How has Regulatory and Compliance Solution revolutionized the world?
Compliance function has now become a part and parcel of any financial organization. All transactions, asset exchange, and management protocols are governed by a set of compliance regulations. Failing to comply with the regulations might invite legal penalties and fines. Many severe frauds and engagement in illicit activities lead to the permanent shutdown of the company. All of these ramifications are quite disastrous for a company. Thus, in order to deal with such situations, fintech startups have introduced automated compliance solutions for banks which led to the evolution of regulatory and compliance solution. The financial compliance system is growing in the market with a rise in number of Indian fintech companies.
A thought-provoking podcast brought to you by Compliance Time discusses the whole domain of compliance laws. It highlights how the efforts have already begun in the field of GRC technology to confront several roadblocks.
Pivoting the area of financial compliance system, Densita, the host, interviews Shub Nandi, CEO and Co-Founder of PiChain. The discussion takes place around the upcoming revolutions in the area of compliance solutions for banks. The podcast series covers topics related to fintech startups, banking compliance regulations and dives deep into the other terms associated with it. Updating us on the ongoing happenings, this podcast will also fill you in with requirements for complying with GDPR regulations.
The discussion starts with how AI and Blockchain, two prominent technologies, are being used by RegTech & Fintech startups to achieve sustainable compliance in the forms of confidence scores, costs, and efficient utilization of regulatory capital. The discussion then exhibits ideas and thoughts of compliance officers and what worries them most in the field of regulatory and compliance solution.
Shub answers the question of “What makes good compliance?” and presents a model where good and sustainable compliance is actually cost-effective. Creating solutions in line with international standards, he also elaborates the GDPR services which are extensively used.
Indian fintech companies are also catering compliance solutions to a lot of non-financial companies as well. Commomly referred to as Regtech services, Regulatory and compliance technology still plays a critical role in running an organization. To get more insights into how the banking compliance technology works & the GDPR audit process, click on the link below.