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The articles and blog posts that are posted on this GRC blog are for knowledge, awareness, and education purposes only. No article or blog post on this blog is intended to be used as an advice or opinion. This Blog is not created to provide any kind of opinion or advice on any GRC, financial or non-financial matters. 

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Popular GRC Posts

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 Securities and E
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Performing KYC/CDD at Different Stages of Customer Lifecycle

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KYC/CDD at Different Stages of Customer Lifecycle   Customers need solutions to their needs and wants and explore different financial options, to choose suitable institutions for collaboration and services. They need quick responses and easy solutions to their account opening and financing needs.  The financial objectives of the customers might include obtaining finance or funds, to utilize or invest in some profitable business or company or they may require other services that these financial institutions provide, such as credit card, payment gateway, digital payment solution, etc. When we talk about the financial service industry, such as banks, money exchange businesses, money service businesses (MSBs), remittance companies, insurance houses, payment gateways, etc. the needs of most of the consumers are linked with their financial objectives. 
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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 countries therefore; they pos
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