Navigating RBI Mandate | Leveraging Technology to Effectively
Manage Compliances
05th April 2024
Here is a quick recap of queries asked during the Webinar
1. Is the service given on SaaS model?
Yes, Manucomply is a cloud-based SaaS solution.
2. How are RBI compliance on Outsourcing Risk and IT Outsourcing taken care of?
Yes we cover RBI compliance related to outsourcing, for e.g.
Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial
Services by NBFCs, RBI (Outsourcing of Information Technology Services) Directions,
2023, etc.
3. How do you get an incorporate Legal updates and what frequency please
Legal Updates are incorporated on tool on daily basis (within 48 hours of actual update
received from different Ministries). Updates incorporated in 2 categories, i.e informative
& impacting.
4. How are RBI compliance on Outsourcing Risk and IT Outsourcing taken care of?
Yes we cover RBI compliance related to outsourcing for e.g: Guidelines on Managing
Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs, RBI
(Outsourcing of Information Technology Services) Directions, 2023, etc
5. Can the tool handle requirements posted by RBI Notification of 31
st
January on
Compliance Management Tool?
Yes, please find below point wise comparison between recommendation of RBI and
features of tool:
Feature prescribed by RBI
Feature of Manucomply Tool
Unified dashboard view of compliance
position of the RE as a whole for the Senior
Management.
Interactive and Real-Time Dashboard: Enables
Senior Management to have bird eye view of
current status and potential risks of pending
compliances across all entities, operating units,
departments, etc
Recording of the approval of competent
authority for deviations or delay in
compliance submission;
Uploading of proofs/documents: Uploading of
proofs of compliances to substantiate completion
of task
Process of Identifying, assessing, monitoring
and managing compliance requirements
Compliance Checklist/ Database: comprehensive
database of identified applicable compliance
tasks.
Escalation of issues of non-compliance
Compliance Workflow & Escalations:
Compliance process through defined workflows
and a flexibility to choose multiple levels of
escalation
Effective communication and collaboration
among all the stakeholders
Task Management: Real time visibility of
compliances by the management. Maker-checker
Policy. Cross function visibility can be
accommodated. The real-time view from lower
level to management level.
