- A Non-Banking Financial Company (NBFC) is a company
engaged in the business of loans and advances, acquisition of
shares, stock, bonds, hire-purchase insurance business or chit-
fund business but does not include any institution whose principal
business includes agriculture, industrial activity or the sale,
purchase or construction of immovable property.
- It is difficult for their regulators and clients to
have rigorous processes in place to identify,
understand, control, remediate and monitor their
audit and compliance posture.
- They are not able to document their risks to the
board of directors or regulators, and to look
beyond the horizon.
- Banking sector require real-time operation to be
fast and clear. Regulation of compliance and
regular audit keeps the systems up-to-date and
- As organizations become more complex, they
are exposed to a variety of threats and
vulnerabilities that can have a direct impact on
growth and business performance
- It is critical to regulators and clients that NBFCs
should have rigorous processes in place to
identify, understand, control, remediate and
monitor audit and compliance posture.
- Our Internal Audit Management and Compliance
management help NBFCs streamline audit and
compliance in order to create synergy across
its enterprise governance, risk and compliance
- These digital solutions will not only enable
NBFCs to measure and manage risk in a
scheduled manner, but will also provide
centralized governance through FreshGRC.
FreshGRC solution will also support the Audit
team in managing audit planning, execution
and issue tracking as a third line of defense.
- NBFCs have been straddling multiple business
lines. This makes it imperative for them to
leverage GRC solutions that will further strengthen
the business objective of combining sustainable
profitability with controllership.
- FreshGRC’s Audit Management and Compliance
management will improve usability of prepackaged
customer reports as well as increase overall ability
to measure and manage risks.