Why, What, How?
"Services to make the clients excel in compliance and remain business focused peacefully"
What is compliance?
In brief - Compliance can be statutory, regulatory, process and more importantly customer related – Basel, Sox, ISO, Six-sigma, etc.
Why compliance?
The compliance environment is always growing andexpanding with more challenging and complex requirements.The pressure to control expenses in addition to theseregulatory/ statutory demands affects the ability to sustain, making it even more difficult to manage risk.
How to be compliant?
Jaagruti approaches the compliance in different stages as below:
Consulting Many financial institutions have taken the proactive step of outsourcing compliance services to help manage staff size, control capacity, and reduce expenses. The expertise of the company chosen to review and improve existing compliance policies and plans determines how effectivelyyour compliance management and training needs are Fulfilled—and ultimately how well you manage.
Review and Audit Jaagruti's team of experts will analyze the existing compliance practices to help you better understand your overall and specific compliance objectives. This review determines any potential gaps in your internal requirements and processes. Each review is tailored to your needs, from comprehensive assessments to single subject reviews; from regular ongoing evaluations to one-time audits; or from broad policy reviews to deep-dive transaction testing—and will accommodate your entire institution or specific products, services, or lines of business.
Risk Assessment An effective compliance program starts with an evaluation ofthe compliance risks specific to your operations and structure.To help you identify potential hazards, Jaagruti will review your existing compliance documentation and evaluate your currentpolicies and procedures. Then, specific laws andregulations applicable to your business units will be identified and appropriate systems and controls will be developed and implemented. This is done through interviewing the key personnel from each business and functional unit to help evaluate the compliance training efforts. This service can be applied across your entire institution or to specific products,services, regulations, or lines of business.
Implementation and management Implementation is a very important component when selecting any Compliance Management System. Without proper implementation, you run a risk of wasting valuable time and money in managing your systems. Jaagruti recognizes this importance, and has a dedicated staff of Implementation Consultants who help guide the clients. Jaagruti's consultants provide efficient services to achieve maximum success Understanding how regulatory changes affect your business requires time, knowledge, and insight. Jaagruti's experienced professionals provide each of these elements as they work with you to evaluate the applicable regulations in each jurisdiction. They will help you identify the compliance issueswith your existing business and understand the complianceimplications of expanding into new jurisdictions, or adding new lines of business or products.
Training Jaagruti's knowledgeable experts will train your staff in compliance/ regulatory and risk management best practices. Jaagruti's training covers specific needs and customized foryour procedures and staff, providing the appropriate focus andlevel of detail that your employees need. The in-depth trainingalso covers reporting, risk analysis, information sharing, anddata collection processes.