Director general Tim Davie ordered the probe that will look at complaints against the star and how bosses responded.
It comes after concerns were raised about what the BBC and Channel 4 knew about the claims. Yesterday YouTube stopped Brand making money from adverts on its site after five women made rape and sexual assault allegations against him.
The comic worked for BBC Radio between 2006 and 2008, and was a guest on other shows.
Peter Johnston, director of editorial complaints, is to lead the review. An interim update may be released within weeks.
The probe will cover claims by alleged victim, Alice, that Brand, then 30, sent a BBC car to take her from school to his house when she was 16.
The BBC has removed content featuring him from its iPlayer and Sounds platforms, which "now falls below public expectations".
These are thought to include an episode of QI and a Joe Wicks podcast.
Mr Davie said: "I do think we're in a different place, over 15 years. When I listened back, frankly, to some broadcasts I think, that is just completely unacceptable"
Brand, 48, has been accused of rape, assault and emotional abuse between 2006 and 2013, when working for the BBC, Channel 4 and starring in films.
It follows an investigation by The Times, Sunday Times and C4's Dispatches, which aired on Saturday evening.
Brand strongly denies the allegations, which include claims of controlling, abusive and predatory behaviour.
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