Managed Compliance Services

Audit & Compliance as a Service

In today's dynamic regulatory environment, Indian banks face increasing scrutiny from the RBI. Non-compliance can lead to hefty fines and reputational damage. A proactive, managed approach is essential for preventative risk management.

Challenges

Financial institutions face significant challenges in managing audit and compliance requirements

Lack of Competency/Bandwidth

Organizations often struggle with having the necessary expertise within their teams to effectively conduct audits. This includes understanding guidelines, defining scope, gathering relevant data, and addressing observations appropriately.

Lack of Proactive Risk Management

Risk management is often reactive rather than proactive, making audit compliance more challenging than necessary and exposing the organization to greater risk. Additionally, there is little to no ongoing visibility into the organization's overall risk posture.

Patchy Compliance Road Map

Organizations often find it challenging to implement effective risk mitigation strategies and ensure compliance with audit observations. Without the necessary insights, they resort to ad-hoc fixes merely to close findings, which adds little to no long-term value and more than often, fails the next audit.

Streamlining the Audit Process

Expert guidance ensures a smooth audit process, minimizing disruptions and maximizing efficiency

Audit Planning

Define scope, objectives, and timelines with precision to ensure comprehensive coverage and efficient execution.

Data Preparation

Ensure accuracy and completeness of all data required for the audit, reducing the risk of findings due to incomplete information.

On-site Support

Facilitate auditor interactions and document retrieval, ensuring smooth collaboration with inspection teams for successful outcomes.

Technology-Driven Audit Tracking

A centralized platform offers real-time visibility into audit requests, findings, and resolutions

Centralized Platform

Manage all audit-related activities from a single, integrated platform, eliminating silos and improving coordination.

Automated Reporting

Generate status updates and trend analysis automatically, saving time and providing valuable insights for decision-making.

Real-Time Visibility

Monitor audit progress and compliance status in real-time, enabling proactive risk management and timely interventions.

Expert-Led Closure of Audit Observations

Expert-led closure of audit observations is crucial for minimizing risk and preventing future issues

Root Cause Analysis

Identify underlying issues to prevent recurrence, addressing the source of problems rather than just symptoms.

Remediation Planning

Develop corrective action plans tailored to specific findings, ensuring effective and sustainable solutions.

Implementation Support

Guide implementation and monitor progress to completion, ensuring remediation actions are properly executed.

Maintaining & Tracking Compliance

A tool-based approach to track compliance ensures accuracy, consistency, and real-time visibility

Centralized Repository

Store policies, procedures, and evidence in one location for ease of audit and reporting, eliminating scattered documentation.

Real-time Dashboards

Track progress and deadlines with interactive dashboards. Generate reports for stakeholders to demonstrate compliance status.

Risk Posture

Track the organizational risk posture, identify problem areas and ensure timely mitigation to prevent compliance issues.

Compliance Checklists

Establish a strong foundation for proactive risk management with comprehensive compliance checklists

Comprehensive Coverage

Monthly, quarterly, and annual checklists tailored to specific regulations and requirements.

Risk-Based Approach

Prioritize high-risk areas to focus resources effectively and address critical compliance issues first.

Dynamic Updates

Adapt checklists to evolving regulatory requirements, ensuring continuous compliance with the latest standards.

Our Team of Curators

Team to curate the risk assessment checklists basis the industry best practices, regulatory guidelines and more importantly the learnings from the peers.

The Team will keep publishing these checklists which can be adapted and uploaded in the tracking tool for real-time visibility and compliance.

IT Risk Management experts with deep insights to Network and Infra security, IT governance, API security, Database and Web application security, Aadhaar ecosystem (AUA-KUA), Data localization, Digital Payment security, Vendor/Outsourcing risk etc.

Benefits of a Managed Approach

Realize quantifiable results with a managed approach to audit and compliance

30-35%

Reduction in audit findings through streamlined processes

70%

Improvement in compliance scores, reducing penalty risks

100%

Focus on core banking activities, enhancing overall efficiency

50%

Reduction in audit TATs through enhanced readiness and engagement

Partnering for Sustainable Compliance Excellence

Proactive

Shift from reactive measures to preventative strategies

Technology-Driven

Utilize technology for real-time visibility and automation

Expert-Led

Leverage expert guidance for optimal outcomes

Partner with us for sustainable compliance excellence. Contact us today for a customized assessment and discover how we can help you navigate the complex regulatory landscape.