Financial service companies have seen a tremendous boost in business volume, enabled by digital technologies. Transactions that would take several hours are now taking only a few minutes or seconds. Though this has certainly been a boon, it has become a challenge in some other aspects like regulatory compliance. Changing risk management requirements have stretched existing compliance frameworks thin. Risk and Compliance departments are facing a pressing need to optimize and innovate to gain an edge in the changing regulatory environment surrounding digital technologies.

Increased regulation, stricter norms, and market changes have dramatically increased the Risk and Compliance cost for financial services companies. The regulatory regime is becoming more data-intensive and intrusive and this trend is here to stay. In order to keep their operations transparent and reliable, such companies have to rethink their Risk and Compliance functions without overburdening costs for the same. The answer to mitigating the rising cost is the same that has led to booming transactions – Digital Technologies.

In order to benefit from them, such companies need to assess their offerings and the regulatory environment to determine the best-suited solution. The factors that give rise to risks can be very different for companies operating in the financial services universe. The understanding of how risk originates transforms and needs to be managed is crucial. This understanding needs to be coupled with the following digitization drivers:

  • The omnichannel operation lets firms operate anytime and from anywhere. This omnipresence also leads to an increased risk of cyber-attacks and fraud.
  • The application of advanced risk profiling because of digitally migrated customers.
  • Data and analytics can help companies gain accurate insights on a near real-time basis.

Companies can make use of Digital Technologies and digitize their Internal Risk, Audit, and Compliance, Management models. This can help in streamlining their Risk and Compliance processes. They need to see the compliance and risk management function as a strategic partner in business. This will allow them to create a Center of Excellence surrounding this function which has become essential in order to keep pace with stricter norms and evolving regulation. An efficient digital tool will also make such companies flexible and agile in both their business and Regulatory Compliance and Risk Management.

The good news is that financial service companies have such a tool available to them. COMPLIANCE iNBOX – an offering by BA Fintech – is a digital solution for companies’ compliance requirements. It offers a comprehensive dashboard and a compliance calendar so that no due dates are missed. It has an E-Audit function which provides an audit plan tracker with an audit trail. It also helps companies make use of financial analytics by integrating with the accounting software being used by them. All-in-all it is a great way for companies to leverage digital technology for the Risk and Compliance function.

BA Fintech (a joint venture between Boston Financial Advisory Group and Avanze Groups) 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.

Why not give us a call & find more about us? We are here to help you.
 Also, we provide free training & support regarding the use of COMPLIANCE iNBOX.

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