Gold Appraisal and Inspection Role Description

- Gold Inspector

Role & responsibilities

Key Responsibilities

ID Verification and Digital Authorization Process

- Submission of the official ID card for verification against system records to confirm auditor identity and authenticity.
- Generation and validation of OTP for secure authorization and issuance of the Gold inspection authorization letter prior to conducting the inspection.

Taking Over the Role of Joint Custodian for Gold Inspection

- Assume the role of Joint Custodian during the inspection process as per organizational policy.
- Collect branch/vault keys from the authorized custodian after proper verification.
- Verify key details and confirm their correctness before taking custody.
- Record key receipt and handover in the Key Movement Register with date, time, and signatures.
- Ensure secure handling and custody of keys throughout the inspection period.
- Restrict unauthorized access and always maintain dual-control procedures.
- Return the keys to the authorized custodian immediately after inspection completion and record the handover accordingly.

Verification of Testing Materials and Weighing Instruments

- Verify the quality and usability of the testing acid used for gold purity assessment.
- Inspect the touchstone for cleanliness, physical condition, and suitability for accurate testing.
- Check the accuracy and calibration status of the weighing machine.
- Verify the condition and accuracy of bullion weights against approved standards.
- Ensure the weighing instruments are properly stamped, maintained and fit for reliable inspection activities.

Security Device Verification

- Verify CCTV functionality, camera coverage, recording status, and storage availability to ensure continuous surveillance.
- Inspect the Branch Alarm System and confirm proper functioning of HOB (Hand-Operated Bell) and FOB (Foot-Operated Bell).
- Verify the operational status and connectivity of GPS tracking devices.
- Ensure all security devices are properly maintained, active, and compliant with prescribed security standards.

Cash & Forex Verification

- Verify the physical cash and foreign currency balances against system records and ensure proper tallying.
- Check for any fake, counterfeit, duplicate, tampered, mutilated, or outdated currency notes.
- Ensure all cash and forex holdings are properly recorded and accounted for.
- Verify denomination-wise accuracy and confirm proper segregation and storage.
- Report and escalate any discrepancies immediately for corrective action and risk mitigation.

Vault & Security Inspection

- Inspect protected custody arrangements and overall vault security to ensure adequate protection of pledged assets.
- Verify that gold packets are properly stored, correctly tagged, and securely sealed as per prescribed procedures.
- Ensure all branch security procedures and access control protocols are strictly followed.
- Check the operational condition of SRD and almirah locks and confirm they are functioning properly without any defects.
- Identify and report any security lapses, vulnerabilities, or deviations for immediate corrective action.

Physical Verification and Stock Reconciliation

- Reconcile physical gold stock with system records, registers, and branch documentation to ensure complete accuracy.
- Verify and reconcile Group Company products such as SWJ, SHW, Chitty, MCSL, MMGL packets, and other applicable assets.
- Maintain and update Gold Inspection formats and pre-inspection records accurately for timely uploading in the inspection report.
- Identify, investigate, and report any mismatches, shortages, excess stock, or irregularities for immediate corrective action.
- Ensure Physical TEE number matches with System records.
- Fixed Asset Verification GI to ensure Fixed Assets variation for availability and working condition of assets such as Signage, Printers, Inverters, Computers etc
- Ensure proper documentation and evidence collection to support reconciliation findings and audit observations.

Gold Verification & Inspection – Credit Appraisal

- Maintain an Average of 50 – 60 Gold inspections in a year with a productivity of 150 – 200 packets per day.
- Verify the purity, weight, and authenticity of pledged gold ornaments in accordance with approved appraisal standards.
- Check for any fake, duplicate, tampered, altered, or suspicious gold items and document observations accurately.
- Perform ornament count verification and confirm correct identification of ornament names and descriptions.
- Ensure all pledged ornaments match system records, appraisal details, and branch documentation.
- Maintain and update Gold Inspection formats during inspection for accurate uploading in the final report.
- Gi need to ensure the packets opened for verification are properly sealed and returned to Strong room.
- Prepare and maintain a detailed list of irregularities identified during the inspection for system updating and audit tracking.
- Clearly update identified irregularities on the top of the Gold Loan cover and in the stock statement to ensure transparency and visibility.
- Immediately update the purity details of irregular accounts in the system to prevent further credit exposure and risk.
- GI need to ensure counting and tallying of packets at the end of Gold inspection before handing over the key to custodian.
- Maintain and update Gold Inspection formats after inspection for accurate uploading in the final report.
- Promptly alert the hierarchy and Head Office in cases requiring immediate intervention, escalation, or corrective action.
- Ensure proper documentation and evidence collection to support all findings and strengthen risk mitigation measures.

