Financial Institutions, like any other business, are subject to managing several kinds of risks and one of them is ‘Compliance’.
Compliance Risk has a direct impact to an institution’s earnings or capital from failing to meet various laws, rules and regulations as governed by regulatory bodies. Besides, policies are periodically revised, causing the compliance process lifecycle to be re-executed. While doing so, disconnected functions need a one window solution to be on the same page for reviewing, verifying and reporting purposes. Therefore, detailed insight into the exact stages of compliance process becomes an inevitable need. On the other hand, foresightedness and subsequent proactive resolution is required to mitigate upcoming issues in the compliance process.