– Regulatory compliance is a time taking and stressing process. Layered tax levels, multiple laws and by-laws, differing dates and calculation methodologies make it an extremely stressful exercise.
– COMPLIANCE iNBOX (CiB) by BAFintech is an intelligent SAAS based solution which assures stress-free compliance management in a timely and accurate manner
PUNE, India, Oct. 28, 2020 /PRNewswire/ — Compliance is a complicated and time-consuming process. Additionally, compliance teams have to make do with clunky tools, outmoded technology and inefficient processes. It is quite normal for compliance teams to create and amend an already created report multiple times. Compliance poses the following challenges:
Compartmentalised functioning: Normally compliance is initiated in case of a change in law, litigation or submission. As the change is generally related to a specific component, it prompts siloed functioning.
Disconnected systems: Due to the predominantly siloed approach, the systems and processes developed are also functioning in their own ‘happy’ space.
Manual: Compliance checks are still carried out manually in many organisations. This affects productivity across the board. As, a delay in one function, affects the following function exponentially.
Metrics: Due to the fractured approach, the opportunity to establish useful metrics is lost. With no proper metrics, keeping a track of efforts & prioritizing is not possible.
Limited visibility: It is difficult to map the complete process of compliance management, as multiple elements are functioning independently. For decision-makers its crucial to have a ‘Top view’
Sameer Paddalwar, CEO of Boston Financial Advisory Group says, “As per our study we observed around half of the compliance team is spending almost four hours per week on creating and modifying an already created report. It’s like reinventing the wheel. It has further impact down the line. I was sure that the use of technology can change this, and so I set about to create a solution.”
The solution he arrived at is COMPLIANCE iNBOX (CiB). A platform with an integrated approach to comply with industry-focused regulations in a timely and accurate manner. A solution which has been developed to address the pressing challenges of compliance management across an organisation.
COMPLIANCE iNBOX (CiB) boasts of:
Comprehensive Coverage: A seamless platform which will address all GRC (Governance, Risk, and Compliance) needs. With a robust ability to quickly configure workflows, alerts and tracking mechanisms in addition to monitoring of regulatory requirements, documents, projects, audits and self-assessments.
SAAS Based: The power of flexibility and one-time investment is delivered to the client through a SAAS-based approach. With remote access and processing, it helps to save overheads required for installation and maintenance.
Role Management: Roles can be defined and tasks can be assigned to the various professionals involved in compliance management.
Ease of use: A platform developed for busy professionals, COMPLIANCE iNBOX has a range of tools and features which can be configured almost immediately and put to use with minimal training. It also assists in automating recurring functions.
Some interesting key features of COMPLIANCE iNBOX are:
- Dashboard: A comprehensive view on a single screen regarding the status of various compliances and audit activities across the organisation.
- Workroom: A digital space to assign, monitor, review resource engagement and have efficient control overall activities.
- Dataroom: Integrated Document management, Policy management, a repository of compliance obligations.
- Compliance Calendar: Never miss a date from here onwards, with automated triggers, notifications and reminders through email and SMS.
The CiB advantage:
- Design, Assign & Manage the workflow.
- Manage Projects, Compliance events & Resources.
- Track Due dates and view compliance history.
- Recurring alerts, Notifications, SMS.
- Safe &Secure Data Sharing.
- Huge savings on costs and time.
COMPLIANCE iNBOX (CiB) is an intuitive product for better accountability and increased efficiencies.
A development by BAFintech, an organisation specializing in the niche sector of financial accounting, consulting, and advisory services, Boston Financial Advisory Group has been the most desired one-stop-shop for solutions in the financial domain. With a team of CPA’s, CA’s, CMA’s, Corporate Counselors, Technology experts with over two decades of experience in their domain and have been delivering to clients in USA, UK, Singapore, South America, Australia, Middle East, Malaysia.
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