Audit of Gold Loan Process

- Review and verify whether branches are strictly following gold loan sanctioning policies, operational guidelines, and approved SOPs.
- Verify the completeness and accuracy of documentation related to loan disbursement, renewal, closure, and related transactions.
- Check compliance with prescribed internal controls and risk management procedures throughout the loan lifecycle.
- Verify that non-acceptable ornaments, bullion, prohibited articles, or ineligible pledged assets are not accepted against gold loans.
- Identify any deviations, process violations, or control weaknesses and report them for immediate corrective action.
- Ensure all exceptions and irregularities are properly documented and escalated to the concerned hierarchy for resolution.

Risk Identification and Mitigation

- Detect and assess operational risks, fraud indicators, and deviations from established processes and SOPs during inspection.
- Ensure strict adherence to dual custodianship policy and other security protocols governing vault access and asset handling.
- Conduct confidential questionnaires with branch staff to assess adherence to policies, identify potential conflict of interest, and ensure ethical conduct in operations.




- Perform lifestyle audits of staff to identify any disproportionate or unexplained changes in lifestyle that may indicate potential risk or misconduct.
- Ensure all interactions are handled with confidentiality, professionalism, and adherence to HR and audit guidelines.
- Physically verify selected packets against system records, tags, and appraisal details.
- Ensure the process helps in detecting and deterring internal fraud, misappropriation, or manipulation of gold assets.
- Conduct detailed verification of all “Cautious List” gold packets identified as high-risk or requiring enhanced scrutiny.
- Identify and document any irregularities in gold appraisal, valuation, or custody of pledged assets.
- Identify and flag high-risk business categories such as pawn broking entities, jewellery shops, and similar commercial operators.
- Detect and report staff pledges, staff-related accounts, and pledges from immediate family members of staff as per policy guidelines.
- Assess such accounts for potential conflict of interest, misuse of authority, or preferential treatment risks.
- Promptly escalate and report all high-risk observations or potential fraud cases to the appropriate authority for immediate action.
- Ensure timely communication of snap audit triggers and critical risks to support effective mitigation and prevention of further exposure.

Compliance Monitoring

- Ensure strict adherence to company policies, regulatory guidelines, and internal audit standards during all gold loan operations and inspections.
- Verify compliance with KYC norms, customer identification procedures, and supporting documentation requirements.
- Identify any deviations from regulatory or internal compliance frameworks and ensure timely reporting and escalation.
- Confirm that all customer records are complete, accurate, and properly maintained as per prescribed standards.

Corrective Action and Follow-up

- Track and monitor the closure status of audit observations to ensure timely resolution within defined timelines.
- Verify that corrective actions implemented by branches are in line with audit recommendations.
- Reassess high-risk observations to confirm that issues have been effectively resolved and do not recur.
- Ensure proper documentation and evidence are maintained for all closure actions.
- Escalate pending or ineffective closures to the appropriate authority for further intervention.

Reporting & Documentation

- Update the system accurately for each ornament, including Gross Weight, Stone/Wax Weight, Net Weight, Purity, and identified irregularities.
- Ensure correct entry of ornament name and ornament count in the system without any mismatch.
- Prepare detailed, structured audit reports with transparent findings, observations, and supporting evidence.
- Accurately document all discrepancies, deviations, and irregularities identified during the audit process.
- Provide clear and actionable recommendations for corrective and preventive actions to strengthen controls and reduce risk exposure.
- Upload Key Movement Register, Gold Inspection Formats, Staff Acknowledgement letter, Audit Closure and Gold Appraisal Training Confirmation documents for verification.
- Ensure all reports are complete, accurate, and submitted within prescribed timelines to the designated authority.
- Maintain a proper audit trail and documentation repository for future reference, verification, and compliance assurance.

