IIA India and NUCFDC Establish a Strategic Partnership

News Desk, News Nation 360 : To strengthen internal audit standards, institutionalise governance best practices, and develop long-term capacity throughout the UCB ecosystem, the Institute of Internal Auditors India (IIA India), the National Urban Cooperative Finance and Development Corporation Ltd. (NUCFDC), and the Umbrella Organisation for India's Urban Cooperative Banking (UCB) sector have inked a strategic Memorandum of Understanding (MoU). Echoing the sentiment, K V Mukundan, CEO, IIA India, stated that an important step towards improving governance and transparency in urban cooperative institutions is this Memorandum of Understanding. In order to make sure UCBs are professionally governed and prepared for the future, IIA India is steadfast in its commitment to introducing internationally acknowledged internal audit standards and best practices to the foundation of the Indian financial system. A MoU was inked in Mumbai by Prabhat Chaturvedi, CEO of NUCFDC, and K. V. Mukundan, CEO of IIA India. This association will bring international audit and risk management standards to Urban Cooperative Banks (UCBs). This is in line with regulations to improve banks and rebuild depositor confidence. RBI advice urges banks to implement international internal audit standards, including those of IIA and BCBS. In this arrangement, IIA India shall assist NUCFDC to enhance governance structures in UCBs. The collaboration involves embracing international standards of auditing, enhancing internal control systems, and the professional capabilities of senior management and internal auditors. NUCFDC will facilitate the embracing by UCBs of robust governance styles. IIA India shall grant participating UCBs access to its extensive worldwide body of knowledge. These consist of resources on internal auditing standards, ESG, and AI-based practices in audit and risk frameworks. UCB officials will also gain access to the "Internal Auditor" magazine, "Tone at the Top briefings," international webinars, formal training modules, functional workshops, and awareness programs. These resources will enhance audit quality and institutional resilience in the Urban Cooperative Banking space.