Insights Success Magazine, we have introduced “The 10 Most Trusted Risk and Compliance Solution Providers”, who assist businesses to choose their right risk and compliance solutions. Assessing the scenario in versatile perceptions our magazine has brought into light the companies who have flaunted some excellent Trusted Risk and Compliance Solutions.

1. ™
JULY 2018
www.insightssuccess.in
TSS ConsultancyRedening Compliance & Operations with Innovative Solutions
RISK &
COMPLIANCE
SOLUTIONS
PROVIDERS
THE
10MOST TRUSTED
Sagar Tanna
CEO & Founder
Sameer Tanna
CTO & Founder

4. ndian companies are steadily marching ahead towards
Igrowth and technological innovations. The advent of
the modern technological marvels has opened the
doorway to endless possibilities. We can witness companies
achieving new milestones with each passing day in this
connected and evolving business world.
For any enterprise, the most difficult and crucial part is to
efficiently handle security, technical, and financial issues.
Companies, as a result, have to be cautious and should
employ appropriate risk management platforms regardless
of their size. Enterprise risk management (ERM) firms are
playing an indispensible role in providing the necessary
services and support measures to the organizations.
In the recent years, many macroeconomic, strategic, and
operational risks have emerged, which call for the
implementation of fresh ideas and finesse in the field. As
result, companies aim at acquiring services of firms which
can fulfill their ERM needs. These companies aim to make
sure that they grab the absolute best service provider which
assists them in identifying the risks and suggest and
implement the necessary steps to alleviate and prevent the
loss.
In this era of cut-throat competition, not only established
organizations, but also many start-ups are participating to
get the best ERM services in the market. The leading ERM
service providers are offering high-quality, trustworthy and
pocket-friendly solutions to their customers. They are
contributing towards mitigating organizational risks and
providing companies the competitive edge.
Editorial
ERM Service
Providers–
Revolutionizing
Risk and Compliance
Management
in India
Ananda Kamal Das

5. Copyright © 2018 Insights Success, All rights reserved. The content and images used in this magazine should not be reproduced or
transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without prior permission from Insights Success.
Reprint rights remain solely with Insights Success. Printed and Published by Insights Success Media and Technology Pvt. Ltd.
Corporate Ofces:
Insights Success Media Tech LLC
555 Metro Place North, Suite 100,
Dublin, OH 43017, United States
Phone - (614)-602-1754
Email: info@insightssuccess.com
For Subscription: www.insightssuccess.com
Insights Success Media and Technology Pvt. Ltd.
Off. No. 513 & 510, 5th Flr., Rainbow Plaza, Shivar Chowk,
Pimple Saudagar, Pune, Maharashtra 411017
Phone - India: 020- 7410079881/ 82/ 83/ 84/ 85
Email: info@insightssuccess.in
For Subscription: www.insightssuccess.in
sales@insightssuccess.com
Editor-in-Chief Pooja M. Bansal
Database Management Prashant Chevale
Technology Consultant Swapnil Patil
Circulation Manager Vivek Bangade
Research Analyst David
Business Development Executives
Tejashwini, Ashwini
Contributors
July, 2018
Business Development Manager Akansha Garewal
Vanshika, PoonamVisualiser
Art Editor Savita Pantav
Marketing Manager Dhruv Apte
Picture Editor Alex Noel
Art & Design Director Amol Kamble
Co-designer Mayur Koli
Managing Editor Rajarshi Chatterjee
Senior Editor Shraddha Deshpande
Shruti Jambhale
Follow us on : www.facebook.com/insightssuccess/ https://twitter.com/insightssuccess
We are also available on :
Cover Price : RS. 150/-
™
Executive Editor Ananda Das

6. CONTCONT
ENTSENTS
cover storycover storycover story
TSS CONSULTANCY
Redening Compliance & Operations
with Innovative Solutions
Interview
with
Insights
Success
RISKPRO
Delivering
Intelligence-as-a-Service Model
08
16

7. INDUSTRY TRENDS
Bridging the Gap -
Fintechs Reshaping
SME Lending in India
TECH-BIZZ
Derisk your business
by using RegTech solution
and Blockchain- Risk and
Compliance Solution Providers
24
36
MANAGEMENT INSIGHTS
10 Ways to Dramatically
Improve Risk Management at Work
TECH-TREND
Futuristic Trends of Risk
Management
22
ARTICLES
CXO STANDPOINT
32
CARE Risk Solutions
Delivering Accomplished
Risk Management Solutions
to the Businesses
DDi
Embracing Smart
Technology in Delivering
Risk and Compliance Solutions
20
28
Netrika Consulting
Delivering Excellent
Trusted Solutions with
Global Vision
30
Ramesh Lakshman
Providing Optimal Solutions
that are Beneting Financial
Business World
38
DEMYSTIFYING RISK
The Rise of Articial Intelligence
in Risk and Compliance Management
40

8. Today, businesses are operating in a very dynamic and highly competitive environment, which is constantly
changing with the innovative technologies. Globally, the risk management sector is evolving and taking the
center stage. The interplay of new technology in risk and compliance landscape is much more challenging; but,
at the same time it is bringing the incredible opportunities for the businesses.
In the Insights Success Magazine, we have introduced “The 10 Most Trusted Risk and Compliance Solution
Providers”, who assist businesses to choose their right risk and compliance solutions. Assessing the scenario in
versatile perceptions our magazine has brought into light the companies who have flaunted some excellent Trusted Risk
and Compliance Solutions. This examined list will lessen the search for the organizations to have perfect risk and
compliance solution providers.
In this issue, we have specially featured , as the cover story. It is building innovativeTSS Consultancy Pvt Ltd
products for the financial institutions by focusing their attention on compliance and operations.
Apart from this, we have chosen ,Care Risk Private Limited which is focusing on delivering value in the banking &
finance space through its suite of risk and finance product offerings. Netrika Consultancy Pvt Ltd., supports various
organizations across industries in Intelligence Gathering, Investigations and Security Management. , deliveringDDi
smarter technology for Clinical Development, Regulatory and Compliance domains by providing innovative
technology products and solutions for organizations that allow clients to manage budget wisely, while is maintaining
high levels of quality and data integrity , the firm that advises clients in the areas of. Ramesh Lakshman & Company
financial risk management, and provides a depth of knowledge in accounting and auditing, taxation, business
consulting, and personal financial planning services. is one of the leading financialNeural Risk Consulting Pvt. Ltd.
consulting firms that specializes in risk management, treasury management, regulatory compliance & policy
development and review for financial institutes. is India s one of the fastestSparrow Risk Management Pvt. Ltd. ’
growing Engineering Risk Management Company which caters to Safety, Risk Management (Electrical, Fire &,
Process) & Detailed Engineering. is one of the innovativeJ K Risk Managers and Insurance Brokers Pvt. Ltd.
company, deliver enhanced value to all stakeholders. is the world s leadingRisk Management Solutions, Inc. ’
catastrophe Risk Modeling Company. From earthquakes, hurricanes, and floods to terrorism and infectious diseases,
RMS helps financial institutions and public agencies understand, quantify, and manage risk. Risk Edge Solutions
delivers Machine Learning, Blockchain & Risk Analytics Solutions for large Energy, Commodity and Financial
Services Players.
We have encompassed CXO Standpoint on – , by‘Bridging the Gap Fintechs Reshaping SME Lending in India’
Akshat Saxena, the Co-founder of ePayLater; and ‘Derisk your business by using RegTech solution and
Blockchain- Risk and Compliance Solution Providers’, by Atul Gunjal, the Co-founder of IWORKTECH.
We have enclosed ’ with‘Interview with Insights Success Riskpro Management Consulting Company Pvt. Ltd.
which is one of the prominent integrated professional service companies in the Governance, Risk and Compliance
Domain.
Also, we have included ,‘10 Ways to Dramatically Improve Risk Management at Work’ ‘Futuristic Trends of
Risk Management’ ‘The Rise of Artificial Intelligence in Risk and Compliance Management’and scripted by our
in-house editors in the delightful pages of this magazine.
So, flip the pages of our magazine and treat yourself with the innovations in the Risk and Compliance Industry!
Rising Signicance of the
Risk and Compliance Industry

10. Sagar Tanna
CEO & Founder

11. TSSCONSULTANCY:Redening Compliance & Operations
with Innovative Solutions
Technology, demography and consumer expectations of today’s
community are continuously changing and disrupting the business
world along with the finance industries. From all the numerous
survey reports including financial reports, it is predicted that these changes
are embedding a severe strain on traditional business models. There is no
surprise that organizations are facing huge challenges in the aspect of
security and protection. On the other hand, many organizations are striving
hard to deliver prominent Compliance and Operations solutions to the
financial sectors in today’s demanding world. TSS Consultancy Pvt. Ltd. is
one such organization that is committed to provide extremely efficient and
cost-effective solutions.

