OneNDF on Tuesday successfully completed its CISA audit, further bolstering its commitment to data security.
Key Highlights
- OneNDF has completed its audit from a CISA-certified auditor on Tuesday.
- A CISA audit is a globally recognised standard for ensuring that relevant data security mechanisms are in place to safeguard information.
- The development adds another layer of credibility to the company in providing easier access to finance to borrowers.
Adding another insignia to its repertoire, OneNDF, a credit marketplace for Small and Medium Enterprises (SMEs) has completed its CISA audit as required by the Credit Information Companies (Regulation) Act, 2005.
Getting through the rigorous audit is an achievement demonstrating that the Business is equipped with the organisational structure to safeguard sensitive business information, including that of its customers.
As stipulated by the government, ‘specified users’ seeking Credit Information from any Credit Information Company (CIC) are mandated to undergo a CISA audit from a CISA-certified auditor to ensure the privacy of borrower’s data.
The development adds another layer of credibility to OneNDF’s mission of connecting borrowers with suitable lenders, according to their unique requirements.
OneNDF, which is a credit marketplace focused upon bridging the credit gap in the MSME sector facilitates various types of credit products to businesses, including business loans, working capital loans, invoice discounting, and pre and post-shipment financing for exporters.
Significance of CISA Audit in Digital Lending
As the financial ecosystem continues to digitalise at an unparalleled pace, concerns about data security are not misplaced.
A recent report by RBI’s research entity, CAFRAL has predicted Fintech lending to exceed lending through traditional banking by 2030.
In such a scenario, safeguarding the borrower’s data becomes crucial.
Taking cognisance of it, the government has mandated specified users of credit information from Credit Information Companies to undergo an audit from a CISA-certified auditor.
A CISA audit is one of the globally recognised standards for checking that a business has robust and secure systems in place for preserving and protecting various types of data.
In the Fintech sector, the audit ensures that the credit information of the borrower is securely managed through necessary encryption by the companies accessing the data.