Audit Score Card and Audit Gradation

- Gold Inspectors evaluate approximately 80 audit indicators during each Gold Inspection, ensuring a comprehensive risk-based and 360-degree audit approach.
- The inspection covers seven key risk parameters, including Operational, Credit, Monetary/Financial, Legal, Regulatory, Reputational, and Fraud risks.
- Ensure accurate recording and updating of physical verification observations to support correct Audit Score Card calculation.
- Maintain consistency and objectivity in scoring to ensure fair audit gradation and risk classification of branches.
- Ensure all inputs are properly documented to support transparent scoring, reporting accuracy, and risk-based decision-making.

Audit Closure Meeting

- Ensure proper Audit Completion Meeting is conducted with branch staff in coordination with the Area Manager (AM).
- Present and explain all audit observations, findings, and deviations identified during the inspection.
- Communicate the audit gradation/rating along with clear justification and reasons to ensure transparency and understanding.
- Discuss required corrective and preventive actions with branch staff for timely compliance and process improvement.
- Ensure alignment between audit team and branch on closure timelines and action plans.
- Document meeting outcomes and ensure proper acknowledgement and follow-up tracking for closure of observations.

Training & Guidance

- Conduct Gurukul Training programs to strengthen foundational knowledge of gold loan processes, audit standards, and compliance practices.
- Provide On-the-Job Training (OJT) and shadowing opportunities for new CSEs by accompanying Gold Inspectors (GIs) during inspections.
- Guide branch staff on correct gold handling practices, appraisal discipline, and audit compliance requirements to reduce operational risks.
- Support continuous improvement of branch processes through feedback, mentoring, and sharing best practices identified during inspections.
- Conduct appraisal training for new staff to ensure proper understanding of gold evaluation, purity assessment, and documentation standards.
- Facilitate re-appraisal training for experienced/vintage staff as part of Gold Inspection to reinforce accuracy, consistency, and adherence to updated SOPs.
- Provide Gold Appraisal training and Gold Inspection Process Training for newly Recruited Gold Inspectors.

Strengthening Internal Controls

- Suggest and recommend process improvements and control enhancements to reduce operational risks and gold-loan related vulnerabilities.
- Identify gaps in existing procedures and propose preventive and detective control measures to strengthen branch-level governance.
- Contribute to improving the risk-based inspection framework by sharing field insights and emerging risk patterns.
- Support standardization of audit practices to ensure consistency, transparency, and stronger internal control environment across branches.
- Assist in building a more proactive risk management system focused on early detection and mitigation of irregularities.

Auction Management

- Conduct pre-auction verification of pledged gold packets and ensure proper sealing, tagging, and documentation as per SOP.




- Ensure that only accounts with properly issued Auction Notices are considered for sealing of auction packets.
- Prevent sealing or inclusion of any packets where auction notice has not been served or is pending approval.
- Perform re-appraisal of gold purity and weight and ensure accurate system updation before auction processing.
- Perform safe release of auction-sealed packets from the auction centre with proper authorization and dual control.
- Conduct or supervise auction sales in coordination with the authorized auctioneer, ensuring transparency and compliance with approved procedures.
- Ensure all auction-related activities are properly documented, with complete audit trail maintained for verification and regulatory compliance.

Shifting and Merging of Branches

- Gold Inspectors are responsible for physical counting and reconciliation of gold packets before and after branch shifting or merging activities.
- Ensure accurate tallying of gold packets with system records and branch registers to confirm completeness and correctness.
- Oversee proper handover and takeover of all gold packets during branch merging or relocation, ensuring dual control and documentation.
- Verify seal integrity, tagging, and packet condition before transfer to prevent loss or tampering.
- Ensure all movements are properly recorded in the system and supporting documents are updated for audit trail and accountability.
- Report any discrepancies, shortages, or irregularities immediately for corrective action and risk mitigation.

Different Types of Audits

- Regular Audit
- Snap Audit
- HOTO Audit
- Serious Irregularity Audit
- Fraud Report
- High Value Pledge Verification
- Bulk Pledge Verification
- Doubtful Pledge Verification
- Random Verification during Auction Sealing
- Direct Assignment Bank Audit Verification
- Co-Lending Bank Audit Verification
- Group Company Gold Verification
- Other Bank Audits

Different Types of Inspections

- First Inspection
- Second Inspection
- Tamper packet Verification
- Random packet Verification
- Cautious packet Verification
- Previous Discrepancy Repledged Accounts Verification
- Tampered packet Verification if any
- Packet weight variation verification if any
- Spurious Customer Outstanding packet Verification

Different types of Appraisal Techniques

- Flexibility Test
- Sound Test
- Weight Analysis
- Finishing Test
- Color Test
- Touch Stone Method
- Hall Mark Checking
- Magnet Checking
- Smell Test
- Acid Test Method

Geographical Coverage.