12. Outstanding Solutions
making TSS Consultancy
Protuberant
Since a decade, TSS
Consultancy is one of the
fastest growing technology
solution providers in the
business. The company is
building innovative products
for the financial institutions by
focusing their attention on
compliance and operations.
TrackWizz is one such product
suite offered by the company,
which has many different
modules that are helping them
to compliance with their overall
financial operations.
Insightful Leaders of TSS
Consultancy
TSS Consultancy Pvt. Ltd. is
founded by the Tanna brothers,
Sagar Tanna and Sameer
Tanna. This duo trailblazers
are the Founders & Directors
of the company.
Sagar is an engineering
graduate (IT) from Mumbai
University; whereas Sameer did
his graduation in Computer
Science from Cornell
University. Before starting TSS
Consultancy, they had an extensive
experience of equity broking and
external organization techniques, from
their own family business. The journey
started with Anti Money Laundering
compliance in the year 2008. As
always, the capital markets were
required to fulfill these norms. Further,
by understanding and realizing the
opportunity present in this sector, the
Tanna brothers launched the AML
Solution. They initiated their journey
with a couple of customers and today,
with their consistent efforts, the
company has been serving more than
150 institutions across the BFSI sector.
Under the guidance of Sameer and
Sagar, TSS Consultancy has secured a
new level in profits and continues to
grow every year. It has achieved the
second place in MSME Ratings twice
in a row. It is said that – ‘Opportunity
is as big as the ocean, so you have
challenges of course, but not as big’.
Some of the challenges overcame by
the expert team of professionals are
highlighted by the leaders of TSS.
Those are raising expectation of
regulators, amount of data scattered
across is beyond the knowledge to the
risk and compliance team, the pace of
launching new financial products, and
less availability of quality compliance
resources.
A Unique Solution Provider
in Risk and Compliance
Industry
TSS Consultancy has one
innovative solution named
asTrackWizz. It is a
compliance and operations
suite, which is available at a
subscription pay per use model
in the market. Since, the
security providing
organizations are committed to
deliver quality services to the
clients who have allowed them
to focus on the growing
business, while the TSS
Consultancy protects it from
the risk arising out of
non-compliance. The company
is developing a culture, which
drives to do every possible
thing to help its customers to
meet their needs. Some unusual
and excellent initiatives of the
company are: appointing the
FATCA CRS Consultant which
helps its customers to
recognize who have subscribed
to its software, getting the free
consultation about FATCA
CRS compliances and opinion.
Also, the company is
partnering with Thomson
Reuters, who is assisting its
customers to screen their customers
through the largest repository of global
data feeds.
Core Segments of TSS Consultancy
Some of the core segments of the
company are –Customer Life Cycle,
Anti-Money Laundering Solution,
Insider Trading & Research Analyst
Regulations, Process & Document
Management, Franchisee / Channel
Partner, Spend Management.
The Customer Life Cycle segment of
TSS contains CKYC Solution
(CERSAI Compliant CkycIndia.in),
WE HOLD
AVision
TO BECOME
ATRUSTEDPARTNER
OF
PROGRESSIVE
INSTITUTIONS
BYTAKING OVER
THE RESPONSIBILITY
OFTECHNOLOGY
SOLUTIONS
IN COMPLIANCEAND
OPERATIONS, LETTING
THEM FOCUS
ONBUSINESS
DEVELOPMENT
‘‘
‘‘

13. Sameer Tanna
CTO & Founder

14. Customer Onboarding & Static Data
Change Solution, FCS Solution
(FATCA CRS Compliance), and Re
KYC Solution (Customer Digital
Interaction).
The distinct Anti-Money Laundering
Solution contains Screening Solution
with/without special local feeds and
global feeds, Risk Profiling / Customer
Due Diligence Solution, Transaction
Monitoring Solution (AML &
Surveillance), Regulatory Reporting
Solution (FIU Reporting).
The Insider Trading & Research
Analyst Regulations comprises of
Employee Dealing / Code of Ethics
Solution, Client Insider Tracking
Solution, Research Analyst Regulation
Solution.
Process & Document Management
segment contains Business Process
Management, Document management
system.
The Franchisee / Channel Partner
segment contains Onboarding &
Management Solution, Risk Profiling
Solution, Static Data & change
management solution.
The Spend Management segment
contains Budgeting Module,
Procurement Module, Payment &
Approval Process, Forecast, and
Planning Module.
Stepping Towards Growth by
Overcoming the Challenges
“Hearing out its customer and the
industry need; Ensuring that whatever
solution it is building must be effective
in solving the problem, so it keeps
measuring and improving till it meets
the specific objective; Compliance
should always be done in spirit; Never
underestimate any kind of risk that an
organization could be exposed;
Continuous Learning of team
members; Keeping knowledge up to
date; Keep beating and not meeting
targets of improvements and
enrichment of features and
functionality, as the Risk and
Compliance is a continuous journey;
are the core pillars”—states Tanna
brothers.
TSS Consultancy believes that its
products are the strong foundation for
the company, which will help the
company to serve the customers a long
way. With the strong vision to become
a trusted partner to the progressive
institutions in its compliance and
operations, TSS Consultancy is making
consistent efforts to achieve
milestones.
The Contribution of TSS
Consultancy in Risk & Compliance
Sector
TSS Consultancy is contributing to the
risk and compliance sector by offering
the important and outstanding solutions
to the world. Those are namely
TrackWizz CKYC Solution, and Anti-
Money Laundering Solution.
TrackWizz CKYC Solution helps
Financial Institutions to submit or
exchange information with Central
KYC Registry. It is the single largest
product contributing to the majority
share in the total records uploaded to
the CKYC Registry.
Anti-Money Laundering Solution is
currently serving more than 100s of
institutions. Even this solution is
amongst the market leaders in capital
markets having more than ninety
percent market share among
institutions using an AML Product. It
has earned a reputation of the reliable
partner with a robust offering and
significant contribution.
Clients
Benefiting by
the Excellent
Solutions of the
Company
TSS
Consultancy is a
software provider with a service
model. The company keeps enriching
and rapidly pacing with the changing
time and requirements. The unique
solutions & software provided by the
company are affordable to every
institution. Even the changes, which
are requested by its customers, are
delivered free, and in a time bound
manner. Also, the knowledge webinars
are arranged by the industry leaders for
its customers.
Future Endeavour
TSS Consultancy sees them at the peak
point in the risk and compliance sector.
It envision itself as a premier
technology partner, trusted by the most
progressive and credible institutions
for their compliance and operation
needs. Also, TrackWizz solution is
heading to become one of the best
compliance and operations suite in the
world.

