In today’s world, organisations need to view risk and compliance as agents that drive strategy, capabilities, performance and sustainable growth rather than as a cost and resource burden that can tick some boxes. No organisation operates in a void and therefore changes to its operating environment need to be assessed and addressed on a proactive basis to avoid any business disruptions. While risk management and compliance applies to all organisations across sectors, this requirement is more pronounced within heavily regulated industries such as Banking, Financial Services and Insurance (BFSI).
SnM and Risk and Compliance in BFSI
SnM will help the organisation to (a) Understand the requirements and imbibe the spirit of the Regulatory Guidelines, (b) Assess where the organisation stands with respect to addressing and/ or complying with extant guidelines, (c) Implement measured necessary to overcome weaknesses in the system and abide by the regulatory requirement, (d) Monitor critical functions to help in early detection and curing of shortfalls and finally (e) Training to help the organisation instil a culture of “growth through compliance’ and be up to date on changing regulations so that all aspects of the business have market best practices and regulatory requirements in mind at all times mitigating compliance risks.
