Automating Regulatory Compliance Management in MFIs, NBFCs and Small Finance Banks with Audit360
In today's rapidly evolving financial landscape in India, the automation of regulatory compliance management is becoming increasingly critical. Financial institutions such as MFIs, NBFCs, and Small Finance Banks are grappling with the challenges posed by manual and outdated compliance reporting methods. Audit360 emerges as a sophisticated solution designed to address these challenges by automating and streamlining compliance processes.
Key attributes of regulatory compliance automation and Audit360 features
Audit360 offers an integrated, workflow-based solution that automates risk and compliance assurance across the organization. It is a checklist-based platform used by Internal Audit teams and business departments to ensure adherence to policies and regulations, thereby enabling comprehensive coverage and real-time compliance status reporting.
Audit360 enhances communication and collaboration among business units, compliance and IT teams, senior management, auditors, and process owners. Digital Interfaces, like?
the Auditor and Auditee apps, make it possible to collaborate using a single application, even from the field. The automated email reminders and notifications communication module facilitates a unified platform for collaborative task execution.
The Solution allows internal audit and management teams to identify compliance requirements through planned audit checklists, instant checkpoint entries, and capture of instantly identified issues. Incorporating digital checkpoints and evidence capture, along with mobile applications for field compliance, underscores the system's adaptability and thoroughness in real-time monitoring compliance. Noncompliances are tracked and resolved through issue resolution workflow.
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Audit360 provides configurations for setting non-compliance escalation paths. The issue resolution workflow tracks the timely closure of non-compliances. Unresolved issues are methodically escalated to the management or board level as necessary. The internal audit dashboard highlights non-compliance statuses in near real-time. These charts can be part of the audit committee review meetings. The users can see escalated issues through in-app notifications. These notifications can be configured to be delivered via email as well.
Audit360 enhances accountability in managing non-compliance by recording approvals for any deviations or delays. Its audit review and approval workflow systematically documents the reasons behind non-compliance, supporting multi-level reviews and issue verification. This feature enables tagging compliance issues to relevant authorities, such as regional managers or department heads, who can request further explanations directly within the compliance dashboard. Ultimately, these authorities approve the provided justifications, ensuring traceability and responsibility in the compliance process.
Audit360 provides automated reporting for senior management with near real-time compliance and conformance dashboards. The dashboards give a unified view and support drill-down reporting, data filtering, and deeper analysis, with customizable displays to match organizational formats, enhancing informed decision-making.
As we navigate the intricacies of regulatory compliance in the financial sector. Audit360 stands out as a comprehensive solution that addresses the current challenges financial institutions face in managing regulatory compliance and anticipates future requirements. Its deployment can significantly streamline compliance management processes, reduce the risk of non-compliance, and foster a culture of transparency and accountability within the organization. In an era where regulatory scrutiny is intensifying, and the cost of non-compliance can be substantial, Audit360 offers a robust framework for ensuring that financial institutions remain compliant, resilient, and competitive