16. Read it FirstRead it First
Subscribe today
Global Subscription
Address :
Country :City : State : Zip :
Date :
CORPORATE OFFICE
Name :
Telephone :
Email :
Insights Success Media and Technology Pvt. Ltd.
Off No. 513 & 510, 5th Flr, Rainbow Plaza, Shivar Chowk,
Pimple Saudagar, Pune, Maharashtra 411017.
Phone - India: 020- 7410079881/ 82/ 83/ 84/ 85
USA: 302-319-9947
Email: info@insightssuccess.in
1 Year.......... Rs. 2500(12 Issues) .... 6 Months ..... (06 Issues) .... Rs. 1300
3 Months .... (03 Issues) .... Rs. 700 1 Month ...... (01 Issue) ..... Rs. 250
Yes I would like to subscribe to Insights Success Magazine.
Cheque should be drawn in favour of : INSIGHTS SUCCESS MEDIA AND TECH PVT. LTD.
™

17. Management BriefCompany Name
Mahesh Malneedi
Co-founder & CEO
Netrika Consulting
India Pvt Ltd.
netrika.in
Anurag Kaul
Director
Neural Risk Consulting
Pvt. Ltd.
neuraltechsoft.com
Risk Edge Solutions
riskedgesolutions.com
Sparrow Risk
Management Pvt. Ltd.
sparrowrms.in
Ramesh Lakshman
Founder & CEO
Nitin Gupta
CEO
TSS Consultancy Pvt. Ltd.
tssconsultancy.com
Sameer Tanna
Founder & Director
Sagar Tanna
Founder & Director
Dr. Mahendra Mehta
Chairman & MD
CARE Risk Solutions
Private Limited
carerisksolutions.com
J K Risk Managers &
Insurance Brokers
Pvt. Ltd.
jkbima.co
DDi
ddismart.com
Risk Management
Solutions, Inc.
rms.com
Pawan Pawan
Founder & CEO
Sanjay Kaushik
MD
CARE Risk Solutions is focusing on delivering value in the
banking & finance space through its suite of risk and finance
product offerings.
DDi is delivering smarter technology for Clinical Development,
Regulatory and Compliance domains by providing innovative
technology products and solutions for organizations of various
sizes that allow clients to manage budget wisely, while maintaining
high levels of quality and data integrity.
The innovative company, deliver enhanced value to all
stakeholders.
Netrika consultant supports various organizations across
industries in Intelligence Gathering, Investigations and Security
Management.
One of the leading financial consulting firms that specializes in
risk management, treasury management, regulatory compliance
& policy development and review for financial institutes.
The firm advises clients in the areas of financial risk
management, and provides a depth of knowledge in accounting
and auditing, taxation, business consulting, and personal
financial planning services.
It delivers Machine Learning, Blockchain & Risk Analytics
Solutions for large Energy, Commodity and Financial Services
Players.
Karen White
CEO
The world’s leading catastrophe Risk Modeling Company.
From earthquakes, hurricanes, and floods to terrorism and
infectious diseases, RMS helps financial institutions and public
agencies understand, quantify, and manage risk.
India’s one of the fastest growing Engineering Risk
Management Company which caters to Safety, Risk
Management (Electrical, Fire & Process) & Detailed
Engineering.
The Company is building innovative products for the financial
institutions by focusing their attention on compliance and
operations.
Umesh Ikhe
CEO
Ramesh Lakshman
& Company
rlco.bz

18. Mayur Joshi
Director
Riskpro Management
Consulting Pvt. Ltd
Apurva Joshi
Executive Director
Riskpro Management
Consulting Pvt. Ltd
/ July 201816

19. oday, businesses are operating in a highly
Tcomplex and dynamic environment.
Accomplishing business goals require a fine
balance of implementing strategies, generating revenues,
encouraging operational efficiency, while managing risks
effectively by keeping in mind compliance regulations.
Every organization has globally accepted that risk and
compliance is extremely important for their
sustainability and the future growth. Riskpro
Management Consulting Pvt. Ltd, one of the
prominent boutiques Risk Management Company, is
offering the Intelligence-as-a-service model.
In an interview with Insights Success, Mayur Joshi, the
Principal Consultant of Riskpro Management
Consulting Pvt. Ltd, have shared some insightful
answers highlighting made by his company to take
services to a new level.
1. Kindly brief us about your company.
We are one of the boutique risk management
company. In the decade of existence, we have
investigated more than Rs. 20000 crore worth of
frauds. We offer the blend of technology and human
network to assess the risk involved in transactions.
We are one of the first companies to offer the
Intelligence-as-service model.
2. What are the different products and services
provided by the company, which is setting you
apart from your competitors?
We believe in effective due diligence in managing
the risks. We have identified 27 different parameters
to identify the heightened risk individuals. We
maintain our own database of the heightened risk
entities and individuals and this data is updated
continuously. This helps us to identify the
heightened risk entities and their nexus. This gives
us the edge over the firms which provide the
business intelligence services.
3. Brief us about the Founder/CEO, and what was
the source of inspiration for your company to be
in the most trusted risk and compliance solution
providers?
Mayur Joshi is the Principal Consultant of
Riskpro and the founder of Indiaforensic. Mayur has
more than 15years of experience in fraud
investigation, prevention, and Detection. He is the
first Indian to bag the international award from
Association of Certified Fraud Examiners. Mayur
was a key player in the investigation conducted by
CID of Andhra Pradesh Police to unearth the
accounting aspect of India’s biggest accounting
fraud.
Apurva is an experienced Certified Forensic
Accounting Professional and a Certified Fraud
Examiner. She has an experience of 10 years in the
field of Due Diligence, Financial frauds
investigations, audits. She handles the Due Diligence
area of Riskpro. She is also an Independent director
on the boards of Quick Heal Technologies Limited
and Rinder India Private Limited. She is featured in
various magazines and media articles. Management
RISKPRODelivering Intelligence-as-a-Service Model
INTERVIEW WITH INSIGHTS SUCCESS
July 2018 / 17

20. stories author Ms. Rashmi Bansal dedicated a
chapter on her life and work in her bestseller “Arise,
Awake”. She is also an author of the book
“Student’s Handbook on Forensic Accounting.” She
has completed a certification course in Management
Consulting from IIM B. She is also inducted as a
member of Institute of Management Consultants of
India. She is also an alumnus of TISS.
4. With the massive advancements in the risk and
compliance solution providers industry, what are
the opportunities and challenges evolving with
it?
Regtech is the buzzword in this domain. We have
created our APIs for the same to be accessed by the
banks and financial institutions. APIs or
Webservices help the clients to hit our database
without leaving their own software and changing
the existing User Interface. Many of our tools help
the clients to clean up their databases. We offer a
true Regtech solution. However, shortage of skilled
resources with investigative mindset is one of the
big challenges that RiskPro is facing.
With the way the current Government is taking
actions against defaulters/fraudsters, it has given
more authorities and rights to the enforcement
agencies; the work of agencies and consultants like
riskpro go hand in hand and it is creating immense
opportunities for the forensic professionals. This is
one of the golden phases for the forensic, risk
professionals since a lot of assignments are flowing
through banks and financial institutions which need
the intervention of risk and compliance
professionals.
5. What is the current scenario of risk and
compliance solution providers industry, from
your point of view?
Risk and compliance industry is likely to grow up
significantly in the wake of increased actions by the
regulators across the world. SEBI is coming down
heavily on Shell companies, Enforcement is going
behind the benami properties and CBI is
investigating hi-profile cases of the financial frauds.
In such scenario, it is essential for the banks and
financial institutions to understand where the money
is exactly going.
6. What are the key attributes that helped your
company overcome the challenges, which the
company faced during its establishment?
More than money, leadership style was the key
attribute; we focussed on the continuous learning for
our resources. Our interest and involvement in
investigations, compliance, AML, fraud and
financial crime were due to the need to grow and
professionalize the industry resulting from the
continuing and increasing incidences of frauds,
failures on part of the banks and financial institutions
and the resulting penalties that banks have to endure.
The need to stay in the profession was so strong that
it helped us overcome the challenges.
7. What are the benefits gained by your clients
while doing business with you?
The law enforcement background of the directors,
the network which the directors built all along these
years, the Intellectual Property which the company
built throughout these years and of course the
integrity and confidentiality maintained during the
work really helped the clients get through the
problems while they do business with us. The cost
part for an assignment gets the second priority over
the work and the need to assist the client.
8. How do you see yourself and the company in the
future ahead?
We see ourselves growing globally and plan to be a
Multi-National company in the domain of the Risk
Management. We already have ties in the Middle
East and South Asian Countries; however, we plan to
have our own offices in these countries.
/ July 201818

