Enterprise Risk Management (ERM) includes methods and strategies used by an organization to manage overall risks and minimize the effects of the same on its earnings and profits. Compliance Risk is a cause of concern for many firms due to constantly changing regulatory landscapes, rising regulatory fees, modifications to existing laws, varying cross-border laws, changing expectations of stakeholders, etc.
Conventional Compliance Risk Management models focused solely on adhering to legal norms. But they had a narrow understanding of business operations and underlying risks. Control mechanisms to reduce risks were largely subjective. Lack of a standardized control environment often led to lapses in Regulatory Compliance.
Thus, the best way to lower Compliance Risks is to integrate Compliance Management with the Corporate Governance and ERM framework. Such integration increases the visibility of systemic risks and ensures timely detection and management of material risks. COMPLIANCE iNBOX is a one-stop solution to all your Governance, Risk, and Compliance issues.
Expected outcomes from an integrated approach
You need a Compliance Management model that is a comprehensive repository of all rules, regulations, and laws. COMPLIANCE iNBOX is a hassle-free, cost-effective, integrated, and seamless platform with an exhaustive coverage of all national and international laws.
An integrated model helps in clearly defining roles and key performance indices. COMPLIANCE iNBOX’s multiple-role definition feature helps managers in tracking the performance of their subordinates with a clear demarcation between authority and responsibility. It covers task details, task completion time, and task deadlines. Thus, internal compliance is taken care of, and granting or denying user-level permissions becomes easier.
A complete GRC framework introduces flexibility and adaptability in Compliance Management procedures. The unique design of the COMPLIANCE iNBOX’smodel is very agile. You can easily integrate new applications with CiB or add new verticals as they get introduced. You can also meet your contingent Compliance and Risk Management needs with this 100% customizable model.
An ideal compliance model must minimize your technology overheads without compromising on security, productivity, and longevity. The complete SaaS-based approach adopted by COMPLIANCE iNBOX helps you lower your IT overheads as you no longer need to install, maintain, and upgrade pricy hardware and software. Moreover, granting online access to regulators and stakeholders reduces paperwork, introduces cost efficiency, and prevents security breaches.
Lastly, a good Compliance Management model should be user-friendly. COMPLIANCE iNBOX is an easy-to-use model that quickly configures and automates repetitive workflows.
Thus, it is a handy tool for compliance staff, auditors, and risk personnel and ensures seamless Compliance Management.
BA Fintech ( a joint venture between Boston Financial Advisory Group and Avanze Group has an excellent product known as COMPLIANCE iNBOX (CiB). It is a compliance management software that integrates and streamlines the approach to compliance management. It promises timely and accurate compliance without the typical cost and hassles associated with the activity. Its Dashboard provides a comprehensive view of the status of various compliances and audit activities across an entire business on a single screen. It generates dynamic reports which present information in the form of charts, tables, and data grids which greatly simplify the decision-making process for Promoters and senior personnel and lets them focus on the core business.
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