- Responsible for conducting audits across both intrastate and interstate branch locations as assigned.
- Ensure consistent application of audit standards, SOPs, and risk-based inspection framework across all geographical regions.
- Adapt audit approach based on regional risk profiles, branch volume, and operational complexity.
- Coordinate travel and inspection schedules to ensure complete and timely coverage of allocated branches.

Adaptability and Travel Requirements

- Adapt effectively to current geographical locations as part of audit responsibilities.
- Acclimatize to local environments, cultures, and operational conditions to ensure smooth execution of audit activities.
- Manage extensive travel requirements, ensuring timely presence at assigned branches without impacting audit schedules.
- Make suitable arrangements for local food and accommodation while maintaining skilled standards and efficiency.
- Ensure travel-related planning supports continuous field coverage, operational readiness, and audit effectiveness.

Stake Holder Management

Internal Stake Holders

- Work closely with branch employees and relevant team members to ensure a smooth, efficient, and disruption-free gold inspection process.
- Collaborate with the Operations team to ensure strict adherence to policies, SOPs, and regulatory compliance requirements.
- Coordinate with Internal Audit and Internal Vigilance teams for Handover-Takeover (HOTO) processes, fraud investigations, and special review cases.
- Engage with Area Managers (AM) and Regional Managers (RM) for conducting structured Audit Completion Meetings, discussing findings, and agreeing on corrective actions.
- Ensure clear communication, timely escalation, and proper documentation across all stakeholder interactions to support effective audit governance.

External Stake Holders

- Coordinate with Bank Auditors for verification of Direct Assignment (DA) and Co-Lending portfolio assignments, ensuring compliance with agreed terms and documentation standards.
- Liaise with Government Approved Valuers for purity certification in legal, disputed, or recovery-related cases to support accurate valuation and regulatory compliance.
- Coordinate with auctioneers and bidders to ensure smooth, transparent, and compliant auction proceedings, including documentation and procedural adherence.
- Engage with customers for verification of complaints, grievance handling, and support during internal fraud investigations.
- Coordinate with Police authorities and legal advocates in matters related to litigations, recovery disputes, and fraud cases, ensuring proper representation and evidence sharing.
- Ensure all external interactions are properly documented, authorized, and compliant with company policies and legal requirements.

Key Skills and Behavioural Attributes

- Gold Appraisal Skills
- Ability to accurately determine the purity, weight, and value of gold ornaments using approved testing methods.
- Knowledge of Gold Testing Methods
- Proficiency in using touchstone, acid testing, magnifying tools, and other appraisal techniques.

- Attention to Detail
- Ability to carefully examine ornaments to identify adulteration, gold plating, or fake jewellery.

- Risk Identification Skills
- Capability to detect fraudulent pledges, irregularities, and suspicious transactions.

- Analytical Skills
- Ability to analyse the quality, design, and composition of gold items during inspection.

- Documentation and Reporting Skills
- Ability to maintain accurate inspection reports, verification records, and audit observations.

- Compliance Awareness
- Knowledge of organizational policies, gold loan procedures, and regulatory guidelines.

- Communication Skills
- Ability to communicate findings clearly to branch staff and management.

- Integrity and Ethical Conduct
- High level of honesty and professionalism while handling valuable assets.

- Training and Guidance Ability
- Capability to guide and train branch staff on proper gold appraisal and handling practices.

Education Qualification and Experience

- Minimum Qualification: Graduation (3–4 year degree program) from a recognized institution.
- Professional Experience: Adequate prior experience is critical for a highly qualified Gold Inspector. Candidates must possess a minimum of 4–6 years of hands-on experience in gold appraisal.
- Experience in different geographies and understanding of financial sector, gold loan procedures and essential operations of a bank/NBFC would be an added advantage.
- Experience as a Gold Auditor in competitors with exposure to travelling experience is highly recommended.

Preferred candidate profile

📌 Gold Inspector (Bengaluru)
🏢 Muthoot FinCorp (MFL)
📍 Bengaluru