22. In the recent past, one of the
major concerns of banks is to
meet the constant regulatory
changes and satisfying the auditors
and regulators on the compliance.
Banks are now looking at
technological advancements like
Artificial Intelligence and Machine
Learning to put an end to the
compliance related issues. This is to
form part of the analytical framework
to help improve the predictive
accuracy, and gain sustainable
competitive advantage from these
once only-compliance driven
solutions.
Thus, to achieve the goal of better
compliance driven solutions, CARE
Risk Solutions Private Limited was
founded in 2006, with a focus on
delivering value in the banking &
finance space through its suite of risk
and finance product offerings. The
company is working with the best
minds which provide the best
solutions.
The CARE Risk Solutions team has
an experience in the banking &
financial technology space, where the
team share the common goal by
ensuring timely and successful
delivery of several multi-million
dollar projects and generating
customer delight. This ensures to
constantly repeat the business
process from customers.
However, the vision of the CARE
Risk Solutions is to touch-upon the
specific areas of Banking & Financial
Services vertical through their
solutions, which will enable
customers to maximize their
RAROC.
A Veteran Leader with Compelling
Vision
Umesh Ikhe is the CEO of CARE
Risk Solutions, which is one of the
leading Risk Solutions Company in
the South Asia, ME & A and ASEAN
market. He brings collaboration and
consolidation of new functionality
and technology which helps in
business growth of the organization
and remain ahead of the curve.
Umesh has a wealth of experience in
the sphere of the treasury, capital
market, private and corporate
banking. He has been associated with
premier banks like Bank of Nova
Scotia and HDFC Bank, and lead the
banking practice at AurionPro
Solutions. Also, he has extensive
advisory experience in technology
and management in the sphere of
banking and electronic payments
industry.
Moving Towards Bright Sides by
Overcoming the Challenges
Over the years, there have been
massive advancements in the risk and
compliance solution providers
industry. The gambits of solutions
offered are no longer restricted to
bare regulatory compliance, but
extending their way beyond it.
Umesh shared some points about
their challenges, that the customers
not only look forward to solution
which help them constantly, to meet
the dynamically changing regulatory
needs; but also equip them with the
enhanced analytics to help them gain
a competitive advantage. He also
mentioned to keep pace and stay
ahead of times in this dynamic field
of risk and compliance, is necessarily
important. This needs time & efforts
investments to meet the complex
requirements, to improve the
analytical framework and constantly
incorporate tools and techniques to
improve the predictive capability
with the changing times. This will
impose that the solution is highly
adaptable and flexible.
To overcome these challenges,
currently they are working in the
process of strengthening and
modelling the framework by
incorporating Artificial Intelligence
CARE RISK SOLUTIONS:
DELIVERING ACCOMPLISHED RISK MANAGEMENT
SOLUTIONS TO THE BUSINESSES
/ July 201820

23. and Machine Learning solutions. Whereas, the entire
team of CARE Risk is constantly working towards
taking their products to the next level of competency, by
incorporating the latest features & technologies based on
research and constant feedback from the market.
Outstanding Services Taking the Company to the
Next Level
CARE Risk Solutions has always been focused on
bringing value to the CRO’s and CFO’s of banks
globally. Products that add value to the CRO’s portfolio
include Credit Risk, Operational Risk and Market Risk.
The ones catering to the CFO’s portfolio are
Asset-Liability Management (ALM), Fund-Transfer
Pricing (FTP), IFRS-9 compliance and complete
Financial Reporting Automation (FRA).
Each of the product is modular and scalable based on the
needs of the banks; which benefits reusability of data
across products, given that all the products reside on the
common CARE Kalypto Application framework. CARE
Risk Solutions have built the ‘Kalypto®’ Suite of
products, where all the products are business rules driven
processing. This not only enables the bankers to make
the change themselves on a dynamic basis, but also
ensures the transparency of process, models and output.
Further, Umesh expressed – “We at CARE Risk Solutions
assures to deliver world-class, high-availability, risk
Umesh Ikhe, CEO
CARERiskisconstantlyworkingtowardstaking
theirproductstothenextlevel,withthelatest
featuresandadvancedtechnologies management solutions built
on cutting-edge technology,
that will facilitate optimal
allocation of capital within an
aggressive TCO (Total Cost of
Ownership).”
CARE Risk Provides
Bundles of Benefits to their
Clients
The Banks have gained
substantially by having CARE
Risk Solutions as their
technological partner in the
risk & finance compliance
space. The benefits span
across complete process
automation, reduced
turnaround times, better risk
profiling and improved
analytical inputs. The
enhanced support has given
the comfort zone required by
the banks.
A Future with
Advancements
CARE Risk Solutions have
always emphasised on thought
of leadership, to ensure
remain relevant in every
evolving space of risk, finance
and compliance; where
Umesh stated as –“We like to
see in future company is
contributing significantly
towards constantly adding
value to the risk and finance
functions of the banks
globally”.
‘
July 2018 / 21

24. e live in the world, which
Wis pretty much defined by
the risk. Overall the life is
full of risks, whether it’s catching the
train to work, crossing the road,
climbing mountains, a business deal,
investing in financial products, making
health or making the change in our
lifestyle. The risk is expected in
everything whatever we do. It is
evolutionary in nature that means the
level of risk is changing rapidly and
thus our views. That’s the reason; we
have to constantly manage the
evolving risk.
Today, all the industries are now
originating on “Management of Risk”.
In the corporate world, the
understanding and analysis of risk are
involved in the risk management, to
meet the organization objective.
However, managing the risk is also
considered as an art.
Here are the top 10 ways to manage the
risk which dramatically improve risk
management at work.
Clear Risk Management Approach
–Being clear about the remit is an
important part of the work. Clearing
the exact part of the business to work
on, and getting clear ideas about the
activities, tasks for which one is
responsible.
Risk Identification –It’s better to
identify the risk earlier. The sooner one
identify the risk, it will be easier to
manage that risk. It is always benefited
to identify the risk at the start of the
project. This risk management should
be embedded into all the work process
and corporate culture.
Positivity – Don’t fixate risk as always
negative, but it can be positive too.
This presents opportunities and enables
one to take advantage of a given event
or situation.
Appropriate Description of Risk
–Practicing to create risk is always
good and distinguishing between the
cause and the effect. To find this
difference appropriate description of
risk is very important.
Estimation & prioritize the Risk – To
assess and to prioritize all known risks,
use the probability and impact matrix.
Much good or bad stuff happens at
10Ways
TO
DRAMATICALLY
IMPROVE
AT WORK
/ July 201822

25. organizations, but will it happen really or not is the
important thing to understand. Also, better to be clear with
the point that what one has estimated, identified the risk, not
necessarily will happen the same. Thus, need to manage
these things in a better-planned way.
Responsibility and Ownership of Risk –Many of us face
various risk management issues. Such as potential safety
issue, suspected fraud, or security breaches; at this time
better to taking responsibility to solve by own, rather than
waiting for someone else to sort the problem out. This risk
management will give its best results when all the people
are associated with that risk is empowered to speak out and
take action.
Learning from the Past Mistakes –Learning from the
mistakes is one of the best things in risk management. Also,
it is important to ensure that they are never been repeated.
One can make use of the historical data and anecdotes, for
learning from the past and to ensure the mistake will not get
repeated.
Appropriate use of Strategies (risk responses) –Strategy is
to use the 4T’s model i.e. Terminate, Transfer, Treat,
Tolerate. This model will help to decide how best one can
manage the risk.
Documenting the risks in a register - By capturing all the
risks across the organizations, one will be able to see ‘the
bigger picture’ of their entire risk exposure. This will
defiantly improve the information sharing and
accountability. Simply keep documenting the risks in a risk
register, around the world, around the industries, and around
the organizations.
Keep monitoring and reviewing – The risk factors are
increasing and changing continuously as new risks are
emerging, while others are becoming less critical. By being
proactive and regularly monitoring the exposure, one will be
ready to act when the time comes.
MANAGEMENT INSIGHTS
July 2018 / 23

