ndiancompaniesaresteadilymarchingaheadtowards
Igrowthandtechnologicalinnovations.Theadventof themoderntechnologicalmarvelshasopenedthe doorwaytoendlesspossibilities.Wecanwitnesscompanies achievingnewmilestoneswitheachpassingdayinthis connectedandevolvingbusinessworld.
Foranyenterprise,themostdifficultandcrucialpartisto efficientlyhandlesecurity,technical,andfinancialissues. Companies,asaresult,havetobecautiousandshould employappropriateriskmanagementplatformsregardless oftheirsize.Enterpriseriskmanagement(ERM)firmsare playinganindispensibleroleinprovidingthenecessary servicesandsupportmeasurestotheorganizations.
Intherecentyears,manymacroeconomic,strategic,and operationalriskshaveemerged,whichcallforthe implementationoffreshideasandfinesseinthefield.As result,companiesaimatacquiringservicesoffirmswhich canfulfilltheirERMneeds.Thesecompaniesaimtomake surethattheygrabtheabsolutebestserviceproviderwhich assiststheminidentifyingtherisksandsuggestand implementthenecessarystepstoalleviateandpreventthe loss.
Inthiseraofcut-throatcompetition,notonlyestablished organizations,butalsomanystart-upsareparticipatingto getthebestERMservicesinthemarket.TheleadingERM serviceprovidersareofferinghigh-quality,trustworthyand pocket-friendlysolutionstotheircustomers.Theyare contributingtowardsmitigatingorganizationalrisksand providingcompaniesthecompetitiveedge.
Ananda Kamal DasERM Service Providers–Revolutionizing Risk and Compliance Management in India
Today,businessesareoperatinginaverydynamicandhighlycompetitiveenvironment,whichisconstantly changingwiththeinnovativetechnologies.Globally,theriskmanagementsectorisevolvingandtakingthe centerstage.Theinterplayofnewtechnologyinriskandcompliancelandscapeismuchmorechallenging;but, atthesametimeitisbringingtheincredibleopportunitiesforthebusinesses.
IntheInsightsSuccessMagazine,wehaveintroduced“The10MostTrustedRiskandComplianceSolution Providers”,whoassistbusinessestochoosetheirrightriskandcompliancesolutions.Assessingthescenarioin versatileperceptionsourmagazinehasbroughtintolightthecompanieswhohaveflauntedsomeexcellentTrustedRisk andComplianceSolutions.Thisexaminedlistwilllessenthesearchfortheorganizationstohaveperfectriskand compliancesolutionproviders.
Inthisissue,wehavespeciallyfeatured ,asthecoverstory.ItisbuildinginnovativeTSSConsultancyPvtLtd productsforthefinancialinstitutionsbyfocusingtheirattentiononcomplianceandoperations.
Apartfromthis,wehavechosen ,CareRiskPrivateLimited whichisfocusingondeliveringvalueinthebanking& financespacethroughitssuiteofriskandfinanceproductofferings.NetrikaConsultancyPvtLtd.,supportsvarious organizationsacrossindustriesinIntelligenceGathering,InvestigationsandSecurityManagement. ,deliveringDDi smartertechnologyforClinicalDevelopment,RegulatoryandCompliancedomainsbyprovidinginnovative technologyproductsandsolutionsfororganizationsthatallowclientstomanagebudgetwisely,whileismaintaining highlevelsofqualityanddataintegrity ,thefirmthatadvisesclientsintheareasof. RameshLakshman&Company financialriskmanagement,andprovidesadepthofknowledgeinaccountingandauditing,taxation,business consulting,andpersonalfinancialplanningservices. isoneoftheleadingfinancialNeuralRiskConsultingPvt.Ltd. consultingfirmsthatspecializesinriskmanagement,treasurymanagement,regulatorycompliance&policy developmentandreviewforfinancialinstitutes. isIndiasoneofthefastestSparrowRiskManagementPvt.Ltd. ’ growingEngineeringRiskManagementCompany whichcaterstoSafety,RiskManagement(Electrical,Fire&, Process)&DetailedEngineering. isoneoftheinnovativeJKRiskManagersandInsuranceBrokersPvt.Ltd. company,deliverenhancedvaluetoallstakeholders. istheworldsleadingRiskManagementSolutions,Inc. ’ catastropheRiskModelingCompany.Fromearthquakes,hurricanes,andfloodstoterrorismandinfectiousdiseases, RMShelpsfinancialinstitutionsandpublicagenciesunderstand,quantify,andmanagerisk.RiskEdgeSolutions deliversMachineLearning,Blockchain&RiskAnalyticsSolutionsforlargeEnergy,CommodityandFinancial ServicesPlayers.
WehaveencompassedCXOStandpointon – ,by‘Bridging the Gap Fintechs Reshaping SME Lending in India’ AkshatSaxena,theCo-founderofePayLater;and ‘Derisk your business by using RegTech solution and Blockchain- Risk and Compliance Solution Providers’,byAtulGunjal,theCo-founderofIWORKTECH.
Wehaveenclosed ’with‘Interview with Insights Success RiskproManagementConsultingCompanyPvt.Ltd. whichisoneoftheprominentintegratedprofessionalservicecompaniesintheGovernance,RiskandCompliance Domain.
Also,wehaveincluded ,‘10WaystoDramaticallyImproveRiskManagementatWork’‘FuturisticTrendsof RiskManagement’‘TheRiseofArtificialIntelligenceinRiskandComplianceManagement’and scriptedbyour in-houseeditorsinthedelightfulpagesofthismagazine.
So, flip the pages of our magazine and treat yourself with the innovations in the Risk and Compliance Industry!
Sagar Tanna CEO & Founder
Technology,demographyandconsumerexpectationsoftoday’s communityarecontinuouslychanginganddisruptingthebusiness worldalongwiththefinanceindustries.Fromallthenumerous surveyreportsincludingfinancialreports,itispredictedthatthesechanges areembeddingaseverestrainontraditionalbusinessmodels.Thereisno surprisethatorganizationsarefacinghugechallengesintheaspectof securityandprotection.Ontheotherhand,manyorganizationsarestriving hardtodeliverprominentComplianceandOperationssolutionstothe financialsectorsintoday’sdemandingworld.TSSConsultancyPvt.Ltd.is onesuchorganizationthatiscommittedtoprovideextremelyefficientand cost-effectivesolutions.
Sinceadecade,TSS Consultancyisoneofthe fastestgrowingtechnology solutionprovidersinthe business.Thecompanyis buildinginnovativeproducts forthefinancialinstitutionsby focusingtheirattentionon complianceandoperations. TrackWizz isonesuchproduct suiteofferedbythecompany, whichhasmanydifferent modulesthatarehelpingthem tocompliancewiththeiroverall financialoperations.
TSSConsultancyPvt.Ltd.is foundedbytheTannabrothers, SagarTannaandSameer Tanna.Thisduotrailblazers aretheFounders&Directors ofthecompany.
Sagarisanengineering graduate(IT)fromMumbai University;whereasSameerdid hisgraduationinComputer SciencefromCornell University.BeforestartingTSS Consultancy,theyhadanextensive experienceofequitybrokingand externalorganizationtechniques,from theirownfamilybusiness.Thejourney startedwith Anti Money Laundering compliance intheyear2008.As always,thecapitalmarketswere requiredtofulfillthesenorms.Further, byunderstandingandrealizingthe opportunitypresentinthissector,the TannabrotherslaunchedtheAML Solution.Theyinitiatedtheirjourney withacoupleofcustomersandtoday, withtheirconsistentefforts,the companyhasbeenservingmorethan 150institutionsacrosstheBFSIsector.
UndertheguidanceofSameerand Sagar,TSSConsultancyhassecureda newlevelinprofitsandcontinuesto groweveryyear.Ithasachievedthe secondplaceinMSMERatingstwice inarow.Itissaidthat–‘Opportunity is as big as the ocean, so you have challenges of course, but not as big’. Someofthechallengesovercameby theexpertteamofprofessionalsare highlightedbytheleadersofTSS. Thoseareraisingexpectationof regulators,amountofdatascattered acrossisbeyondtheknowledgetothe riskandcomplianceteam,thepaceof launchingnewfinancialproducts,and lessavailabilityofqualitycompliance resources.
