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Compliance: Its importance, and why managing it effectively needs to be a habit

Not long ago, getting ISO certified was important for large process units in Financial Services. It gave the organization the comfort that setting-up quality management standards helped people work more efficiently and reduce product or process failures. In a nutshell, all processes were supposed to be compliant.

However, in reality, there were several failures despite an Organization being ISO certified. Despite the highest standard defined, if a process is not embedded with well-defined control mechanisms that facilitate escalations, using technology at its core, it is designed to fail. More so in today's fast-moving, and voluminous world of transactions, governance mechanisms act like brakes that help organizations negotiate their routes safely.

Compliance has to be embedded and a well-embedded Compliance system starts with well-defined processes. One of the most vulnerable areas, even today, is the lack of a proper governance mechanism - to track the processes and highlight weaknesses and issues. Failures in processes continue to happen despite what has been documented as standards and processes.

When processes don't work as they should, it often means that standards are absent. However more often the case would be that these standards are not being tracked in a formal manner resulting in breakages or failures.

So how can organizations drive safely and yet ensure that business does not suffer owing to overt compliances?

Ensure that proper governance mechanisms are in place. One such product that has been developed to ensure that Governance mechanisms work well and all compliances are tracked formally, is Compliance Sutra.

1. It is a transparent compliance system that tracks the journey of any compliance flow for any

  • Stock Broker

  • Depository Participant

  • Portfolio Manager

  • Alternative Investment Fund

  • Investment Advisor

  • Research Analyst

  • Bank

2. With this flow system, the users can access task completion and performance from anywhere.

3. It provides a Dashboard view for anyone across the organization to track all issues and tasks assigned to him or anyone.

4. It helps users drive their compliances to closure within the prescribed timelines

5. With its easily configurable flows, it helps track the completion of any task along with its performance

6. Accessing and sharing compliance history just got better with this.

About Compliance Sutra

Compliance Sutra is a product of Secmark Consultancy Ltd.

Secmark is a listed company and is in the business of Consulting, Technology and Outsourcing services in the area of Regulatory Compliance, Operations, Risk Management and Business Processes. SecMark is a young Company managed by industry experts who hold multiple professional qualifications and have experience working with Regulators, Exchanges, Depositories and Leading Financial Institutions.

More than 200 financial institutions have availed of these services so far. The clients include MNCs, Large PSUs and leading private players in financial markets.

Execute Partners is in the business of consultancy enabling clients, customers and their businesses, by implementing ideas or bringing them closer to solutions that help them be compliant and mitigate risks without disrupting their business.

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