26. BridgingtheGap
Fintechs Reshaping SME Lending in India
About Author
Akshat Saxena is a
Co-founder of
ePayLater, having 10+
years of work
experience spanning
leading Technology
and nancial rms
such as - SAP, Oracle,
TransUnion. Akshat
holds an MBA from
MDI, Gurgaon and
B.Tech from DA-IICT,
Gandhinagar.
Akshat Saxena
Co-founder
/ July 201824

27. The demonetization initiative by the government of
India triggered a significant shift in the financial
atmosphere of the country. Not only did Indians
start gravitating towards “cashless” in their day-to-day
lives, the digital trail of electronic transactions also led to
the rise of alternate sources of lending, with Fintechs being
at the core of it all. While the unanticipated change took
businesses by surprise, and arguably the change in cash
positions caused a momentary blip in trade momentum, it
buttressed the ecosystem data that served as a harbinger of a
much needed and much awaited change - the arrival of
formal credit for SMEs.
How Alternate Lending Emerged
Lending institutions, both Banks and NBFCs need credible
information to make credit decisions. Typically credit
history provided by bureaus e.g. CIBIL, is a key ingredient
to this process. However, considering India has had lower
than desired credit penetration, the industry faces the classic
Chicken and Egg problem. This is where securing first
loan/credit and building credit history becomes an enabler.
Demonetization and other steps taken by the government
over the last few years, has helped to create potential
“alternate-data repositories” that provide clues to one’s
credit worthiness, albeit in a not-so-direct fashion.
Combined with technology, these small and sometimes
non-intuitive morsels of information break the information
deficiency as the entry barrier. This is when few Indian
Fintechs rose to the opportunity. While many people were
finding relief in cashless digital wallets, many small
businesses discovered sustenance through companies such
as ePayLater. These Fintechs began offering a line of credit,
which could be used by SME as a working capital.
Moreover, bad loans and higher non-performing assets have
forced most banks to rethink their lending strategy.
Interestingly, for the year 2016, 54% of the total loans went
towards the corporate sector with more than 80% of these
corporate borrowings being concentrated among top 200
companies. As per the RBI report, just 12 big corporate
houses are estimated to account for 25% of the gross NPAs.
SMEs, which contribute around 45% to the national GDP
hardly, get any access to credit. However, SMEs whose
contribution to the NPAs is almost negligible have been the
only sufferers here! Fintechs are rapidly rising to the
occasion and facilitating SMEs to avoid availing loans from
informal sources at exorbitant rates of interest.
The Dilemma of the Unbanked
India has over 50 million SMEs and less than 10% have
access to credit. Many of them are centered around rural
and semi-urban regions. As a result, a vast segment of these
is still unbanked and untouched by any form of credit. Most
have little to no credit history. Banks, which majorly rely on
credit history to approve loans, are wary of lending to them.
Adding to their woes many lack sufficient documentation,
which does not make the process any easier. This is where
Fintechs and their technology-centric innovation in data
science step in.
Leveraging Data Science
Fintechs such as ePayLater leverage data science to utilize
alternate data to assess the creditworthiness of an applicant.
ePayLater uses advanced machine learning techniques to do
real-time credit assessment by leveraging data such as
buying patterns with the merchants, digital footprint, social
media information and device information. Thus, they are
even willing to extend credits to businesses who have no
history of availing credit before. The process involves
minimal paperwork, the approval is instant and the credit
disbursement is done within a day or two. The service
involves no hidden cost and the credit line extended is
completely collateral free. Working capital assistance and
favorable credit terms make this credit solution even more
enticing for the businesses.
Financial Inclusion of SMEs
India has skipped a step from being an agricultural
economy to directly becoming a more service-based
economy. Industrialization, in its true sense is yet to be
realized. It would then not be amiss to state that SMEs form
the backbone of our industrial sector and are a source of
employment for the rural/semi-urban population. SMEs in
India form 40% of the total workforce and contribute 45%
to industrial output. Fintechs are reshaping how these
businesses get access to credit. Fintechs are not only
providing credit, but ensuring independence and sustenance
of these SMEs. Furthermore, they are aiding in developing
a credit history for these businesses, undoubtedly including
them in the list of creditworthy businesses for the future.
The lending landscape is still taking shape and will undergo
some major changes in the coming few months. Internet
access, mobile technology and public awareness will be
some strong driving factors in reshaping the landscape of
SME lending.
July 2018 / 25
INDUSTRY TRENDS

30. In today’s world, the solution
provider companies are
implementing automation, to
reduce the complexity by increasing
the efficiency and the performance of
the applications. Nowadays, the risk
and compliance solutions are
empowering companies to create and
coordinate, to control and map
solutions to regulatory & internal
compliance requirement as well.
In this world of automation, with
several years of experience DDi stands
upright to provide efficient solutions to
the customers. It is a prominent
Technology partner to the Life Sciences
Industry.
DDi’s Source of Inspiration
Mahesh Malneedi is the Co-Founder
and CEO of DDi -Drug Development
Informatics. By envisioned the future
of growing need of Information
Technology in Healthcare Domain,
Mahesh established DDI to provide
better and future IT needs of Life
Science and Pharma Industries.
Innovative Technology Products and
Solutions of DDi
DDi is having a strong internal team
with domain expertise to build and
deploy end to end solutions.It delivers
smarter technology for Clinical
Development, Regulatory and
Compliance domains, by providing
innovative products and solutions for
the clients of various sizes that allow
them to manage budget wisely, while
maintaining high levels of quality and
data integrity.
“In DDi we believe in values, which
stand us apart from all other solution
providers in delivering the business
needs of the customer” expressed
Mahesh. However, these core values
are always driven by setting standards
in excellence in technology for future
readiness, better ROI, profitability and
operational efficiency.
DDi is developing in-house solutions
TULA, by keeping the massive
advancements including risk and
compliance solutions providers, which
can serve the needs of industry with
risk and compliances associated with
it. However, TULA is an advanced
Risk Compliance application that
enables the organization for managing
their studies more easily. The
application handles different modules
like project performance, risk
management, compliance management
and vendor management. Each of the
modules can be configured as per the
client specification, where the alerts
and email from the application makes
the user easy to manage.
DDi portfolio also contains a wide
range of solutions which includes
eClinical solutions like mIRT, mirtAI,
mCODER, the Regulatory solutions
like ViSU, LABELai, and the
Enterprise solutions like TULA,
safeXchange.
The Evolving Opportunities
Highlighting the exiting lines of
opportunity in this sector, any company
rather it’s a private, public, large or
even small company, can implement
Risk and Compliance tools. Those
tools support its business goals, to
manage risk effectively and stay on top
of the compliance. A single centralized
system will enable companies to have a
single source of truth to utilize for
systematic monitoring of portfolio,
project, and studies performance, risk
and compliance policies across.
Elements Essentialin Overcoming
the Challenges
At the starting phase, even new ideas
which are evolving in market can be
attributed as a key challenge for an
organization. At that time, company
explored the existing needs of industry
and transformed them into application
based IT product. Where, the dedicated
RD team of DDi has chosen a
progressive path in developing new
products and understanding the
customer requirements, to sustain in
the market with unique innovations.
The decision-making, resource and
portfolio management, risk
management, and regulatory
compliance are yet to be included in a
DDI:
EMBRACING SMART TECHNOLOGY IN DELIVERING
RISK AND COMPLIANCE SOLUTIONS
/ July 201828