TSSConsultancyhasone innovativesolutionnamed asTrackWizz.Itisa complianceandoperations suite,whichisavailableata subscriptionpayperusemodel inthemarket.Since,the securityproviding organizationsarecommittedto deliverqualityservicestothe clientswhohaveallowedthem tofocusonthegrowing business,whiletheTSS Consultancyprotectsitfrom theriskarisingoutof non-compliance.Thecompany isdevelopingaculture,which drivestodoeverypossible thingtohelpitscustomersto meettheirneeds.Someunusual andexcellentinitiativesofthe companyare:appointingthe FATCACRSConsultantwhich helpsitscustomersto recognizewhohavesubscribed toitssoftware,gettingthefree consultationaboutFATCA CRScompliancesandopinion. Also,thecompanyis partneringwithThomson Reuters,whoisassistingits customerstoscreentheircustomers throughthelargestrepositoryofglobal datafeeds.
Someofthecoresegmentsofthe companyare–Customer Life Cycle, Anti-Money Laundering Solution, Insider Trading & Research Analyst Regulations, Process & Document Management, Franchisee / Channel Partner, Spend Management.
The Customer Life Cycle segmentof TSScontainsCKYCSolution (CERSAICompliantCkycIndia.in),
Sameer Tanna CTO & Founder
CustomerOnboarding&StaticData ChangeSolution,FCSSolution (FATCACRSCompliance),andRe KYCSolution(CustomerDigital Interaction).
Thedistinct Anti-Money Laundering Solution containsScreeningSolution with/withoutspeciallocalfeedsand globalfeeds,RiskProfiling/Customer DueDiligenceSolution,Transaction MonitoringSolution(AML& Surveillance),RegulatoryReporting Solution(FIUReporting).
industry need; Ensuring that whatever solution it is building must be effective in solving the problem, so it keeps measuring and improving till it meets the specific objective; Compliance should always be done in spirit; Never underestimate any kind of risk that an organization could be exposed; Continuous Learning of team members; Keeping knowledge up to date; Keep beating and not meeting targets of improvements and enrichment of features and functionality, as the Risk and Compliance is a continuous journey;
KYCRegistry.Itisthesinglelargest productcontributingtothemajority shareinthetotalrecordsuploadedto theCKYCRegistry.
Anti-Money Laundering Solution is currentlyservingmorethan100sof institutions.Eventhissolutionis amongstthemarketleadersincapital marketshavingmorethanninety percentmarketshareamong institutionsusinganAMLProduct.It hasearnedareputationofthereliable partnerwitharobustofferingand significantcontribution.
Benefitingby theExcellent Solutionsofthe Company
TSS
The Insider Trading & Research Analyst Regulations comprisesof EmployeeDealing/CodeofEthics Solution,ClientInsiderTracking Solution,ResearchAnalystRegulation Solution.
Process & Document Management segmentcontainsBusinessProcess Management,Documentmanagement system.
The Franchisee / Channel Partner segmentcontainsOnboarding& ManagementSolution,RiskProfiling Solution,StaticData&change managementsolution.
The Spend Management segment containsBudgetingModule, ProcurementModule,Payment& ApprovalProcess,Forecast,and PlanningModule.
SteppingTowardsGrowthby OvercomingtheChallenges
“Hearing out its customer and the
are the core pillars”—statesTanna brothers.
TSSConsultancybelievesthatits productsarethestrongfoundationfor thecompany,whichwillhelpthe companytoservethecustomersalong way.Withthestrongvisiontobecome atrustedpartnertotheprogressive institutionsinitscomplianceand operations,TSSConsultancyismaking consistenteffortstoachieve milestones.
TheContributionofTSS ConsultancyinRisk&Compliance Sector
TSSConsultancyiscontributingtothe riskandcompliancesectorbyoffering theimportantandoutstandingsolutions totheworld.Thosearenamely TrackWizz CKYC Solution,and AntiMoney Laundering Solution
TrackWizz CKYC Solution helps FinancialInstitutionstosubmitor exchangeinformationwithCentral
Consultancyisa softwareproviderwithaservice model.Thecompanykeepsenriching andrapidlypacingwiththechanging timeandrequirements.Theunique solutions&softwareprovidedbythe companyareaffordabletoevery institution.Eventhechanges,which arerequestedbyitscustomers,are deliveredfree,andinatimebound manner.Also,theknowledgewebinars arearrangedbytheindustryleadersfor itscustomers.
TSSConsultancyseesthematthepeak pointintheriskandcompliancesector. Itenvisionitselfasapremier technologypartner,trustedbythemost progressiveandcredibleinstitutions fortheircomplianceandoperation needs.Also,TrackWizzsolutionis headingtobecomeoneofthebest complianceandoperationssuiteinthe world.
CARERiskSolutions PrivateLimited carerisksolutions.com
DDi ddismart.com
JKRiskManagers& InsuranceBrokers Pvt.Ltd. jkbima.co
NetrikaConsulting IndiaPvtLtd. netrika.in
NeuralRiskConsulting Pvt.Ltd. neuraltechsoft.com
UmeshIkhe CEOMaheshMalneedi Co-founder&CEO
CARERiskSolutionsisfocusingondeliveringvalueinthe banking&financespacethroughitssuiteofriskandfinance productofferings.
DDiisdeliveringsmartertechnologyforClinicalDevelopment, RegulatoryandCompliancedomainsbyprovidinginnovative technologyproductsandsolutionsfororganizationsofvarious sizesthatallowclientstomanagebudgetwisely,whilemaintaining highlevelsofqualityanddataintegrity.
AnuragKaul Director
SanjayKaushik MD
Dr.MahendraMehta Chairman&MD
Theinnovativecompany,deliverenhancedvaluetoall stakeholders.
Netrikaconsultantsupportsvariousorganizationsacross industriesinIntelligenceGathering,InvestigationsandSecurity Management.
Oneoftheleadingfinancialconsultingfirmsthatspecializesin riskmanagement,treasurymanagement,regulatorycompliance &policydevelopmentandreviewforfinancialinstitutes.
RiskEdgeSolutions riskedgesolutions.com
RiskManagement Solutions,Inc. rms.com
SparrowRisk ManagementPvt.Ltd. sparrowrms.in
TSSConsultancyPvt.Ltd. tssconsultancy.com
RameshLakshman Founder&CEO NitinGupta CEO
Thefirmadvisesclientsintheareasoffinancialrisk management,andprovidesadepthofknowledgeinaccounting andauditing,taxation,businessconsulting,andpersonal financialplanningservices.
ItdeliversMachineLearning,Blockchain&RiskAnalytics SolutionsforlargeEnergy,CommodityandFinancialServices Players. KarenWhite CEO
Theworld’sleadingcatastropheRiskModelingCompany. Fromearthquakes,hurricanes,andfloodstoterrorismand infectiousdiseases,RMShelpsfinancialinstitutionsandpublic agenciesunderstand,quantify,andmanagerisk.
PawanPawan Founder&CEO
SameerTanna Founder&Director SagarTanna Founder&Director
India’soneofthefastestgrowingEngineeringRisk ManagementCompanywhichcaterstoSafety,Risk Management(Electrical,Fire&Process)&Detailed Engineering.
TheCompanyisbuildinginnovativeproductsforthefinancial institutionsbyfocusingtheirattentiononcomplianceand operations.
RameshLakshman &Company rlco.bz
Mayur Joshi Director Riskpro Management Consulting Pvt. Ltd
Apurva Joshi Executive Director Riskpro Management Consulting Pvt. Ltd
Tcomplexanddynamicenvironment.
oday,businessesareoperatinginahighly
Accomplishingbusinessgoalsrequireafine balanceofimplementingstrategies,generatingrevenues, encouragingoperationalefficiency,whilemanagingrisks effectivelybykeepinginmindcomplianceregulations.
Everyorganizationhasgloballyacceptedthatriskand complianceisextremelyimportantfortheir sustainabilityandthefuturegrowth.Riskpro ManagementConsultingPvt.Ltd,oneofthe prominentboutiquesRiskManagementCompany,is offeringtheIntelligence-as-a-servicemodel.
InaninterviewwithInsightsSuccess,MayurJoshi,the PrincipalConsultantofRiskproManagement ConsultingPvt.Ltd,havesharedsomeinsightful answershighlightingmadebyhiscompanytotake servicestoanewlevel.
