RBI/SEBI/IRADA/NABARD Regulatory Compliance Audits

Here's a structured overview of Regulatory Compliance Audits specifically for Indian regulators like RBI, SEBI, IRDAI, and NABARD. These audits are mandatory for financial institutions, NBFCs, insurance companies, and cooperatives, and are focused on IT security, data privacy, business continuity, and regulatory reporting.

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🇮🇳 Indian Regulatory Compliance Audit Framework

Regulator	Applicable Entities	Key Focus Areas
RBI	Banks, NBFCs, PSPs, Wallets	Cyber Security Framework, Data Localization, IT Governance, BC/DR
SEBI	Stockbrokers, AMCs, Depositories	Cybersecurity & Cyber Resilience Framework (CCRF), system audit
IRDAI	Insurance companies, TPAs	IS Audit, Data Privacy, BC/DR, Risk Management
NABARD	Co-operative Banks, RRBs	CBS Security, Asset Classification, KYC/AML, IT Audit

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📋 Key Audit Areas (Consolidated)

#	Domain	Description
1	IT Governance	IT strategy, board oversight, IT Steering Committee
2	Cyber Security Framework	Per RBI/SEBI circulars: risk identification, response, recovery
3	Data Localization	Ensure financial data is stored and processed only in India (RBI)
4	Incident Management	Reporting within timelines, breach investigation, and recovery
5	Business Continuity & DR	BCP plan, DR drills, RPO/RTO documentation
6	Vendor Risk Management	Cloud and IT vendor controls, agreements, monitoring
7	Network & Application Security	Firewall, WAF, IDS/IPS, penetration testing
8	Access Controls	User lifecycle, privileged access, authentication, role-based access
9	Data Privacy & Protection	Secure processing, retention, and destruction of sensitive information
10	Regulatory Reporting	Timely, accurate MIS, incident reports, and filings
11	Vulnerability Management	Regular VAPT, patching, threat intelligence
12	Compliance Training	Awareness and training logs for staff

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🧾 Sample Audit Artifacts & Evidence

Area	Evidence Items
IT Governance	IT strategy document, steering committee MoMs
Cybersecurity	Cyber risk register, incident logs, endpoint protection reports
BCP/DR	DR drill report, BC plan, RTO/RPO documents
Data Localization	Hosting contracts, cloud location proof, architecture diagrams
VAPT & Patching	VAPT reports, patch logs, remediation tracker
Regulatory Reporting	SEBI/RBI/IRDAI filing proofs, email submissions, dashboards
Access Controls	AD/Azure/IDM user reports, role mapping, PAM tool logs
Privacy Compliance	Privacy policy, consent logs, DSR handling procedure
Vendor Controls	Vendor risk assessments, SLAs, SOC 2 reports, audit rights documentation

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🔧 Tools & Frameworks Often Used

Purpose	Tools/Platforms
GRC Management	RSA Archer, MetricStream, VComply
Vulnerability Management	Nessus, Qualys, Rapid7
SIEM & Monitoring	Splunk, Wazuh, ELK, IBM QRadar
PAM & Identity	CyberArk, Azure AD, Okta
Cloud Security	CSPM tools (e.g., Prisma, AWS Security Hub)

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📌 Specific Circulars & Guidelines

• RBI:
• Cyber Security Framework (June 2016)
• Guidelines for NBFC-Account Aggregators
• Master Directions on IT Framework for NBFCs
• Digital Lending Guidelines (2022)
• SEBI:
• Cyber Security & Cyber Resilience Framework for Stockbrokers and Depositories
• SEBI System Audit Guidelines (updated in 2023)
• IRDAI:
• Guidelines on Information and Cyber Security (March 2023)
• NABARD:
• Inspection Guidelines for CBS Security in Co-op Banks

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🗂️ Audit Report Template Contents

• Executive Summary (findings, risks, recommendations)
• Regulatory Mapping Matrix (clause-wise coverage)
• Control Effectiveness Summary (RAG-based)
• Risk Rating (High/Medium/Low)
• Audit Findings Table with:
• Description
• Impact
• Evidence
• Recommendations
• Responsible Owner
• Target Date
• Annexure (Logs, Screenshots, Policy References)

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Would you like:

• A customizable audit checklist per regulator?
• A compliance calendar for RBI/SEBI/IRDAI deadlines?
• A sample audit report or gap assessment template for any of these domains?