31. Risk and compliance framework. This will not be effective
unless the organization’s executive leadership really
supports cultural change. By implementing a structured risk
and compliance software in an organization, one needs to
understand the organization exact requirement and
customize as per the business needs. But this can be
successful only when the organization supports the risk and
compliance actions.
Exceptional Key Differentiators of DDi
Mahesh explained that by focusing on the Future, the
company is bringing an exceptional understanding of the
industry and trends, to build solutions that are sustainable,
scalable.As the entire team of DDi is innovating constantly,
to address tomorrow’s challenges today, by helping the
clients to stay ahead of the curve, to stay cost effective, and
to stay competitive. “We believe in customer
first”—exclaimed Mahesh, while talking about their
excellent services. Though solutions are geared to make
customers exceptionally successful, this can be achieved
through quality, cost, industry insight, and deep technical
expertise.
The company is deeply focusing on systems integration, IT
solutions for healthcare industry for industries that are
driving economic growth. However, the products and the
solutions are among the best in the world, as the company
has an experience of serving large and medium
organizations across the globe in enhancing their business
Mahesh Malneedi, Co-founder CEO
Wedeliversmartertechnologybyprovidinginnovative
technologyproductsandsolutionsfororganizationsof
varioussizesthatallowclientstomanagebudgetwisely excellence and marketplace
impact. This all is possible
because of the technologically
trained and mentored team of
DDi is giving exposure to
working on the most
challenging global assignments.
Benefits Gained by the Clients
Clients are getting remarkable
benefits from DDi. Numerous
types of benefits such as
resolving issues through
transparent and reliable
communication, and the quality
product delivery by following
high standards, providing
resource capability, investing
deep in Research and
Development, this will help to
solve the customer problems
which also keeps them to be
future ready. The dedicated
team of DDi is working on
advanced technologies, to solve
problems of clients by
leveraging Artificial
Intelligence Automation.
Delineate Future
Ddi is planning to become one
of a top global leader in
providing Technology
Automation Solutions to Life
Sciences Industries to help in
decreasingthe increased cost
burden of new products.
‘
July 2018 / 29

32. As the requirements for
compliance are increasing,
many players have crop-up
with multiple risk and compliance
solutions. Such solutions are helping
the industries to move ahead towards
the success. Well, at the end of the
day, the size of the pie is increasing,
and so is the share of each player.
There is no dearth of opportunities in
terms of requirements of risk and
compliance consultants. One such
innovative and trusted risk and
compliance solution provider is
Netrika Consulting India Pvt Ltd.
The corporate office of Netrika
Consulting India Pvt Ltd. is based in
Gurgaon, Delhi NCR. Incorporated in
May 2013, it has regional offices in
Mumbai and Bangalore. However, in
a span of 5 years, Netrika Consulting
has grown from 5 employees to 150
employees. It has its base offices in
Kolkata, Hyderabad and Chennai.
And, the international offices of
Netrika are in Dubai, Singapore and
Sri Lanka. It not only caters to pan
India requirement, but whole of South
Asia and Asia.
Netrika stands as‘The symbol of
vision and acute observations’, where
the word Netrika is derived from the
word Netra, eyes in Sanskrit. Netrika
is like a powerful eye that empowers
company to connect with the world, to
see it in a larger scale with a global
vision. An eye for better
understanding of business, and risk,
which will secure business with the
help of intelligence finding solutions,
and thus empowering with the
protection.
The idea behind establishing the
company was setting up risk
mitigation practice with a base in
India, which will further go global.
However, Netrika is a team of
Multi-disciplinary professionals like
Ex-Army, Ex-Police, CA, MBA
Graduates, Cyber Forensics expert,
Competitive intelligence graduates
also other skilled, research oriented
and dedicated people. While looking
to the company’s awards and
achievements, Netrika has been
awarded “Security Project of the
year” Shield award by Secutech. Also,
Indian National Bar Association
(INBA) awarded Netrika for its
outstanding contribution in the field of
Risk Management and Forensics from
honorable Justice Siddharth
Mridulduring.
360 Degree Risk and Mitigation
Services
Netrika is adopting feasible approach
in today’s endeavor, to satisfy clients’
needs to execute assignments in a
seamless, cost effective and time
bound manner. Basically, the Risk
Mitigation services of Netrika
Consulting are divided into six
specialized divisions, namely Fraud
Risk Management, Security Risk
Consulting, Brand Protection IPR,
Information Security, Background
Checks, and Training
Certifications.
However, Netrika is team of all
wonderful people, with a unique
consulting background to support
various organizations across industries
in Intelligence Gathering,
Investigations and Security
Management dealing with complex
business threats.
Inspirational Director of Netrika
his Astounding Achievements
Sanjay Kaushik is the Managing
Director of Netrika Consulting and
ARVPASIS International Region 13
A. With over 24 years of experience,
he is a recognized expert in Anti
Counterfeit Strategies, Corporate
Security Consulting, Risk Assessment,
Investigations and Anti-Fraud
investigations, including working as
Chief Operating Officer of one of the
largest Risk Consulting Firm.
Moreover, Sanjay is the proud
recipient of prestigious “Investigation
Professional of the year 2012”Award,
NETRIKA CONSULTING:
DELIVERING EXCELLENT TRUSTED SOLUTIONS
WITH GLOBAL VISION
/ July 201830

33. in the 7th Security Leadership Summit. He has been
trained and certified in Transport Asset Protection
Association (TAPA) and have helped many corporates in
securing there supply chain in international border. He has
also assisted many corporates in securing there supply
chain in international borders.
Well, Sanjay has achieved great experience by being the
General Secretary of Association of Certified Professional
Investigators (ACPI), Founder member of Indian
Association of Professional Background Screeners
(IAPBS), an Associate Member of APDI (Association of
Private Detectives of India), and an Associate Member of
ACFE (Associate Certified Fraud Examiner). However,
Sanjay has been the Chairman of Law Enforcement
Council of ASIS India and Ex-Chairman for Loss
Prevention Council of ASIS India, Delhi Chapter 207,
India.
Further, moving to the trainings and certifications, Sanjay
has been trained and certified in –P.E.A.C.E - Suspect
Interviewing technique, Australia, Enterprise Risk
Management, Investigative Skills for Security Managers,
Certified Fraud Accounting Professional (CFAP), and
Executive Protection for Security Management.
Key Elements that Lowered the Challenges
In early days, every company is facing challenges.
However, where the solution fails, the opportunities
Sanjay Kaushik, Managing Director
Settingupriskmitigationpracticeina
largerscalewithaglobalvisionto
securebusiness remain in the area, and where
the solutions cannot be made,
the challenges become evident.
In this challenging scenario,
the company stood with
confidence by providing the
satisfactory solutions to the
client. In this way, after doing a
lot of hard work, the team
Netrika has successfully
registered for the consistent
growth year on year.
Netrika’s Stringent Solutions
for Clients
Team Netrika believes in
quality services. They have
local expertise, having 100 +
years of management
experience in the domain. The
clients, who are expecting
value for their money, are
coming back, continuously, to
Netrika. Though, with varied
fraud instances oozing out
despite stringent audits by
multinationals, clients are
approaching the company to
seek their valuable services.
Future Endeavour
Netrika is a new, growing
organization having a clear
vision of growth, while
extending support to the
clients. The company is
making high efforts to place
themselves as the top most risk
consultancy company in ASIA
in the next five years.
‘
July 2018 / 31

34. n this current environment, Risk Management is
Istill one of the challenging issues in this rapidly
evolving world. Each person is having a different
perspective on the situation, different probability,
different consequent priorities, and also has a different
scope of responsibilities. The risk management issues
have highlighted a variety of concerns in recent events.
This type of events such as data breach as well as
multiple search engine rollbacks, have forced the firms to
focus on data security, confidentiality, and control across
systems.
Currently, for all the ongoing management, there is a
need for secure systems. While the regulatory
compliance obligations are so complex to manage.
Beyond these recent situations, the traditional areas of
risk which people face and to invest in technology has
been continuously sustained. These traditional areas of
risk include records, conflicts, new business intake,
finance, employment and IT disaster recovery.
Currently, the risk management has taken efforts to focus
on the events that’s creating risks to the firm’s which
FUTURISTICTRENDSof
RISKMANAGEMENT
/ July 201832

35. process data, image, and profitability, and many of these
revolve around the IT department. With the successive
setting of policies and compliances, the market becomes
conservative, when it comes to the risk management, as
these activities can cause more risk than they resolve.
The study related to the risk management has gathered
the insights of general counsels, IT leadership,
professional liability insurers, risk directors, and risk
vendors. Their input has given a unique viewpoint of risk
management issues and trends. The upcoming trends that
are actually shaping the risk management are:
Partnership of Risk Leadership and IT Leadership
The risk leadership and IT leadership are increasingly
working together. This partnership is reflecting on the
firms that depend on the technology and electronic
information, as they are creating and mitigating risks as
well.
Data Confidentiality
The data confidentiality has already emerged as a leading
July 2018 / 33
TECH-TREND