1. Kindlybriefusaboutyourcompany.
Weareoneoftheboutiqueriskmanagement company.Inthedecadeofexistence,wehave investigatedmorethanRs.20000croreworthof frauds.Weoffertheblendoftechnologyandhuman networktoassesstheriskinvolvedintransactions. Weareoneofthefirstcompaniestoofferthe Intelligence-as-servicemodel.
2. Whatarethedifferentproductsandservices providedbythecompany,whichissettingyou apartfromyourcompetitors?
Webelieveineffectiveduediligenceinmanaging
therisks.Wehaveidentified27differentparameters toidentifytheheightenedriskindividuals.We maintainourowndatabaseoftheheightenedrisk entitiesandindividualsandthisdataisupdated continuously.Thishelpsustoidentifythe heightenedriskentitiesandtheirnexus.Thisgives ustheedgeoverthefirmswhichprovidethe businessintelligenceservices.
3. BriefusabouttheFounder/CEO,andwhatwas thesourceofinspirationforyourcompanytobe inthemosttrustedriskandcompliancesolution providers?
MayurJoshiisthePrincipalConsultantof RiskproandthefounderofIndiaforensic.Mayurhas morethan15yearsofexperienceinfraud investigation,prevention,andDetection.Heisthe firstIndiantobagtheinternationalawardfrom AssociationofCertifiedFraudExaminers.Mayur wasakeyplayerintheinvestigationconductedby CIDofAndhraPradeshPolicetounearththe accountingaspectofIndia’sbiggestaccounting fraud.
ApurvaisanexperiencedCertifiedForensic AccountingProfessionalandaCertifiedFraud Examiner.Shehasanexperienceof10yearsinthe fieldofDueDiligence,Financialfrauds investigations,audits.ShehandlestheDueDiligence areaofRiskpro.SheisalsoanIndependentdirector ontheboardsofQuickHealTechnologiesLimited andRinderIndiaPrivateLimited.Sheisfeaturedin variousmagazinesandmediaarticles.Management
storiesauthorMs.RashmiBansaldedicateda chapteronherlifeandworkinherbestseller “Arise, Awake”. Sheisalsoanauthorofthebook “Student’s Handbook on Forensic Accounting.” She hascompletedacertificationcourseinManagement ConsultingfromIIMB.Sheisalsoinductedasa memberofInstituteofManagementConsultantsof India.SheisalsoanalumnusofTISS.
4. Withthemassiveadvancementsintheriskand compliancesolutionprovidersindustry,whatare theopportunitiesandchallengesevolvingwith it?
Regtechisthebuzzwordinthisdomain.Wehave createdourAPIsforthesametobeaccessedbythe banksandfinancialinstitutions.APIsor Webserviceshelptheclientstohitourdatabase withoutleavingtheirownsoftwareandchanging theexistingUserInterface.Manyofourtoolshelp theclientstocleanuptheirdatabases.Weoffera trueRegtechsolution.However,shortageofskilled resourceswithinvestigativemindsetisoneofthe bigchallengesthatRiskProisfacing.
WiththewaythecurrentGovernmentistaking actionsagainstdefaulters/fraudsters,ithasgiven moreauthoritiesandrightstotheenforcement agencies;theworkofagenciesandconsultantslike riskprogohandinhandanditiscreatingimmense opportunitiesfortheforensicprofessionals.Thisis oneofthegoldenphasesfortheforensic,risk professionalssincealotofassignmentsareflowing throughbanksandfinancialinstitutionswhichneed theinterventionofriskandcompliance professionals.
5. Whatisthecurrentscenarioofriskand compliancesolutionprovidersindustry,from yourpointofview?
Riskandcomplianceindustryislikelytogrowup significantlyinthewakeofincreasedactionsbythe regulatorsacrosstheworld.SEBIiscomingdown heavilyonShellcompanies,Enforcementisgoing
behindthebenamipropertiesandCBIis investigatinghi-profilecasesofthefinancialfrauds. Insuchscenario,itisessentialforthebanksand financialinstitutionstounderstandwherethemoney isexactlygoing.
6. Whatarethekeyattributesthathelpedyour companyovercomethechallenges,whichthe companyfacedduringitsestablishment?
Morethanmoney,leadershipstylewasthekey attribute;wefocussedonthecontinuouslearningfor ourresources.Ourinterestandinvolvementin investigations,compliance,AML,fraudand financialcrimewereduetotheneedtogrowand professionalizetheindustryresultingfromthe continuingandincreasingincidencesoffrauds, failuresonpartofthebanksandfinancialinstitutions andtheresultingpenaltiesthatbankshavetoendure. Theneedtostayintheprofessionwassostrongthat ithelpedusovercomethechallenges.
7. Whatarethebenefitsgainedbyyourclients while doingbusinesswithyou?
Thelawenforcementbackgroundofthedirectors, thenetworkwhichthedirectorsbuiltallalongthese years,theIntellectualPropertywhichthecompany builtthroughouttheseyearsandofcoursethe integrityandconfidentialitymaintainedduringthe workreallyhelpedtheclientsgetthroughthe problemswhiletheydobusinesswithus.Thecost partforanassignmentgetsthesecondpriorityover theworkandtheneedtoassisttheclient.
8. Howdoyouseeyourselfandthecompanyinthe futureahead?
Weseeourselvesgrowinggloballyandplantobea Multi-NationalcompanyinthedomainoftheRisk Management.WealreadyhavetiesintheMiddle EastandSouthAsianCountries;however,weplanto haveourownofficesinthesecountries.
Intherecentpast,oneofthe majorconcernsofbanksisto meettheconstantregulatory changesandsatisfyingtheauditors andregulatorsonthecompliance. Banksarenowlookingat technologicaladvancementslike ArtificialIntelligenceandMachine Learningtoputanendtothe compliancerelatedissues. Thisisto formpartoftheanalyticalframework tohelpimprovethepredictive accuracy,andgainsustainable competitiveadvantagefromthese onceonly-compliancedriven solutions.
Thus,toachievethegoalofbetter compliancedrivensolutions,CARE RiskSolutionsPrivateLimitedwas foundedin2006,withafocuson deliveringvalueinthebanking& financespacethroughitssuiteofrisk andfinanceproductofferings.The companyisworkingwiththebest mindswhichprovidethebest solutions.
TheCARERiskSolutionsteamhas anexperienceinthebanking& financialtechnologyspace,wherethe teamsharethecommongoalby ensuringtimelyandsuccessful deliveryofseveralmulti-million dollarprojectsandgenerating customerdelight.Thisensuresto
constantlyrepeatthebusiness processfromcustomers.
However,thevisionoftheCARE RiskSolutionsistotouch-uponthe specificareasofBanking&Financial Servicesverticalthroughtheir solutions,whichwillenable customerstomaximizetheir RAROC.
UmeshIkheistheCEOofCARE RiskSolutions,whichisoneofthe leadingRiskSolutionsCompanyin theSouthAsia,ME&AandASEAN market.Hebringscollaborationand consolidationofnewfunctionality andtechnologywhichhelpsin businessgrowthoftheorganization andremainaheadofthecurve.
Umeshhasawealthofexperiencein thesphereofthetreasury,capital market,privateandcorporate banking.Hehasbeenassociatedwith premierbankslikeBankofNova ScotiaandHDFCBank,andleadthe bankingpracticeatAurionPro Solutions.Also,hehasextensive advisoryexperienceintechnology andmanagementinthesphereof bankingandelectronicpayments industry.
Overtheyears,therehavebeen massiveadvancementsintheriskand compliancesolutionproviders industry.Thegambitsofsolutions offeredarenolongerrestrictedto bareregulatorycompliance,but extendingtheirwaybeyondit. Umeshsharedsomepointsabout theirchallenges,thatthecustomers notonlylookforwardtosolution whichhelpthemconstantly,tomeet thedynamicallychangingregulatory needs;butalsoequipthemwiththe enhancedanalyticstohelpthemgain acompetitiveadvantage.Healso mentionedtokeeppaceandstay aheadoftimesinthisdynamicfield ofriskandcompliance, isnecessarily important.Thisneedstime&efforts investmentstomeetthecomplex requirements,toimprovethe analyticalframeworkandconstantly incorporatetoolsandtechniquesto improvethepredictivecapability withthechangingtimes Thiswill imposethatthesolutionishighly adaptableandflexible
Toovercomethesechallenges, currentlytheyareworkinginthe processofstrengtheningand modellingtheframeworkby incorporatingArtificialIntelligence
andMachineLearningsolutions.Whereas,theentire teamofCARERiskisconstantlyworkingtowards takingtheirproductstothenextlevelofcompetency,by incorporatingthelatestfeatures&technologiesbasedon researchandconstantfeedbackfromthemarket.
