Phase 1 - Business Discovery
This phase of the project focussed on understanding their business to establish the applicability of Acts and Compliances. Comprehensive information was collected via in-person interviews / meetings / discussions with the Board & Management, individual department heads, and other representatives in the company. The following items were collated:
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Business Set up (Group, Entities, Locations, number and nature of establishments, Client, Industry)
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Products (Housing Finance)
Phase 2 - Compliance Applicability Assessment
TeamLease Regtech identified client business, entities, locations, products etc. and develop a list of Acts and compliances applicable to their business. The client work with 352 Operational branches in 25 States.
The team identified over 68 applicable Acts including 18 master directions and circulars under RBI. There were an additional 11 regulations under NHB. In all there were over 4,280 applicable compliances including time based and on-going compliances.
In addition, there were over 60 event based compliances mapped under Secretarial Category. These added approximately 1,020 compliances.
Phase 3 - Implementation
TeamLease Regtech assigned a 2 member team to work with the client. The client was keen to implement the product in phases. Our team worked collaboratively with the client and developed an implementation plan spread over 2 months. The plan included physical visits to key branch offices. Here are the key activities undertaken during the implementation phase:
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Map the Client Organisation (Entities, Sub-Entities, Branches, Locations, Departments)
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Review of identified applicable Acts and Compliances with respective department heads
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Discuss identified gaps with department heads and compliance head
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Map Compliances to specific users based on their roles
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Hands on training sessions with user groups based on their locations and roles
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Activation of system for a predetermined go-live date
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A total of 128 users were mapped and trained over a period of 6 weeks for Performer, Reviewer, Approver and Management Roles
In Conclusion
Our client is a leading NBFC in India with a large national footprint. TeamLease Regtech completed end to end implementation of such a complex NBFC in 8 weeks. Now, the Compliance officer has much greater control over their organisation’s compliance. The level of awareness and sensitivity to statutory liabilities across the organisation has improved dramatically. He is able to identify risks and issues in real time and plan necessary interventions. The management now reviews the Management Dashboard in AVACOM during every board meeting. There is greater visibility, transparency and accountability in the system. The cost of poor compliances arising out of delays and missed compliances reduced by 90% in the first year.