36. issue for the legal community. While the improper use of
the information in written and spoken format is critical to
control, but the electronic form of data proves to be
secured, and the IT world is demanding for that. The IT
firms are expecting security regardless of ownership,
location, etc. In today’s world, the automatic data
confidentiality software is expected to accelerate the
tackling of compliance and privacy issues.
Practice Risk
Today, there is a need to identify and control the risks.
The active discussion on risk is increasing the
boundaries of risk mitigation. This emerging practice is
being followed to create a risk management team.
Recently, investments have been progressively increased
for the education market and have made funds available
to help firms to improve risk management and
compliance.
Outsourcing of IT Risk
The IT firms have made huge investments in IT recovery
capabilities, as they understand the effort that is
necessary to maintain the systems and data. This is
having the potential to notably reduce costs and save
staff time.
Client Sophistication with Risk Requirements
The ongoing client relationship formations have created
a noticeable method to increase the risk handling
capabilities. Based on the current trends, it is expected
that the risk requirements can become more specific and
sophisticated.
From Implicit to Explicit Risk Mitigation
When it comes to the risk management, the market
becomes conservative. And the firms often view the
proactive identification of risks. While it is expected that
the policies and education are growing in general,
specific IT policies and the automation of assessment
and compliance (for risks such as data confidentiality
and system change management) are the still exceptions.
Centralization of Risk Management Responsibilities
The responsibilities for risks are as fragmented as the
risks themselves. These teams include the governance,
risk, and compliance (GRC). The governance refers
broadly to the rules, processes or laws, by which the
organizations are operated, regulated and controlled. An
organization’s perception and tolerance for risk rest on
the backbone of its governance. Risk management
comprises the plans, policies, and procedures, which are
designed to control activities in order to accept, avoid or
minimize risk. To verify the risk management controls
are being followed or not, compliance must be monitored
and measured.
Internal Assessments
The ability to create a sustainable education and
compliance environment of professional risk
management is one of the element aspects. While the
periodic external audits are appropriate, an internal
assessment capability ensures
day-to-day analysis of progress and improvements. Some
of the larger organizations have hired well experienced
risk leaders at the top positions to facilitate this process,
although these roles still have limited preview to reach
across the firm to identify risks. The multi-disciplinary
well experienced risk teams expect the internal
assessment process to be high on the agenda.
From Loss Prevention to Competitive Advantage
Minimizing the losses from malpractice claims is the key
focus of risk management. The newly developed risk
management standards offer a more positive perspective,
which notes that risk management is not only the
mitigation of loss, but also the improvement of efficiency
in the operations, environmental protection, financial
performance, corporate governance, human health and
safety, product quality, legal and regulatory compliance,
public acceptance, and reputation.
By addressing the risks represented by the above topics,
the firms can find ways to create the business
advantages. It is expected that some of these trends will
also take years to become the norm. In the short-term,
the proactive participation of IT in understanding and
addressing risks, ensure that the consequences for risk
events does not fall proportionally on IT’s shoulders.
/ July 201834

38. Why RegTech?
Before the financial crises, the bank grew
careless about dirty money. Some banks helped
sanction busters, some channeled illegal money, and some
moved cash for other country’s launderers. The regulators
begin to take oversight seriously. They asked defaulted
banks to pay stiff penalties.
The crackdown is deserved, but some of the results were
awkward. It is observed due to fear that they might commit
financial crimes some banks refused services to their
clients. The pulling away from the client is so
indiscriminate that it “choke-off” financial flow to many
countries in Africa, Eastern Europe, Latin America and the
Caribbean countries. These nations have been dropped by
the western correspondent bank, which was their resource
for clearing dollar and euro. This resulted in people of these
nations to starve for food, medical supplies, etc.
A financial system that let dirty money flow freely is bad,
but blocking the clean one is worse. The current financial
technology offers the prospect of filtering susceptible
transaction for the legitimate one. People say
“Blockchain,” a digital-decentralized-distributed-ledger
technology may help to address the issue by building a
solution, which is cheap and have a clean way to verify
customers and transaction.
Through the blockchain started with Bitcoin and had a
history of money. It is a just first use case. It is strange that
a ledger – a dull but practical document, which is mainly
associated with accounting - is described as a revolutionary
technology. They record and confirm:
· Facts
· Ownership
· Identity
· Status
· Authority
The consensus about what is in the ledger, and trust that the
ledger is accurate is a fundamental building block of market
capitalism. The firms and government can use block chains
to make work more efficient and reliable.
What is RegTech?
RegTech is a software solution. It is usually delivered on
the cloud. It automates governance, risk and compliance
process. In the finance industry, it is often thought that
RegTech is its subset. However, RegTech has application in
various industries like utility, manufacturing, e-commerce,
SaaS and cloud service providers, etc.
Benefits of using RegTech for a company are:
1. Lowering cost: “Compliance” is a cost to a business.
By removing “hassle of audit”, RegTech can make the
compliance process less expensive. It frees up staff to
work on projects. It helps the organization’s in their
daily operations and long-term goals. It fosters
innovation and improves profit.
2. Know its data more: RegTech solution allows you to
analyze large, complex dataset. It gives clear visibility
into your organization’s key risk indicators, asset
results, and compliance initiatives. It generates the
integrated reporting of self-assessment, manual
assessments and automated controls.
3. Reduces anxiety: Most out sourcing organizations
don’t have in-house compliance professionals. By
implementing the RegTech solution organization
ensures that it is up-to-date with the latest standards. It
reduces worries on the organization’s readiness with
the latest standard.
Even in the world of deregulation era, RegTech remains
relevant.
DERISKYOUR BUSINESS
BY USING REGTECH SOLUTION AND
AND COMPLIANCE
SOLUTION PROVIDERS
BLOCKCHAIN- RISK
/ July 201836

39. Don’t use a spreadsheet
Despite having regulatory and compliance solutions, many
organizations still use spreadsheets to conduct compliance
activities. Though the spreadsheets are highly useful, it is
not a tool to use for regulatory and compliance function.
Dependance on spreadsheets to manage regulatory and
compliance process is costly and inefficient. Keep in mind
that a spreadsheet is a document. It doesn’t have an audit
trail which is a critical to the integrated risk management.
Compliance solution
Compliance requirement is growing. There are always new
issues monitoring and documentation of employees trading,
insider trading issues, and market abuse. These expanding
tasks can only be managed with the right software support
because human resource simply can’t keep pace. So the
answer is the compliance suit which is modularly designed.
It needs to cater various things like:
· Customer due diligence (KYC- Know Your Customer)
· Detect high-risk and politically connected individual
· Prevent money laundering
· Financial illegal activities, e.g. terrorism
· Detecting and managing conflict of interest
· Monitoring sanctions and embargo list
There are various software which helps to manage Risk and
Compliance. SofwareAdvice ™ is a trusted resource for
software buyer. It is a Gartner company. Gartner is the
world leading information technology research and
advisory company. SoftwareAdvisor has published a list of
risk and compliance management software. Its URL is
www.softwareadvice.com/compliance/
Summary
We need a software solution, which allows human to keep
pace with ever-changing business risk and compliance
need. I believe that blockchain based technology will bring
in more transparency, which is needed to manage risk and
compliance.
ABOUT THE AUTHOR:
Atul Gunjal is the
Co-founder and CEO of
IWORKTECH, having over
30 years of vast
experience in software
industry. He is an electrical
engineering graduate
from the University of Pune,
India. Atul directs
IWORKTECH's overall vision
and business strategy,
including expansion into
new markets, high-level
technology direction and
operations. His goal is to
establish IWORKTECH as
one of the respected
Outsource Product
Development Company.
Atul Gunjal
Co-founder CEO
July 2018 / 37
TECH-BIZZ