OutstandingServicesTakingtheCompanytothe NextLevel
CARERiskSolutionshasalwaysbeenfocusedon bringingvaluetotheCRO’sandCFO’sofbanks globally.ProductsthataddvaluetotheCRO’sportfolio include Credit Risk, Operational Risk and Market Risk. TheonescateringtotheCFO’sportfolioare Asset-Liability Management (ALM), Fund-Transfer Pricing (FTP), IFRS-9 compliance and complete Financial Reporting Automation (FRA).
Eachoftheproductismodularandscalablebasedonthe needsofthebanks;whichbenefitsreusabilityofdata acrossproducts, giventhatalltheproductsresideonthe commonCAREKalyptoApplicationframework.CARE RiskSolutionshavebuiltthe‘Kalypto®’Suiteof products,wherealltheproductsarebusinessrulesdriven processing.Thisnotonlyenablesthebankerstomake thechangethemselvesonadynamicbasis, butalso ensuresthetransparencyofprocess,modelsandoutput.
Further,Umeshexpressed– “We at CARE Risk Solutions assures to deliver world-class, high-availability, risk
management solutions built on cutting-edge technology, that will facilitate optimal allocation of capital within an aggressive TCO (Total Cost of Ownership) ”
CARERiskProvides BundlesofBenefitstotheir Clients
TheBankshavegained substantiallybyhavingCARE RiskSolutionsastheir technologicalpartnerinthe risk&financecompliance space.Thebenefitsspan acrosscompleteprocess automation,reduced turnaroundtimes,betterrisk profilingandimproved analyticalinputs.The enhancedsupporthasgiven thecomfortzonerequiredby thebanks.
CARERiskSolutionshave alwaysemphasisedonthought ofleadership,toensure remainrelevantinevery evolvingspaceofrisk,finance andcompliance;where Umeshstatedas –“We like to see in future company is contributing significantly towards constantly adding value to the risk and finance functions of the banks globally”.
CARE Risk is constantly working towards taking their products to the next level, with the latest features and advanced technologies
10 Ways TO DRAMATICALLY IMPROVE AT WORK
eliveintheworld,which
Wisprettymuchdefinedby therisk.Overallthelifeis fullofrisks,whetherit’scatchingthe traintowork,crossingtheroad, climbingmountains,abusinessdeal, investinginfinancialproducts,making healthormakingthechangeinour lifestyle.Theriskisexpectedin everythingwhateverwedo.Itis evolutionaryinnaturethatmeansthe levelofriskischangingrapidlyand thusourviews.That’sthereason;we havetoconstantlymanagethe evolvingrisk.
Today,alltheindustriesarenow originatingon “Management of Risk”. Inthecorporateworld, the understandingandanalysisofriskare involvedintheriskmanagement,to
meettheorganizationobjective. However,managingtheriskisalso consideredasanart.
Herearethetop10waystomanagethe riskwhichdramaticallyimproverisk managementatwork.
Clear Risk Management Approach –Beingclearabouttheremitisan importantpartofthework.Clearing theexactpartofthebusinesstowork on,andgettingclearideasaboutthe activities,tasksforwhichoneis responsible.
Risk Identification –It’sbetterto identifytheriskearlier.Thesoonerone identifytherisk,itwillbeeasierto managethatrisk.Itisalwaysbenefited toidentifytheriskatthestartofthe
project.Thisriskmanagementshould beembeddedintoalltheworkprocess andcorporateculture.
Positivity –Don’tfixateriskasalways negative,butitcanbepositivetoo. Thispresentsopportunitiesandenables onetotakeadvantageofagivenevent orsituation.
Appropriate Description of Risk –Practicingtocreateriskisalways goodanddistinguishingbetweenthe causeandtheeffect.Tofindthis differenceappropriatedescriptionof riskisveryimportant.
Estimation & prioritize the Risk –To assessandtoprioritizeallknownrisks, usetheprobabilityandimpactmatrix. Muchgoodorbadstuffhappensat
organizations,butwillithappenreallyornotisthe importantthingtounderstand.Also,bettertobeclearwith
thepointthatwhatonehasestimated,identifiedtherisk,not necessarilywillhappenthesame.Thus,needtomanage thesethingsinabetter-plannedway.
Responsibility and Ownership of Risk –Manyofusface variousriskmanagementissues.Suchaspotentialsafety issue,suspectedfraud,orsecuritybreaches;atthistime bettertotakingresponsibilitytosolvebyown,ratherthan waitingforsomeoneelsetosorttheproblemout.Thisrisk managementwillgiveitsbestresultswhenallthepeople areassociatedwiththatriskisempoweredtospeakoutand takeaction.
Learning from the Past Mistakes –Learningfromthe mistakesisoneofthebestthingsinriskmanagement.Also, itisimportanttoensurethattheyareneverbeenrepeated. Onecanmakeuseofthehistoricaldataandanecdotes,for learningfromthepastandtoensurethemistakewillnotget repeated.
Appropriate use of Strategies (risk responses) –Strategyis tousethe4T’smodeli.e. Terminate, Transfer, Treat, Tolerate. Thismodelwillhelptodecidehowbestonecan managetherisk.
Documenting the risks in a register -Bycapturingallthe risksacrosstheorganizations,onewillbeabletosee ‘the bigger picture’ oftheirentireriskexposure.Thiswill defiantlyimprovetheinformationsharingand accountability.Simplykeepdocumentingtherisksinarisk register,aroundtheworld,aroundtheindustries,andaround theorganizations.
Keep monitoring and reviewing –Theriskfactorsare increasingandchangingcontinuouslyasnewrisksare emerging,whileothersarebecominglesscritical.Bybeing proactiveandregularlymonitoringtheexposure,onewillbe readytoactwhenthetimecomes.
About Author Akshat Saxena is a Co-founder of ePayLater, having 10+ years of work experience spanning leading Technology and nancial rms such as - SAP, Oracle, TransUnion. Akshat holds an MBA from MDI, Gurgaon and B.Tech from DA-IICT, Gandhinagar.
Thedemonetizationinitiativebythegovernmentof Indiatriggeredasignificantshiftinthefinancial atmosphereofthecountry.NotonlydidIndians startgravitatingtowards“cashless”intheirday-to-day lives,thedigitaltrailofelectronictransactionsalsoledto theriseofalternatesourcesoflending,withFintechsbeing atthecoreofitall.Whiletheunanticipatedchangetook businessesbysurprise,andarguablythechangeincash positionscausedamomentaryblipintrademomentum,it buttressedtheecosystemdatathatservedasaharbingerofa muchneededandmuchawaitedchange-thearrivalof formalcreditforSMEs.
Lendinginstitutions,bothBanksandNBFCsneedcredible informationtomakecreditdecisions.Typicallycredit historyprovidedbybureause.g.CIBIL,isakeyingredient tothisprocess.However,consideringIndiahashadlower thandesiredcreditpenetration,theindustryfacestheclassic ChickenandEggproblem.Thisiswheresecuringfirst loan/creditandbuildingcredithistorybecomesanenabler.
Demonetizationandotherstepstakenbythegovernment overthelastfewyears,hashelpedtocreatepotential “alternate-datarepositories”thatprovidecluestoone’s creditworthiness,albeitinanot-so-directfashion. Combinedwithtechnology,thesesmallandsometimes non-intuitivemorselsofinformationbreaktheinformation deficiencyastheentrybarrier.ThisiswhenfewIndian Fintechsrosetotheopportunity.Whilemanypeoplewere findingreliefincashlessdigitalwallets,manysmall businessesdiscoveredsustenancethroughcompaniessuch asePayLater.TheseFintechsbeganofferingalineofcredit, whichcouldbeusedbySMEasaworkingcapital.
