SC: Statutory Authorities may Intervene When Housing Societies Delay Membership Decisions  ||  SC: Quasi-Judicial Authorities Cannot Exercise Review Powers Unless Expressly Granted By Statute  ||  SC: Special Court Cannot Order Confiscation While Appeal Against Attachment Confirmation is Pending  ||  SC: Photocopies are Not Evidence Unless Conditions for Leading Secondary Evidence are Proved  ||  Calcutta HC: Conviction under Essential Commodities Act Invalid if Stock Measured With a 'Stick'  ||  Kerala High Court: Universities Must Regulate Student Political Activities to Curb Campus Violence  ||  Calcutta HC: Accused Has No Right on Investigation Mode or Impleadment in Probe Writ  ||  Gauhati HC: POCSO Probes Must be Child-Friendly, With Sensitized Investigators to Ensure Clear Truth  ||  Kerala HC: Orders Barring Disclosure of Witness Statements Must State Reasons For Each Witness  ||  SC: Hard to Believe Married Woman Was Lured Into Sex by False Marriage Promise; Case Quashed    

Streamlining of Internal Compliance monitoring function - leveraging use of technology- (Reserve Bank of India) (31 Jan 2024)

MANU/RMIC/0014/2024

Banking

1. RBI had recently carried out an assessment in select Supervised Entities (SEs) of the prevailing system in place for internal monitoring of compliance with regulatory instructions and the extent of usage of technological solutions to support this function. It is seen that SEs have adopted varying levels of automation to support this function, ranging from use of macro-enabled spreadsheets to workflow-based software solutions. The review brought out that automation of the compliance monitoring process in SEs remains a work in progress with various aspects of this function being carried out with significant manual intervention. There is, thus, a need to implement comprehensive, integrated, enterprise-wide and workflow-based solutions/ tools to enhance the effectiveness of this function.

2. Such a solution/ tool should, among other things, provide for effective communication and collaboration among all the stakeholders (by bringing business, compliance and IT teams, Senior Management, etc. on one platform); have processes for identifying, assessing, monitoring and managing compliance requirements; escalate issues of non-compliance, if any; require recording approval of competent authority for deviations/ delay in compliance submission; and have a unified dashboard view to Senior Management on compliance position of the Regulated Entity (RE) as a whole. The RE, based on the size and complexity of its operations, may decide on the tools/ mechanism it would prefer to deploy for monitoring of compliance and development of the unified dashboard.

3. Accordingly, REs are advised to carry out a comprehensive review of the existing internal compliance tracking and monitoring processes and institute necessary changes to existing systems or implement new systems latest by June 30, 2024.

4. An appropriate monitoring mechanism may also be put in place to review the progress of its implementation.

Tags : INTERNAL COMPLIANCE   USE   TECHNOLOGY  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved