In accordance with the directive from the Reserve Bank of India (RBI), Compliance Management Systems Made Mandatory, financial institutions are required to adopt technology-driven solutions for overseeing their internal compliance processes and operations. RegTrack, our next-generation compliance management software, is tailored to meet these requirements, ensuring transparency, accountability, and timeliness in compliance.
Vendor
TeamLease Regtech
RegTrack Digitising RBI Compliances for Financial Institutions
In accordance with the directive from the Reserve Bank of India (RBI), Compliance Management Systems Made Mandatory, financial institutions are required to adopt technology-driven solutions for overseeing their internal compliance processes and operations. RegTrack, our next-generation compliance management software, is tailored to meet these requirements, ensuring transparency, accountability, and timeliness in compliance. RegTrack offers real-time visibility into compliance statuses, streamlined automated workflows, and an integrated document management system.
RegTrack’s Financial Institution Specific features
Reopening of compliances
A specialized platform for REs like banks and NBFCs, allowing internal audit teams to thoroughly review regulatory compliance. It also facilitates clarification requests on compliance documents. If unsatisfactory, the team can reopen compliance by documenting their observations.
Deviation workflow
A feature which is developed as per the RBI circular where the users will be empowered with the capability to request deviations in case of delayed or partially completed compliance. This functionality will involve a structured workflow encompassing specific compliance status, remarks, reports, and tracking of additional deadlines, all deviations will be approved by the competent authority which can be chief compliance officer or director.
Compliance categorization
The regulatory compliance framework for RBI Regulated Entities encompasses six main categories: Policy, Procedure, Disclosures, Customer Communication, Reporting, and Automation. Each compliance requirement will be linked to one of these broader categories, visible across all dashboards and reports.
User Friendly Compliance Descriptions
An additional column for compliance description which allows customers to update compliance actionable in their own language.
Task Module
The task module facilitates breaking down a primary compliance into multiple tasks, which can then be assigned to various departments.
Comparative analysis
A dedicated column to capture the compliance IDs from previous notifications and link them to the relevant new notifications.