Moreover,badloansandhighernon-performingassetshave forcedmostbankstorethinktheirlendingstrategy. Interestingly,fortheyear2016,54%ofthetotalloanswent towardsthecorporatesectorwithmorethan80%ofthese corporateborrowingsbeingconcentratedamongtop200 companies.AspertheRBIreport,just12bigcorporate housesareestimatedtoaccountfor25%ofthegrossNPAs. SMEs,whichcontributearound45%tothenationalGDP hardly,getanyaccesstocredit.However,SMEswhose contributiontotheNPAsisalmostnegligiblehavebeenthe onlysufferershere!Fintechsarerapidlyrisingtothe occasionandfacilitatingSMEstoavoidavailingloansfrom informalsourcesatexorbitantratesofinterest.
TheDilemmaoftheUnbanked Indiahasover50millionSMEsandlessthan10%have accesstocredit.Manyofthemarecenteredaroundrural andsemi-urbanregions.Asaresult,avastsegmentofthese isstillunbankedanduntouchedbyanyformofcredit.Most havelittletonocredithistory.Banks,whichmajorlyrelyon credithistorytoapproveloans,arewaryoflendingtothem. Addingtotheirwoesmanylacksufficientdocumentation, whichdoesnotmaketheprocessanyeasier.Thisiswhere Fintechsandtheirtechnology-centricinnovationindata sciencestepin.
FintechssuchasePayLaterleveragedatasciencetoutilize alternatedatatoassessthecreditworthinessofanapplicant. ePayLaterusesadvancedmachinelearningtechniquestodo real-timecreditassessmentbyleveragingdatasuchas buyingpatternswiththemerchants,digitalfootprint,social mediainformationanddeviceinformation.Thus,theyare evenwillingtoextendcreditstobusinesseswhohaveno historyofavailingcreditbefore.Theprocessinvolves minimalpaperwork,theapprovalisinstantandthecredit disbursementisdonewithinadayortwo.Theservice involvesnohiddencostandthecreditlineextendedis completelycollateralfree.Workingcapitalassistanceand favorablecredittermsmakethiscreditsolutionevenmore enticingforthebusinesses.
FinancialInclusionofSMEs Indiahasskippedastepfrombeinganagricultural economytodirectlybecomingamoreservice-based economy.Industrialization,initstruesenseisyettobe realized.ItwouldthennotbeamisstostatethatSMEsform thebackboneofourindustrialsectorandareasourceof employmentfortherural/semi-urbanpopulation.SMEsin Indiaform40%ofthetotalworkforceandcontribute45% toindustrialoutput.Fintechsarereshapinghowthese businessesgetaccesstocredit.Fintechsarenotonly providingcredit,butensuringindependenceandsustenance oftheseSMEs.Furthermore,theyareaidingindeveloping acredithistoryforthesebusinesses,undoubtedlyincluding theminthelistofcreditworthybusinessesforthefuture.
Thelendinglandscapeisstilltakingshapeandwillundergo somemajorchangesinthecomingfewmonths.Internet access,mobiletechnologyandpublicawarenesswillbe somestrongdrivingfactorsinreshapingthelandscapeof SMElending.
Intoday’sworld,thesolution providercompaniesare implementingautomation,to reducethecomplexitybyincreasing theefficiencyandtheperformanceof theapplications.Nowadays,therisk andcompliancesolutionsare empoweringcompaniestocreateand coordinate,tocontrolandmap solutionstoregulatory&internal compliancerequirementaswell.
Inthisworldofautomation,with severalyearsofexperienceDDistands uprighttoprovideefficientsolutionsto thecustomers.Itisaprominent Technologypartnertothe Life Sciences Industry
DDi’sSourceofInspiration MaheshMalneediistheCo-Founder andCEOofDDi-DrugDevelopment Informatics.Byenvisionedthefuture ofgrowingneedofInformation TechnologyinHealthcareDomain, MaheshestablishedDDItoprovide betterandfutureITneedsofLife ScienceandPharmaIndustries.
InnovativeTechnologyProductsand SolutionsofDDi DDiishavingastronginternalteam withdomainexpertisetobuildand deployendtoendsolutions.Itdelivers smartertechnologyfor Clinical Development, Regulatory and Compliance domains,byproviding innovative productsandsolutionsfor
theclientsofvarioussizesthatallow themtomanagebudgetwisely,while maintaininghighlevelsofqualityand dataintegrity.
“In DDi we believe in values, which stand us apart from all other solution providers in delivering the business needs of the customer” expressed Mahesh.However,thesecorevalues arealwaysdrivenbysettingstandards inexcellenceintechnologyforfuture readiness,betterROI,profitabilityand operationalefficiency.
DDiisdevelopingin-housesolutions TULA,bykeepingthemassive advancementsincludingriskand compliancesolutionsproviders,which canservetheneedsofindustrywith riskandcompliancesassociatedwith it.However,TULAisanadvanced RiskComplianceapplicationthat enablestheorganizationformanaging theirstudiesmoreeasily.The applicationhandlesdifferentmodules like project performance, risk management, compliance management and vendor management.Eachofthe modulescanbeconfiguredasperthe clientspecification,wherethealerts andemailfromtheapplicationmakes theusereasytomanage.
DDiportfolioalsocontainsawide rangeofsolutionswhichincludes eClinicalsolutionslikemIRT,mirtAI, mCODER,theRegulatorysolutions
likeViSU,LABELai,andthe EnterprisesolutionslikeTULA, safeXchange.
Highlightingtheexitinglinesof opportunityinthissector,anycompany ratherit’saprivate,public,largeor evensmallcompany,canimplement RiskandCompliancetools.Those toolssupportitsbusinessgoals,to manageriskeffectivelyandstayontop ofthecompliance.Asinglecentralized systemwillenablecompaniestohavea singlesourceoftruthtoutilizefor systematicmonitoringofportfolio, project,andstudiesperformance,risk andcompliancepoliciesacross.
Atthestartingphase,evennewideas whichareevolvinginmarketcanbe attributedasakeychallengeforan organization.Atthattime,company exploredtheexistingneedsofindustry andtransformedthemintoapplication basedITproduct.Where,thededicated R&DteamofDDihaschosena progressivepathindevelopingnew productsandunderstandingthe customerrequirements,tosustainin themarketwithuniqueinnovations.
The decision-making, resource and portfolio management, risk management, and regulatory compliance areyettobeincludedina
Riskandcomplianceframework.Thiswillnotbeeffective unlesstheorganization’sexecutiveleadershipreally supportsculturalchange.Byimplementingastructuredrisk andcompliancesoftwareinanorganization,oneneedsto understandtheorganizationexactrequirementand customizeasperthebusinessneeds.Butthiscanbe successfulonlywhentheorganizationsupportstheriskand complianceactions.
ExceptionalKeyDifferentiatorsofDDi MaheshexplainedthatbyfocusingontheFuture,the companyisbringinganexceptionalunderstandingofthe industryandtrends,tobuildsolutionsthataresustainable, scalable.AstheentireteamofDDiisinnovatingconstantly, toaddresstomorrow’schallengestoday,byhelpingthe clientstostayaheadofthecurve,tostaycosteffective,and tostaycompetitive. “We believe in customer first”—exclaimedMahesh,whiletalkingabouttheir excellentservices.Thoughsolutionsaregearedtomake customersexceptionallysuccessful,thiscanbeachieved throughquality,cost,industryinsight,anddeeptechnical expertise.
Thecompanyisdeeplyfocusingonsystemsintegration,IT solutionsforhealthcareindustryforindustriesthatare drivingeconomicgrowth.However,theproductsandthe solutionsareamongthebestintheworld,asthecompany hasanexperienceofservinglargeandmedium organizationsacrosstheglobeinenhancingtheirbusiness
excellenceandmarketplace impact.Thisallispossible becauseofthetechnologically trainedandmentoredteamof DDiisgivingexposureto workingonthemost challengingglobalassignments.
Clientsaregettingremarkable benefitsfromDDi.Numerous typesofbenefitssuchas resolving issues through transparent and reliable communication, and the quality product delivery by following high standards, providing resource capability, & investing deep in Research and Development,thiswillhelpto solvethecustomerproblems whichalsokeepsthemtobe futureready.Thededicated teamofDDiisworkingon advancedtechnologies,tosolve problemsofclientsby leveragingArtificial Intelligence&Automation.
