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Popular GRC Posts

Governance Structure in an Organization | Board of Directors | Board Level Sub Committees

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Unleashing Governance, Board Oversight, Board Committees and Management    Governance Board of Directors and Board Sub-Committees Institutions such as banks, money service businesses (MSBs), payment gateways, financial technology (Fin-Techs), eCommerce, Manufacturing, trading, and other organizations need to develop and implement strong Governance Structures and Mechanisms to manage the affairs of the institution.       Shareholders are required to ensure that they hire a dedicated team to oversee the overall business and operations on their behalf, therefore to govern the institution the Board is formed and suitable and experienced members are hired to join the Board. The Board of Directors may be dependent and independent, depending on the applicable Governance requirements, such as the Code of Corporate Governance implemented by regulators in the country.  Board Committees The Board of Directors forms different sub-level board committees to dedicate...
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Introduction to Compliance Risk Assessment

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Introduction to Compliance Risk Assessment Before starting the Compliance Risk Assessment (CRA), it is important to know about some important factors that increase the importance of performing CRA. High competition, changes in business practices, complex products and operations, adoption of technology and digital payment mechanisms, increase in expectations of customers, and increase in numbers of financial crimes, including but not limited to money laundering, frauds, insider trading, human trafficking, market abuse, etc. have led to the emergence of new risks, including compliance risks. This is because, in order to control the above-mentioned broader risk factors, the organizations or institutions are required to take appropriate and robust measures, to ensure that these risks are managed to avoid losses, including financial and reputational losses. Regulators are also working to further, strengthen the regulatory frameworks, which are required to be complied with by the organizatio...
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What Is Regulatory Compliance

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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...
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Who Is Your Customer? Know Your Customer (KYC)

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Who Is Your Customer?  A customer is a person, including the individual, business, corporate, organization, etc. to whom the products and services are provided, as part of the business relationship. Customers are the source of business and profits for the organizations.  Customers are required to be treated with care and in an ethical manner, and regulatory authorities require companies and organizations to ensure that fair dealing policies and practices are adopted and implemented. Types of Customers? Customers may be real person or individuals or legal businesses or entities. Customers usually include  salaried individuals,  business start-ups, sole proprietors, traders, housewives, small and medium enterprises, corporate entities, not-for-profit organizations, charitable organizations, welfare trusts, governmental organizations, etc. Nature and types of customers vary from organization to organization.  Customers may belong to different jurisdictions or count...
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