REGULATORY COMPLIANCE
The compliance of laws, rules, directives, and specifications pertinent to an organization’s business processes is referred to as regulatory compliance. Regulatory compliance violations frequently result in legal sanctions, including federal penalties.
Most firms have recently made significant investments in effective governance, risk management, and compliance assurance. However, they continue to face intense pressure from their clients, shareholders, and staff to improve
accountability, exhibit moral behaviour, and proactively address legislative change.
Your business is required to comply with a growing assortment of legislation, industry regulation and best practice for which your organization requires effective compliance solutions and consulting services. Failure to do so could result in fines, penalties and litigation.
HOW CAN YOUR ORGANIZATION BENEFIT
- Increased focus on business outcomes :
Utilize routine audit and control monitoring efforts to reduce financial leakages, spot exceptions and errors in almost real-time, boost profitability, and enhance compliance.
- Reduced cost :
Replace multiple country level audits with fewer centralized offshore audits and manage your compliance from a centralized offshore location.
- Enhanced efficiency :
Automate your control testing to streamline procedures, reduce the number of controls, and boost the output of your operations and IT teams.
- Enhanced reputation:
Enhance your reputation by following compliance procedures.
- Reduced risk:
Identify, address and reduce enterprise-wide risks by implementing controls to increase the overall level of your compliance and control.
MEETING REGULATORY COMPLIANCE STANDARDS
- Keep on top of regulatory changes
Being compliant after the event is insufficient; you must be proactive in looking for new standards and laws. - Make sure your employees understand the importance of compliance
If you don’t know what laws you’re following and why you have to be in compliance, it’s difficult to be enthusiastic about compliance.
By providing training, describing the requirements you must go by, the significance of those standards and regulations, and how it affects your employees’ day-to-day work, you may make the process less mysterious for your staff. - Designate a compliance champion
Although everyone has a role in compliance, there should be a single central figure who is responsible for it.
Small or medium-sized businesses might not have the resources for a compliance champion or team, but the majority of large enterprises have a compliance officer, and some have whole compliance teams.
Choose someone to handle compliance-related concerns if your organisation doesn’t already have one. The responsibilities of that individual should include keeping the rest of your business informed, keeping an eye out for changes to rules and standards, and monitoring compliance. - Build a bridge between your security team and legal
The issue of compliance with security legislation and standards affects more than only CISOs. Due to the significant penalties for violations and non-compliance, it is crucial that your company’s legal staff collaborate with your compliance officer or security team to analyse occurrences, public disclosures, rules, and dangers, among other things.
Your board and leadership may take compliance and standards more seriously if you have a good working relationship with the legal department. It can also assist your organisation stay in compliance. - Constantly monitor for compliance with the right tools
Automated technologies make it possible to monitor compliance in real-time, giving you constant assurance that your company is adhering to rules and regulations, reducing the cyber risks that could result in a data breach, and reducing the possibility that human mistake could cause a gap in compliance.
THE ISO 27001 & IT’S BENEFITS
- ISO/IEC 27001:2013 (also known as ISO27001) is the international standard for information security. It sets out the specification for an information security management system (ISMS).
- By addressing people, procedures, and technology, the information security management system standard's best-practice approach assists organisations in managing their information security.
- Certification to the ISO 27001 Standard is recognised worldwide as an indication that your ISMS is aligned with information security best practice.
- The ISO 27001 framework, which is a member of the ISO 27000 family of information security standards, aids organisations in "establishing, implementing, operating, monitoring, reviewing, maintaining and continually improving an ISMS."
Benefits of ISO 27001
- Protect Data
- Increase Attack Resilience
- Reduce Information Security Costs
- Respond to Increasing Security Threats
- Improve Company Culture
- Meet Contractual Obligations
SECTORS THAT COMLETELY TO THE REGULATORY STANDARDS
- The financial industry , for example, is increasingly regulated to protect the public and investors. Due to the greater oversight and regulation of financial institutions, the market has undergone a considerable reorganisation, borrowing rates have decreased, and the range of financial products available to consumers has risen.
- Healthcare organisations must show that they have taken measures to protect patient privacy in light of the growing digital storage of personal data. These measures should include using adequate server security and encryption techniques, requiring proper authorization to access information, and responding to consumer requests to learn what personal data is stored about them.
- Any energy provider must adhere to severe rules for both environmental and safety protection. And throughout all aspects of their operations, government organisations adhere to stringent restrictions regarding issues like equality and moral employee conduct.
REGULATORY COMPLIANCE SERVICES
- Regulatory applications
- Ongoing managed services including:
1. Compliance monitoring
2. Remote specialist advice and support
3. Compliance health checks
4. Capital Adequacy support
- Co-sourcing arrangements and secondments
- Senior Managers & Certification Regime
- Operational Resilience
Monitor Mobile Technology Security and Efficiency
If you have a BYOD policy, it is important to perform internal audits to determine how many BYODs you have authorized, as well as devices you have purchased and assigned to staff members. A thorough mobile technology internal audit helps you report stolen or lost personal devices and also gives you a chance to ensure that each device features encryption to protect sensitive data, or that mobile users do not keep such data on their personal computing devices.
QUERY
frequently asked questions
- RESERVE BANK OF INDIA (RBI)
- Control money supply
- Monitor key indicators like GDP and inflation
- Maintain people’s confidence in the banking and financial system by providing tools such as ‘Ombudsman’
- Formulate monetary policies such as inflation control, bank credit and interest rate control
- Protect the interests of investors through proper education and guidance
- Regulate and control the business on stock exchanges and other markets
- Stop fraud in capital market
- Audit the performance of stock market
- To safeguard the policyholder’s interest while ensuring a fair and just treatment.
To have a fair regulation of the insurance industry while ensuring financial soundness of the applicable laws and regulations.
- To frame regulations periodically so that there is no ambiguity in the insurance industry.
- To keep forward markets under observation and to take such action in relation to them, as it may consider necessary, in exercise of the powers assigned to it under the Act.
- To collect and whenever the Commission thinks it necessary, to publish information regarding the trading conditions in respect of goods to which any of the provisions of the Act is made applicable, including information regarding supply, demand and prices, and to submit to the central government, periodical reports on the working of forward markets relating to such goods.
- To make recommendations to improve the organisation and working of forward markets;
- To undertake the inspection of accounts and other documents of any recognised association, registered association or any member of such association whenever it considers it necessary.
- Regulating National Pension System and other schemes applicable under PFRDA Act.
- Protecting the interest of pension fund users.
- Developing and regulating pension funds.
- Regulating and registering intermediaries
- Establishing grievance redressal
- Approving terms, schemes and norms for corpus management in pension funds
