Risk and Compliance Management have a symbiotic relationship – both tend to foster each other. Good Risk Management practices feed directly into a business being more compliant while Compliance Management ensures that organizational risks are reduced. The combination of the two results in the good governance of a business.
While both practices play a crucial role in modern-day business, there is another trait they share in common – both are taxing exercises. Compliance is mandatory for any business, failing to complete it can have drastic consequences – from heavy fines to revoking of permissions. And even though Risk Management is more discretionary than compliance, it is for the own good of business owners and other stakeholders.
Given the serious and detailed nature of both functions, businesses look for solutions that can help them ease their unwieldy characteristics. This is where COMPLIANCE iNBOX can help.
Compliance iNBOX (CiB) is an intelligent SAAS based solution by BAFintech. On the risk side, the tool has components that bring to light internal Risk Management shortcomings. On the compliance side, CiB offers comprehensive coverage of all major laws and acts. It is easy to customize and has a built-in alert and tracking mechanisms. It automatically monitors regulatory requirements that apply to a business and organizes compliance documentation. To make it easy for compliance and risk managers, the tool can conduct audits and self-assessments. It also collects issues and incidents related to non-compliance and manages them.
It has an informative Dashboard and helps simplify the understanding of tasks that need to be done – a major plus for these difficult functions. It also takes cognizance of the time the concerned person has to complete those tasks. Function heads have the authority to decide the users who can get access to certain data and can restrict others from seeing sensitive information. The tool also allows for the delegation of tasks.
A major advantage of CiB is that it grows with a growing business. Users can add new applications and expand its use across new departments. Even if a business undertakes an acquisition, the tool’s functionality can be extended to the acquired entity.
Such a seamless and highly customizable tool can be a great asset to both rapidly growing and mature businesses whose promoters want to make the process of Risk and Compliance Management hassle-free.
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We also provide free training & support regarding the use of COMPLIANCE iNBOX.
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