specializing in risk assessment.