Ddiisplanningtobecomeone ofatopgloballeaderin providingTechnology& AutomationSolutionstoLife SciencesIndustriestohelpin decreasingtheincreasedcost burdenofnewproducts.
deliver smarter technology by providing innovative technology products and solutions for organizations of various sizes that allow clients to manage budget wisely
Astherequirementsfor complianceareincreasing, manyplayershavecrop-up withmultipleriskandcompliance solutions.Suchsolutionsarehelping theindustriestomoveaheadtowards thesuccess.Well,attheendofthe day,thesizeofthepieisincreasing, andsoistheshareofeachplayer. Thereisnodearthofopportunitiesin termsofrequirementsofriskand complianceconsultants.Onesuch innovativeandtrustedriskand compliancesolutionprovideris NetrikaConsultingIndiaPvtLtd.
ThecorporateofficeofNetrika ConsultingIndiaPvtLtd.isbasedin Gurgaon,DelhiNCR.Incorporatedin May2013,ithasregionalofficesin MumbaiandBangalore.However,in aspanof5years,NetrikaConsulting hasgrownfrom5employeesto150 employees.Ithasitsbaseofficesin Kolkata,HyderabadandChennai. And,theinternationalofficesof NetrikaareinDubai,Singaporeand SriLanka.Itnotonlycaterstopan Indiarequirement,butwholeofSouth AsiaandAsia.
Netrikastandsas‘The symbol of vision and acute observations’, where thewordNetrikaisderivedfromthe word Netra,eyesinSanskrit.Netrika islikeapowerfuleyethatempowers companytoconnectwiththeworld,to
seeitinalargerscalewithaglobal vision.Aneyeforbetter understandingofbusiness,andrisk, whichwillsecurebusinesswiththe helpofintelligencefindingsolutions, andthusempoweringwiththe protection.
Theideabehindestablishingthe companywassettinguprisk mitigationpracticewithabasein India,whichwillfurthergoglobal. However,Netrikaisateamof Multi-disciplinaryprofessionalslike Ex-Army, Ex-Police, CA, MBA Graduates, Cyber Forensics expert, Competitive intelligence graduates & also other skilled, research oriented and dedicated people.Whilelooking tothecompany’sawardsand achievements,Netrikahasbeen awarded “Security Project of the year” ShieldawardbySecutech.Also, Indian National Bar Association (INBA) awardedNetrikaforits outstandingcontributioninthefieldof RiskManagementandForensicsfrom honorableJusticeSiddharth Mridulduring.
Netrikaisadoptingfeasibleapproach intoday’sendeavor,tosatisfyclients’ needstoexecuteassignmentsina seamless,costeffectiveandtime
boundmanner.Basically,theRisk MitigationservicesofNetrika Consultingaredividedintosix specializeddivisions,namely Fraud Risk Management, Security & Risk Consulting, Brand Protection & IPR, Information Security, Background Checks, and Training & Certifications.
However,Netrikaisteamofall wonderfulpeople,withaunique consultingbackgroundtosupport variousorganizationsacrossindustries in Intelligence Gathering, Investigations and Security Management dealingwithcomplex businessthreats.
InspirationalDirectorofNetrika& hisAstoundingAchievements
SanjayKaushikistheManaging DirectorofNetrikaConsultingand ARVPASISInternationalRegion13 A.Withover24yearsofexperience, heisarecognizedexpertinAnti CounterfeitStrategies,Corporate SecurityConsulting,RiskAssessment, InvestigationsandAnti-Fraud investigations,includingworkingas ChiefOperatingOfficerofoneofthe largestRiskConsultingFirm.
Moreover,Sanjayistheproud recipientofprestigious “Investigation Professional of the year 2012”Award,
inthe7thSecurityLeadershipSummit.Hehasbeen trainedandcertifiedinTransportAssetProtection Association(TAPA)andhavehelpedmanycorporatesin securingtheresupplychainininternationalborder.Hehas alsoassistedmanycorporatesinsecuringtheresupply chainininternationalborders.
Well,Sanjayhasachievedgreatexperiencebybeingthe General Secretary of Association of Certified Professional Investigators (ACPI), Founder member of Indian Association of Professional Background Screeners (IAPBS), an Associate Member of APDI (Association of Private Detectives of India), and an Associate Member of ACFE (Associate Certified Fraud Examiner). However, Sanjayhasbeenthe Chairman of Law Enforcement Council of ASIS India and Ex-Chairman for Loss Prevention Council of ASIS India, Delhi Chapter 207, India.
Further,movingtothetrainingsandcertifications,Sanjay hasbeentrainedandcertifiedin–P.E.A.C.E - Suspect Interviewing technique, Australia, Enterprise Risk Management, Investigative Skills for Security Managers, Certified Fraud Accounting Professional (CFAP), and Executive Protection for Security Management
Inearlydays,everycompanyisfacingchallenges. However,wherethesolutionfails,theopportunities
remaininthearea,andwhere thesolutionscannotbemade, thechallengesbecomeevident. Inthischallengingscenario, thecompanystoodwith confidencebyprovidingthe satisfactorysolutionstothe client.Inthisway,afterdoinga lotofhardwork,theteam Netrikahassuccessfully registeredfortheconsistent growthyearonyear.
TeamNetrikabelievesin qualityservices.Theyhave localexpertise,having100+ yearsofmanagement experienceinthedomain.The clients,whoareexpecting valuefortheirmoney,are comingback,continuously,to Netrika.Though,withvaried fraudinstancesoozingout despitestringentauditsby multinationals,clientsare approachingthecompanyto seektheirvaluableservices.
Netrikaisanew,growing organizationhavingaclear visionofgrowth,while extendingsupporttothe clients.Thecompanyis makinghigheffortstoplace themselvesasthetopmostrisk consultancycompanyinASIA inthenextfiveyears.
Sanjay Kaushik, Managing Director
Setting up risk mitigation practice in a larger scale with a global vision to secure business
Istilloneofthechallengingissuesinthisrapidly evolvingworld.Eachpersonishavingadifferent perspectiveonthesituation,differentprobability, differentconsequentpriorities,andalsohasadifferent scopeofresponsibilities.Theriskmanagementissues havehighlightedavarietyofconcernsinrecentevents. Thistypeofeventssuchasdatabreachaswellas multiplesearchenginerollbacks,haveforcedthefirmsto focusondatasecurity,confidentiality,andcontrolacross systems.
nthiscurrentenvironment,RiskManagementis
Currently,foralltheongoingmanagement,thereisa needforsecuresystems.Whiletheregulatory complianceobligationsaresocomplextomanage. Beyondtheserecentsituations,thetraditionalareasof riskwhichpeoplefaceandtoinvestintechnologyhas beencontinuouslysustained.Thesetraditionalareasof riskincluderecords,conflicts,newbusinessintake, finance,employmentandITdisasterrecovery.
Currently,theriskmanagementhastakeneffortstofocus ontheeventsthat’screatingriskstothefirm’swhich
processdata,image,andprofitability,andmanyofthese revolvearoundtheITdepartment.Withthesuccessive settingofpoliciesandcompliances,themarketbecomes conservative,whenitcomestotheriskmanagement,as theseactivitiescancausemoreriskthantheyresolve. Thestudyrelatedtotheriskmanagementhasgathered theinsightsofgeneralcounsels,ITleadership, professionalliabilityinsurers,riskdirectors,andrisk vendors.Theirinputhasgivenauniqueviewpointofrisk managementissuesandtrends.Theupcomingtrendsthat areactuallyshapingtheriskmanagementare:
TheriskleadershipandITleadershipareincreasingly workingtogether.Thispartnershipisreflectingonthe firmsthatdependonthetechnologyandelectronic information,astheyarecreatingandmitigatingrisksas well.
Thedataconfidentialityhasalreadyemergedasaleading
issueforthelegalcommunity.Whiletheimproperuseof theinformationinwrittenandspokenformatiscriticalto control,buttheelectronicformofdataprovestobe secured,andtheITworldisdemandingforthat.TheIT firmsareexpectingsecurityregardlessofownership, location,etc.Intoday’sworld,theautomaticdata confidentialitysoftwareisexpectedtoacceleratethe tacklingofcomplianceandprivacyissues.
Today,thereisaneedtoidentifyandcontroltherisks. Theactivediscussiononriskisincreasingthe boundariesofriskmitigation.Thisemergingpracticeis beingfollowedtocreateariskmanagementteam. Recently,investmentshavebeenprogressivelyincreased fortheeducationmarketandhavemadefundsavailable tohelpfirmstoimproveriskmanagementand compliance.
