Our Client
Our client is India first dedicated education loan NBFC which pioneered the concept of Education Loan. Our client has disbursed education loans to over 13,000 students to pursue higher education in over 45 countries around the world. In addition, our client also finances education institutions and has funded 300 institutes benefitting over 7 lakh students.
The client had a manual compliance management program. They were using spreadsheets and emails for tracking status of critical compliances. As they were growing, they were losing day to day control. There were several instances of missed compliances and missing documents such as copies of challans, working files and statutory registers.
Some of the key challenges are as given below:
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Baseline review and gap analysis not done for years
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Lack of confidence in the list of applicable Acts and Compliances.
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Regular updates and changes in the regulation related to NBFC
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High amounts of Penalties and interest expenses on account of delays
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Manual follow ups leading to lot of time spent on getting status of compliances across the company
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Poor awareness of risks arising out of non-compliance among stakeholders
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Less clarity on State Rules and State Wise applicable Compliances
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Several statutory notices on on account of missed compliances
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Business risks arising out of missed license renewals
Our client needed effective solution which could help them improve day to day tracking and visibility into their compliances. An ideal solution would help them bring greater control and transparency. They needed a compliance automation solution which could help them bring greater control over applicability, legal updates and real time status tracking.
TeamLease Regtech Engagement
TeamLease Regtech engaged with the client company in the first quarter of 2016 and conducted a thorough analysis of business activities, entities and locations. A team of 2 subject matter experts visited their headquarters and plant locations to understand the operational process and workings of the company.
Phase 1 - Business Discovery
This phase of the project focused on understanding the client’s business and after a through interactions with the departmental heads and management, the following information were generated:
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Business Set up (Entities, Locations, clients, nature of establishments, Industry, )
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Products (Education Loan, Executive Education Loan, Loan Refinancing)
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Regulatory Authorities(Ministry of Company Affairs, Reserve Bank of India, Stock Exchange Board of India, Central Board of Direct Taxes, Central Board of Excise and Custom etc)