Technology to be the Game Changer for Corporte Compliance in

 TECHNOLOGY TO BE THE GAMECHANGER FOR CORPORATE COMPLIANCE IN INDIA IN 2021: APARAJITHA

 

 Reassessing the priorities for the future

 

With increased regulatory changes and the ‘new normal’ brought forth by COVID-19, Corporate Compliance is all set to become a little more challenging than it used to be earlier. One major trend to watch out in 2021 will be the substantial increase in digital transformation in terms of automation and simplification of compliance-related processes. Technology in compliance management can immensely aid in keeping organizations compliant. In and after 2021, businesses will need to adopt a holistic approach by aligning the compliance strategy into the overall business strategy, feels Nagaraj Krishnan.

 

Working on anticipating change

 

Every year, new laws and policy changes are adding to the complications in compliance operations across industries in India. Steering through the ever-changing regulatory scenario has been a perennial challenge for Corporates across sectors. To gain and sustain a competitive advantage, progressive approaches to compliance management are imperative.

 

Organisations these days have to deal with a wide range of issues that hinder the efficacy of compliance practices. Some of the most pressing issues faced are the following…

 

          Manual and time-consuming compliance processes

          Inability to keep pace with regulatory changes

          Ad hoc approach to governance and risk management

 

 Raising concentration on transformation initiatives

 

Corporates need to have a deep understanding of why it's important to stay up to date on compliances. Putting technology into the compliance management process can help organisations manage and comply with constant regulation shifts proactively. Going forward, companies will necessarily need to adopt path-breaking governance and compliance methods. Such methods will not only enhance operational efficiency but also facilitate decision-making.

 

Co-creating scenarios for the future

 

Internal and external audits are essential to ensure full compliance with the governing laws and regulations. However, the usual audit process with the auditor(s) being physically present poses a risk in terms of health and safety, as we are still not completely out of the COVID-19 shadow. Also, there are still partial travel restrictions in many parts of the country. In such a scenario, technology will play a major role in making remote audits possible. Remote audits are all set to become a regular trend in the post-COVID era due to their flexibility, effectiveness, cost and time advantages.

 

The e-compliance architecture needs to be designed to provide complete visibility and a bird’seye view of the compliance status across the country, state and unit levels. It is equally important for experts to provide round the clock support in updating country-wise Industry-specific laws and auto-configuring the software with an appropriate domain covering laws under Labour, Fiscal, Corporate, Commercial, EHS and industry-specific catering to large global organisations, medium and small firms.

(The author is Managing Director at Aparajitha Corporate Services Private Limited)

PRMIA Board announces the appointment of

 PRMIA Board announces the appointment of Shri Srinivasa Rao Sureddi, DMD & CRO, SBI as their Director & APAC Representative.

Shri Srinivasa Rao Sureddi, Dy Managing Director & Chief Risk Officer is one of the four highly qualified professionals elected to the PRMIA Board. He will serve on PRMIA Board as Director and Asia Pacific Representative for 3 years effective 01 January 2021.

The other Directors for this prestigious position are Lakshmi Shyam-Sunder, Vice President and Chief Risk Officer, World Bank Group, Thomas Wilson, Chief Risk Officer, Allianz SE, and Carlos da Costa, Lecturer in Finance, Risk Management, and Accounting, Simon Fraser University & the University of British Columbia.

PRMIA (www.prmia.org) is a non-profit, well-recognized, and highly respected global association dedicated to defining and promoting best practices in risk management. Established in 2002, PRMIA offers a range of competency-focused training and certification courses required for becoming an effective business, finance, and risk-professional. PRMIA is a member-led association and the new Directors were elected from a pool of very strong and highly qualified candidates by PRMIA members.

Shri Rao joined State Bank of India, India’s largest bank, in 1990 as a Probationary Officer. Over the last 30 years, he has successfully led high-performing teams in the areas of Banking, Credit, Risk Management, and Subsidiaries in SBI, the largest Bank in India. In his current as well as in the previous Role, he has been driving the Risk Management function in SBI covering Credit, Market, Operational, Pillar II, and enterprise risk. He has been instrumental in developing a well-defined risk-management framework and robust culture through a series of risk-awareness training/ programs across SBI. He played an important part in the Risk Management Department of SBI obtaining ISO-9001-2015 Certification and also securing the coveted Golden Peacock Award for best practices in Risk Management.  

With a Master of Science (Chemistry), he has several professional certifications including Certified Associate of Indian Institute of Bankers (CAIIB), Professional Risk Manager (PRM) from PRMIA, and Certificate in Risk and Financial Services from CISI London. He is also a Director on the Board of IACPM, New York representing the State Bank of India. With sound knowledge and hands-on experience in banking and risk management, Shri Rao is widely recognized as a domain expert in Risk Management. He is regularly invited to speak in public forums including those organized by SBICRM (State Bank Institute of Credit & Risk Management), various offices of SBI, PRMIA, and CAFRAL (The Centre for Advanced Financial Research and Learning set up by Reserve Bank of India, India’s Central Bank).

At a time when Capacity building in risk management is gaining increasing attention in India and abroad, Shri Rao’s election to the PRMIA Board will inspire and catalyze the large pool of young, educated, and aspiring risk professionals in enhancing their knowledge and skills in implementing best standards and practices.