TheITfirmshavemadehugeinvestmentsinITrecovery capabilities,astheyunderstandtheeffortthatis necessarytomaintainthesystemsanddata.Thisis havingthepotentialtonotablyreducecostsandsave stafftime.
Theongoingclientrelationshipformationshavecreated anoticeablemethodtoincreasetheriskhandling capabilities.Basedonthecurrenttrends,itisexpected thattheriskrequirementscanbecomemorespecificand sophisticated.
Whenitcomestotheriskmanagement,themarket becomesconservative.Andthefirmsoftenviewthe proactiveidentificationofrisks.Whileitisexpectedthat thepoliciesandeducationaregrowingingeneral, specificITpoliciesandtheautomationofassessment andcompliance(forriskssuchasdataconfidentiality andsystemchangemanagement)arethestillexceptions.
Theresponsibilitiesforrisksareasfragmentedasthe risksthemselves.Theseteamsincludethegovernance,
risk,andcompliance (GRC). Thegovernancerefers broadlytotherules,processesorlaws,bywhichthe organizationsareoperated,regulatedandcontrolled.An organization’sperceptionandtoleranceforriskreston thebackboneofitsgovernance.Riskmanagement comprisestheplans,policies,andprocedures,whichare designedtocontrolactivitiesinordertoaccept,avoidor minimizerisk.Toverifytheriskmanagementcontrols arebeingfollowedornot,compliancemustbemonitored andmeasured.
Theabilitytocreateasustainableeducationand complianceenvironmentofprofessionalrisk managementisoneoftheelementaspects.Whilethe periodicexternalauditsareappropriate,aninternal assessmentcapabilityensures day-to-dayanalysisofprogressandimprovements.Some ofthelargerorganizationshavehiredwellexperienced riskleadersatthetoppositionstofacilitatethisprocess, althoughtheserolesstillhavelimitedpreviewtoreach acrossthefirmtoidentifyrisks.Themulti-disciplinary wellexperiencedriskteamsexpecttheinternal assessmentprocesstobehighontheagenda.
Minimizingthelossesfrommalpracticeclaimsisthekey focusofriskmanagement.Thenewlydevelopedrisk managementstandardsofferamorepositiveperspective, whichnotesthatriskmanagementisnotonlythe mitigationofloss,butalsotheimprovementofefficiency inthe operations, environmental protection, financial performance, corporate governance, human health and safety, product quality, legal and regulatory compliance, public acceptance, and reputation.
Byaddressingtherisksrepresentedbytheabovetopics, thefirmscanfindwaystocreatethebusiness advantages.Itisexpectedthatsomeofthesetrendswill alsotakeyearstobecomethenorm.Intheshort-term, theproactiveparticipationofITinunderstandingand addressingrisks,ensurethattheconsequencesforrisk eventsdoesnotfallproportionallyonIT’sshoulders.
ThroughtheblockchainstartedwithBitcoinandhada historyofmoney.Itisajustfirstusecase.Itisstrangethat aledger–adullbutpracticaldocument,whichismainly associatedwithaccounting-isdescribedasarevolutionary technology.Theyrecordandconfirm:
Beforethefinancialcrises,thebankgrew carelessaboutdirtymoney.Somebankshelped sanctionbusters,somechanneledillegalmoney,andsome movedcashforothercountry’slaunderers.Theregulators begintotakeoversightseriously.Theyaskeddefaulted bankstopaystiffpenalties.
Thecrackdownisdeserved,butsomeoftheresultswere awkward.Itisobservedduetofearthattheymightcommit financialcrimessomebanksrefusedservicestotheir clients.Thepullingawayfromtheclientisso indiscriminatethatit“choke-off”financialflowtomany countriesinAfrica,EasternEurope,LatinAmericaandthe Caribbeancountries.Thesenationshavebeendroppedby thewesterncorrespondentbank,whichwastheirresource forclearingdollarandeuro.Thisresultedinpeopleofthese nationstostarveforfood,medicalsupplies,etc.
Afinancialsystemthatletdirtymoneyflowfreelyisbad, butblockingthecleanoneisworse.Thecurrentfinancial technologyofferstheprospectoffilteringsusceptible transactionforthelegitimateone.Peoplesay “Blockchain,”adigital-decentralized-distributed-ledger technologymayhelptoaddresstheissuebybuildinga solution,whichischeapandhaveacleanwaytoverify customersandtransaction.
Theconsensusaboutwhatisintheledger,andtrustthatthe ledgerisaccurateisafundamentalbuildingblockofmarket capitalism.Thefirmsandgovernmentcanuseblockchains tomakeworkmoreefficientandreliable.
RegTechisasoftwaresolution.Itisusuallydeliveredon thecloud.Itautomatesgovernance,riskandcompliance process.Inthefinanceindustry,itisoftenthoughtthat RegTechisitssubset.However,RegTechhasapplicationin variousindustrieslikeutility,manufacturing,e-commerce, SaaSandcloudserviceproviders,etc.
BenefitsofusingRegTechforacompanyare:
1. Loweringcost:“Compliance”isacosttoabusiness. Byremoving“hassleofaudit”,RegTechcanmakethe complianceprocesslessexpensive.Itfreesupstaffto workonprojects.Ithelpstheorganization’sintheir dailyoperationsandlong-termgoals.Itfosters innovationandimprovesprofit.
2. Knowitsdatamore:RegTechsolutionallowsyouto analyzelarge,complexdataset.Itgivesclearvisibility intoyourorganization’skeyriskindicators,asset results,andcomplianceinitiatives.Itgeneratesthe integratedreportingofself-assessment,manual assessmentsandautomatedcontrols.
3. Reducesanxiety:Mostoutsourcingorganizations don’thavein-housecomplianceprofessionals.By implementingtheRegTechsolutionorganization ensuresthatitisup-to-datewiththelateststandards.It reducesworriesontheorganization’sreadinesswith thelateststandard.
Evenintheworldofderegulationera,RegTechremains relevant.
ABOUT THE AUTHOR:
Atul Gunjal is the Co-founder and CEO of IWORKTECH, having over 30 years of vast experience in software industry. He is an electrical engineering graduate from the University of Pune, India. Atul directs IWORKTECH's overall vision and business strategy, including expansion into new markets, high-level technology direction and operations. His goal is to establish IWORKTECH as one of the respected Outsource Product Development Company.
Despitehavingregulatoryandcompliancesolutions,many organizationsstillusespreadsheetstoconductcompliance activities.Thoughthespreadsheetsarehighlyuseful,itis notatooltouseforregulatoryandcompliancefunction. Dependanceonspreadsheetstomanageregulatoryand complianceprocessiscostlyandinefficient.Keepinmind thataspreadsheetisadocument.Itdoesn’thaveanaudit trailwhichisacriticaltotheintegratedriskmanagement.
Compliancerequirementisgrowing.Therearealwaysnew issuesmonitoringanddocumentationofemployeestrading, insidertradingissues,andmarketabuse.Theseexpanding taskscanonlybemanagedwiththerightsoftwaresupport becausehumanresourcesimplycan’tkeeppace.Sothe answeristhecompliancesuitwhichismodularlydesigned. Itneedstocatervariousthingslike:
· Customerduediligence(KYC-KnowYourCustomer)
· Detecthigh-riskandpoliticallyconnectedindividual
· Preventmoneylaundering
· Financialillegalactivities,e.g.terrorism
· Detectingandmanagingconflictofinterest
· Monitoringsanctionsandembargolist
TherearevarioussoftwarewhichhelpstomanageRiskand Compliance.SofwareAdvice™isatrustedresourcefor softwarebuyer.ItisaGartnercompany.Gartneristhe worldleadinginformationtechnologyresearchand advisorycompany.SoftwareAdvisorhaspublishedalistof riskandcompliancemanagementsoftware.ItsURLis www.softwareadvice.com/compliance/
Weneedasoftwaresolution,whichallowshumantokeep pacewithever-changingbusinessriskandcompliance need.Ibelievethatblockchainbasedtechnologywillbring inmoretransparency,whichisneededtomanageriskand compliance.
