Governance, Risk and Compliance (GRC)

Use of Data Analytics by Compliance Function   Data analytics or simply analysis of data in a meaningful form is the need for various functions and departments working in an organization. Similar is the case with the Regulatory or Compliance function, of the organization, which is established to ensure compliance with applicable regulatory requirements, by the management and employees of the organization. Data re quired to assess the compliance status may be dispersed in different departments and systems, which need to be identified and extracted on a timely basis. One of the problems is the legacy data, which may be incorrectly maintained, by the business and operation departments of the organization.  For example, the information related to account opened by the organization of different customers may be dispersed with different business departments or branches. Such information may contain errors or violations of applicable regulatory requirements due to various reason...

What Is Regulatory Compliance To understand Regulatory Compliance, we need to know about Compliance first.  What is Compliance? In general terms, Compliance means the act of identifying and practicing the particular information, received from some reliable source. Now, if we think about Compliance by a business, entity, or organization, then Compliance will be defined as follows: Compliance means the identification, understanding, and practicing of the provisions of applicable laws, regulations, standards, policies, circulars, etc. that are issued by the State or the Regulatory authorities. Now, Regulatory Compliance means, compliance with the provisions of applicable regulations issued by the regulator. Who is a Regulator?  Regulator The Regulator is the supervising body or institution, which issues a license, provides directions, issues frameworks and regulations, and provides oversight to the entities or organizations, which are registered with it.  For example, The Se...