NBFC

Background

  • 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.
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Challenges

  • 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 responsive.
  • 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

Solution

  • 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 functions
  • 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.

Resulte/Benefits

  • FreshGRC provides a common framework and an integrated approach to manage multiple aspects of governance, risk, compliance and audits.
  • The Solutions provide rapid insight into changing business conditions, while increasing collaboration among business units and functions, and bringing transparency into the GRC process across the enterprise.
  • Improve GRC maturity through an integrated and flexible GRC program.
  • Optimize risk-reward outcomes by gaining a comprehensive, real-time view of your organization’s risk profile.
  • Simplify regulatory compliance, using a single system to manage your compliance requirements and activities.
  • Enhance GRC productivity and efficiency across the value chain.
  • Facilitate greater communication and collaboration on GRC tasks across business units and locations.
  • Establish a unified risk taxonomy and nomenclature through an integrated GRC framework.
  • Audit Management help client overcome the challenges by automating audit management workflows, providing a real-time view of risk and audit data, and enabling cross functional communication through a centralized audit management system.
  • Greater Audit Efficiency and Time-Savings
  • Streamlined and Well-Defined Audit Processes for Effective Risk-Based Audits
  • Improved Collaboration and Enhanced Visibility into Audit Data.