Perks of an Automated Compliance Management System

Banks Paying Huge Fines for Regulatory Violations When the financial crisis of 2007-08, with an epicenter in USA, hit the world, everyone took notice. It was deemed that the crisis will be a lesson for the future and financial institutions will learn from their mistakes. Ten years down the line and it seems like BFSI (Banking, Financial Services, and Insurance industry) is still experiencing the aftershocks or…

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Automate Regulatory Change to Improve Business Continuity

With the loss of Chinese number one Ke Jie at the hands of AlphaGo (A Google Algorithm), the world has seen another conquest of Artificial Intelligence over the human mind. The matchup that we are talking about took place in an eagerly watched ancient Chinese board game of Go. The conclusive victory of AlphaGo has proved that AI as a technology will soon be the flag bearer in the next stage of…

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Challenges for Compliance Management in Today’s World

Banking, Financial Services, and Insurance (BFSI) is a heavily regulated industry with a large number of compliance related activities, which need to be followed effectively for proper and risk-free operations. With an increase in interconnected operations between different organizations, it has become extremely difficult to thrive in the industry by utilizing rudimentary methods for compliance management. How to Manage Ever Increasing Number of Regulatory Compliances? In the past, when the number…

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Why Banks must have an effective Compliance Management System?

Since banks are financial institutions, they are licensed to receive deposits and provide loans. They also provide important services like wealth management, currency exchange, and safe deposit boxes. Due to the high-risk nature of their operations, banks are regulated by the government and/or central banks. The regulatory bodies formulate certain compliance parameters to streamline the operations of these financial institutions. Importance of Regulatory Compliance Over 100,000 new security threats on daily basis have been noticed…

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How to Manage Increasing Internal Audit Needs with Less Resources?

An internal audit comprises of different activities like examination, monitoring, and analysis of functions related to a company’s operations. It helps in checking on employees’ behavior and information systems. Internal audit regulations like the Sarbanes-Oxley Act have considerably increased corporate requirements for performing internal audits. In the modern corporate world, audits have become an integral component of an organization’s risk management policies. Audits are an impartial examination of an organization’s financial and…

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