Afirmofchartered accountants,that consciouslychoosetomove awayasearlyas1992,fromits traditionalbusinessareasof taxations,audit,assurance, certificationetc.toexplore consultinginthefieldofrisk management,derivatives,cross borderacquisitions,strategies, privateequityetc.Drivenbythe philosophyadoptedbythefirm “Quality is never an accident but is a result of intelligent effort”, thefirm couldquicklyestablishitsreputation initschosenicheareasofbusiness. AsanearlyentrantintothefieldMr. RameshLakshmanhasbeeninvited byleadingfirmslikeKPMGand EarnstandYoungtoconduct customizedtrainingforitsemployees inthefieldofderivatives.Mr. RameshLakshman,theFounder proprietorofRameshLakshman& Co.isalsoaspeakerinmany platformsintheseareasofexpertise. Healsoconductsacoursein DerivativesforSPJainSchoolof GlobalManagementatDubai, SingaporeandSydney.
Thefirmisknownforitsabilityto comeupwithcreativesolutionsto problemsandmoreoftenthannot,
thefirmexceedsclientexpectation. Frompredisbursementvertingof securitydocumentstomanaging financialrisk,usingderivativesfor thebestinterestofthefirm,assistinn markettomarketvaluationfor exitingcontracts,negotiatingjoint ventureagreements,planningfor crossborderinvestmentswehave doneitall.Apartfromnational clientsthefirmhascateredtoclients overseasthroughUNDPproject AMSCOindifferentAfrican countries,particularlySwaziland.
Whetheritbepureandsimple businessconsulting,or private equity sourcing and deal negotiations, structured finance, derivatives and risk management, valuation of financial instruments, pre disbursement validation of security documentation our clients range from varied industries. These include automobile components, pharmaceuticals, jute, infrastructure- water distributions and cargo movement logistics, financial services, banks, hotels, private equity investors, trading, engineering services, power, jewelry and watches, software, power.
Therecentchangesinaccounting standards,newthoughtsand legislation,newtechnologiesand newbusinessmodelsallthrowup multipleopportunitiesforconsulting indiverseareas.Thefirmisnow lookingforwardtoanotherdecadeof rapidgrowthpoweredbythese businessopportunities.
Recentlythecompanyadviseda corporateonunwindingaderivative structure.TheMTMvaluationbythe bankwasUSDm1.2Million.Against thistheValueplacedbythefirmwas 5.5.MilionUSD.Thenaprotracted negotiationwasheldwiththebank andfinallytheclientcloseditata valuationof4.3MillionUSD.The enhancedvalueassimilatedforthe clientisanindicationvalueaccretion thatthefirmprovidesinitsniche areasofexpertise.
Thefirmcontinuestoholdits positionthat –“We are a boutique firm and intend to be so. Hence we do not face any major problems. We work with the limited number of
clients at any time, so as to be able to reach out and meet their requirements in a time bound manner” Wealways haveandwillcontinuetoensurethatasafirm,itmust reachoutbeyondtheapparentanddelivermorethan whatwasexpected.
Thefirmtypicallyworkswitharangeofconsultants whoseservicesaredraftedonthebasisofexpertise requirementandtheclientengagement.Thefirm undertakesbothshorttermandlongtermprojects, nationallyandinternationally.Thelastinternational engagementwasatMuscat.
Another key area being explored by the firm is risk analytics, the use of data analytics to determine risk of fraud, mis appropriation, cheating, etc. This area is being explored in addition to identify risk in automated environment where human intervention is limited. Using algorithms, historical trends, deviations and number
repetition, risk analytics will drive down to areas or documents with potential risk and explore these areas further to identify actual risks and also losses if any or determine that there is not apparent risk despite the deviation in data patterns.
Asidentifiedbythecompany healthisturningouttobeone ofthemajorriskfactorsinthe livesofmostcitizen.Witha viewtomeetthischallenge andprovideuseful managementservicesthefirm issettingupanewentity whichwillprovideholistic healthcaremanagement throughalternatemedical systems.Initialprogrammes plannedincludereversing diabetics,Hypertension, healthcareduringpregnancy anddevelopedofmental facultiesofchildrenbetween threemonthtothreeyears. Theapproacheswillcenter aroundvibrations,magnetic healings,soundtherapyetc. Managingthesethroughdiet andnutritionusingspecial techniquesofcookingetc. willhappentobekey ingredientinthesolutions offered.
is the result of intelligent efforts and a will to produce superior things
Artificialintelligenceiseverywhere,andineverything;from
self-drivingcars,trains,airplanestosocialmediachatbots.
Additionally,itaffectsmultiplefacetsofhumanexistencetobring ameaningfulaswellasenrichingchangeinourlives.Ononehand,ithas broughtefficiencytoprocesseswiththemuchneededspeed,reliabilityand savedinvaluabletime.Ontheotherhand,ithelpspeoplefromvarious countriesseamlesslyinteractwitheachotherusingAIpoweredvoice translationtoolsinrealtimetomakehumaninteractionsmoremeaningful. Today,theexplosionofAIapplicationsistakingplaceineverysector; howeveritistakinghugestridesintheareaofriskandcompliance.
Currently,organizationsarefacingchallengesinimproving theirperformance.Intoday’sworld,businessesare managingeverythingundertheoneroof.Hence,the subsequentgrowingriskinbusinessesisconstantly reshapingthebusinesslandscape.Riskandcomplianceare providingsinglecentralizedsolutionsandempoweringthe organizationsaswell.
Hugeamountofdataisbeingcollectedbycompaniesevery day.Thisdataisacombinationofstructuredand unstructureddata,anditneedstobeanalyzedaccuratelyfor smoothoperations.ThefuturisticAIprocessesare automatingthisintegralpartofriskassessment.Theamount ofdatawillonlykeepgrowinginthefuture,andthusthe mistakeswillhappenwhileprocessingthedatamanually. RiskandcomplianceAIoperationsareintendedtosimplify, sothetechnologyandprocessesevolvewiththetimesto copewithexpandingdatasets.
Theabilityofcomputerstoquickanalyzinganditsquick decisionisobviouslybeneficialtoenterprises.Hence, businessesarelookingatimplementingAIsystemstospeed uptheirprocesses.AfterimplementingAIprocesses,the riskandcompliancesystemswillbeabletoautomatically collectdatafromvariousdatastreamsandchannels.After analyzingthedatasetsandoperations,itwillpossibly suggestanyprocessorstrategicchanges.Theseevolving technologies,likeAI,machinelearning,predictive algorithms,etc.,areimprovingthepotentialstakesfor companies.Thus,companiesareabletomanagetheentire riskoftheenterprise.
Theriskandcompliancelandscapeareunderalotofstress duetounforeseeableuncertaintiesinthebusiness environment.Duetotheuncertainnatureoftherisks involved,businessesmayfinditdifficulttoplanahead, whichinturnincreasestheriskmargins.Today,itis predictablethattherewillbefarmoreunpredictableevents willhappeninthenextfewyears.Assuch,thetechnology andapproachesoftheriskandcompliancewillevolveto handlethisuncertainty.Firmswillbemorefurnishedto managetheunexpectedrisks,bychangingrapidlythe marketorindustrytrends.
AIalgorithmshavealreadyexistedforthepasttwenty years.But,theAI’sapplicationofaniterative,learning processsplitsitfromothertypesofdataanalytics.This allowsthesystemautomaticallytoadaptinputsandperform tasksmoreefficiently.Beforeproceedingtowards implementingAIsolutionsorAIprocessesinbusiness,the threethingsalwayshavetoconsider,andthoseare:
· Understandinganddefiningtheavailability.
· Pinpointingtheproblemtosolve,anditsassociated usecase.
· Useoftherighttechnology.
TheAItoolsandtechniquesarehelpingfirmstomanagethe riskandcompliancetasks.CertainAItechniquesandtools arechangingthewayofbusiness.Thesetechniquesinclude: robotic process automation, speeding up routine tasks and minimizing human error andalso text analytics and insights, processing unstructured data, negative news, case notes,andmore.OneoftheAItechniques,whichare changingtheriskandcompliancelandscape,is entity resolution and network analytics,i.e.,determiningthe connectionsbetweentheindividuals. Natural Language Processing (NLP) isoneofthebiggestAItechniques.
· Enhancethefeatures,functions,andperformanceof theproducts
· Optimizeinternalbusinessoperations
· Freeuptheworkerstobemorecreativebyautomating thetasks
· Makebetterdecisions
· Optimizinginternalmarketing,salesprocesses
· Pursuenewmarkets
· Capturingandapplyingscarceknowledgewhere needed