40. Afirm of chartered
accountants, that
consciously choose to move
away as early as 1992, from its
traditional business areas of
taxations, audit, assurance,
certification etc. to explore
consulting in the field of risk
management, derivatives, cross
border acquisitions, strategies,
private equity etc. Driven by the
philosophy adopted by the firm
“Quality is never an accident but is a
result of intelligent effort”, the firm
could quickly establish its reputation
in its chose niche areas of business.
As an early entrant into the field Mr.
Ramesh Lakshman has been invited
by leading firms like KPMG and
Earnst and Young to conduct
customized training for its employees
in the field of derivatives. Mr.
Ramesh Lakshman, the Founder
proprietor of Ramesh Lakshman
Co. is also a speaker in many
platforms in these areas of expertise.
He also conducts a course in
Derivatives for SP Jain School of
Global Management at Dubai,
Singapore and Sydney.
The firm is known for its ability to
come up with creative solutions to
problems and more often than not,
the firm exceeds client expectation.
From pre disbursement verting of
security documents to managing
financial risk, using derivatives for
the best interest of the firm, assist inn
market to market valuation for
exiting contracts, negotiating joint
venture agreements, planning for
cross border investments we have
done it all. Apart from national
clients the firm has catered to clients
overseas through UNDP project
AMSCO in different African
countries, particularly Swaziland.
Diversity of Industry Coverage
Whether it be pure and simple
business consulting, or private equity
sourcing and deal negotiations,
structured finance, derivatives and
risk management, valuation of
financial instruments, pre
disbursement validation of security
documentation our clients range
from varied industries. These include
automobile components,
pharmaceuticals, jute,
infrastructure- water distributions
and cargo movement logistics,
financial services, banks, hotels,
private equity investors, trading,
engineering services, power, jewelry
and watches, software, power.
Evolving Opportunities with
Massive Advancements
The recent changes in accounting
standards, new thoughts and
legislation, new technologies and
new business models all throw up
multiple opportunities for consulting
in diverse areas. The firm is now
looking forward to another decade of
rapid growth powered by these
business opportunities.
Recently the company advised a
corporate on unwinding a derivative
structure. The MTM valuation by the
bank was USDm1.2 Million. Against
this the Value placed by the firm was
5.5.Milion USD. Then a protracted
negotiation was held with the bank
and finally the client closed it at a
valuation of 4.3 Million USD. The
enhanced value assimilated for the
client is an indication value accretion
that the firm provides in its niche
areas of expertise.
Focusing beyond the Apparent
The firm continues to hold its
position that –“We are a boutique
firm and intend to be so. Hence we
do not face any major problems. We
work with the limited number of
RAMESH LAKSHMAN:
PROVIDING OPTIMAL SOLUTIONS THAT
ARE BENEFITING FINANCIAL BUSINESS WORLD
/ July 201838

41. clients at any time, so as to be able to reach out and meet
their requirements in a time bound manner” We always
have and will continue to ensure that as a firm, it must
reach out beyond the apparent and deliver more than
what was expected.
Consultants on Engagement
The firm typically works with a range of consultants
whose services are drafted on the basis of expertise
requirement and the client engagement. The firm
undertakes both short term and long term projects,
nationally and internationally. The last international
engagement was at Muscat.
Risk Analytics
Another key area being explored by the firm is risk
analytics, the use of data analytics to determine risk of
fraud, mis appropriation, cheating, etc. This area is
being explored in addition to identify risk in automated
environment where human intervention is limited. Using
algorithms, historical trends, deviations and number
Ramesh Lakshman, Founder CEO
Qualityistheresultofintelligenteffortsandawillto
producesuperiorthings
repetition, risk analytics will
drive down to areas or
documents with potential risk
and explore these areas
further to identify actual risks
and also losses if any or
determine that there is not
apparent risk despite the
deviation in data patterns.
Future Endeavors
As identified by the company
health is turning out to be one
of the major risk factors in the
lives of most citizen. With a
view to meet this challenge
and provide useful
management services the firm
is setting up a new entity
which will provide holistic
health care management
through alternate medical
systems. Initial programmes
planned include reversing
diabetics, Hypertension,
health care during pregnancy
and developed of mental
faculties of children between
three month to three years.
The approaches will center
around vibrations, magnetic
healings, sound therapy etc.
Managing these through diet
and nutrition using special
techniques of cooking etc.
will happen to be key
ingredient in the solutions
offered.
‘
July 2018 / 39

42. / July 201840

43. rtificial intelligence is everywhere, and in everything; from
Aself-driving cars, trains, airplanes to social media chatbots.
Additionally, it affects multiple facets of human existence to bring
a meaningful as well as enriching change in our lives. On one hand, it has
brought efficiency to processes with the much needed speed, reliability and
saved invaluable time. On the other hand, it helps people from various
countries seamlessly interact with each other using AI powered voice
translation tools in real time to make human interactions more meaningful.
Today, the explosion of AI applications is taking place in every sector;
however it is taking huge strides in the area of risk and compliance.
THE
RISE
OF
ARTIFICIAL
INTELLIGENCE
IN
RISK
Compliance
Management
July 2018 / 41
DEMYSTIFYING RISK

44. Currently, organizations are facing challenges in improving
their performance. In today’s world, businesses are
managing everything under the one roof. Hence, the
subsequent growing risk in businesses is constantly
reshaping the business landscape. Risk and compliance are
providing single centralized solutions and empowering the
organizations as well.
Role of AI
Huge amount of data is being collected by companies every
day. This data is a combination of structured and
unstructured data, and it needs to be analyzed accurately for
smooth operations. The futuristic AI processes are
automating this integral part of risk assessment. The amount
of data will only keep growing in the future, and thus the
mistakes will happen while processing the data manually.
Risk and compliance AI operations are intended to simplify,
so the technology and processes evolve with the times to
cope with expanding data sets.
The ability of computers to quick analyzing and its quick
decision is obviously beneficial to enterprises. Hence,
businesses are looking at implementing AI systems to speed
up their processes. After implementing AI processes, the
risk and compliance systems will be able to automatically
collect data from various data streams and channels. After
analyzing the data sets and operations, it will possibly
suggest any process or strategic changes. These evolving
technologies, like AI, machine learning, predictive
algorithms, etc., are improving the potential stakes for
companies. Thus, companies are able to manage the entire
risk of the enterprise.
Predicting the Unpredictable
The risk and compliance landscape are under a lot of stress
due to unforeseeable uncertainties in the business
environment. Due to the uncertain nature of the risks
involved, businesses may find it difficult to plan ahead,
which in turn increases the risk margins. Today, it is
predictable that there will be far more unpredictable events
will happen in the next few years. As such, the technology
and approaches of the risk and compliance will evolve to
handle this uncertainty. Firms will be more furnished to
manage the unexpected risks, by changing rapidly the
market or industry trends.
How AI is Helping Risk and Compliance Processes?
AI algorithms have already existed for the past twenty
years. But, the AI’s application of an iterative, learning
process splits it from other types of data analytics. This
allows the system automatically to adapt inputs and perform
tasks more efficiently. Before proceeding towards
implementing AI solutions or AI processes in business, the
three things always have to consider, and those are:
· Understanding and defining the availability.
· Pinpointing the problem to solve, and its associated
use case.
· Use of the right technology.
More about AI processes
The AI tools and techniques are helping firms to manage the
risk and compliance tasks. Certain AI techniques and tools
are changing the way of business. These techniques include:
robotic process automation, speeding up routine tasks and
minimizing human error and also text analytics and
insights, processing unstructured data, negative news, case
notes, and more. One of the AI techniques, which are
changing the risk and compliance landscape, is entity
resolution and network analytics, i.e., determining the
connections between the individuals. Natural Language
Processing (NLP) is one of the biggest AI techniques.
The Business Benefits of AI
· Enhance the features, functions, and performance of
the products
· Optimize internal business operations
· Free up the workers to be more creative by automating
the tasks
· Make better decisions
· Optimizing internal marketing, sales processes
· Pursue new markets
· Capturing and applying scarce knowledge where
needed
/ July 201842