“Banks and financial Institutions have grown in size and complexity through acquisitions or through sheer internal growth and they realized that they cannot continue if systems cannot talk to each other or rely heavily on manual intervention, It needs to create a more efficient process”
Banking system plays a crucial role in the modern banking industry especially in the economic life of the nation. The good state of the economy is closely related to the soundness of its banking & is an essential part of our banking system. Governance, Risk & Compliance is gaining more and more important in the current world. The banking industry which is the backbone of any economy has always played a key role in the prevention of the economic crisis from reaching terrible volume in any country. The idea of offering a secure repository of wealth and extending credit to facilitate trade has its roots in the early practices of receiving deposits of objects of wealth, making loans, changing cash from one currency to another, and testing coins for purity and weight. And when it comes to any Banking, Financial services and Insurance firm, it is a very critical function because of the tangible events in the past and present.
Governance, Risk and compliance is now an issue and important factor that can be used as a tool to maximize the wealth of the banking industry. Banking, Financial Services and Insurance companies today are burdened with managing risks and complying with strict regulations. Effective GRC is critical for banking and financial services organizations. The principal services offered relate to storing, transferring, extending credit against, or managing the risks associated with holding various forms of wealth. The banking and other financial industry face a lot of challenges which includes:
- Access to credit and capital
- Increased regulatory overhead
- Uncertainty over economic growth
- Management of underperforming assets
- Cost containment
- Consumer transparency
- Reputation management etc.
Banks and other Financial services institutions are entering an era marked by vigorous regulatory application, increasing corporate governance expectations, and a range of new and complex risks. There’s a need for the implementation of a GRC software in the banks and financial institutions since banks are important players and a special focus on Corporate governance becomes critical. The challenge banks face is to dynamically track risks both in isolation and in terms of their interdependencies. The banking and financial institutions require solutions that:
- Provide a complete emphasis on enterprise view into risk
- Ensure compliance with diverse regulations across multiple geographies within cost and time constraints
- Contain internal fraud
- Link risks to root causes, hazards, events and other segments of governance, risk and compliance
- Manage project risk and govern investments
- Develop a single & integrated view of risk and compliance across the organization
VComply’s GRC management solution was developed to help different industries including the banking, financial services and insurance organizations to make their risk and compliance initiatives more effective and efficient. GRC aims at the Vision, Values and Visibility. The focus is now on strengthening a culture that highlights responsible business practices and balanced risk-taking.
VComply created an integrated governance, risk and compliance software, that enables insurance companies to improve their operational efficiencies, mitigate their risks, maintain compliance with internal/external requirements and standards.Add to favorites