Manoj_Jain's blog

So, we started to build our practice of GDPR on the premises that India is a Hub of data processing and under GDPR, all will go out of business if there businesses are not GDPR compliant.

So, what that means for Indian companies and applicability of GDPR for India companies. Simply, it means that if GDPR applies to Europe region primarily, then next in the order is India as the single largest base of companies that need to comply with the data protection regulation.

Board Evaluation

The recent failures of corporate throughout the world have led the regulators to closely review the mechanism and guidelines that govern the functioning of the Board. The Board evaluation process is of utmost importance as it relates to the long term objectives of the company.

The following information provides in - depth information on Board Evaluation, the Methods available, and related information

Contract Risk
Contract risks arise from the possibility that the legal contracts of the company will contain clauses obligating the business to terms and conditions that are unreasonably impacting the company in a negative manner. This risk type could have risk events such as performance penalties, contract termination penalties, warranty terms, non standard clauses not reviewed by legal department, unfavourable clauses inserted by counterparty without knowledge of the company etc.

Following are suggested training program for fraud risk.

Life Insurance Fraud overview
-Regulatory & Legal requirements & provisions viz a viz Fraud
-Role of various stakeholders – Sales/agency force, medical examiners, underwriting, policy issuance, policy admin/claims, risk management, SIU post facto analysis

-Fraud Detection Technique
-Detailed Fraud Scenarios based on industry - India & Globally (we will take numerous specific scenarios & red flags)
-Case Study on Insurance Fraud

Rs 20,000 without KYC.... Rs 2,000 without additional factor authentication. It is not enough. India's exponential use of digital wallets and prepaid accounts seem to leave behind The RBI, Banks and other regulators who are grappling with adequate regulatory measures to make sure that the ecosystem can withstand the volumes with least amount of frauds and losses.

Sec 134(5) increases focus on Corporate Governance and compliance, besides risk and internal controls. Under section 134(5)(f), director’s need to certify that they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively

Cost of Non Compliance

What is the worst case scenario, purely in terms of penalties imposed by the Ministry on non compliance of the section.
A very rough estimate and no way can anyone determine the true answer.

Riskpro conducted a survey to develop a list of top 20 compliance management software. Specifically, our goal was to put together the list of top 20 compliance tools in India.

Our results were quite alarming. We were expecting large IT global firms to feature on the list. But to our surprise this was not so. The main reason is that these global IT firms do not have a full understanding of local regulations and their IT systems are not populated with local acts and regulations.
This prevents users from deriving maximum benefit of the global system.

All of us would like to know which is the best compliance management software in India. Naturally, the answer depends on the maturity of compliance management at your organisation and what is the expectation from a software.

But if we have to identify the best compliance software, then we can measure it on the following rating parameters.

There are 2 possibilities. One is if the client is a manufacturer of measuring devices. Then the audit takes a different direction as they need to adhere to a lot of controls to ensure only accurate measuring devices are sent. Clients are also required to do verification and certification of such devices annually.

A great reading material. Full report at
https://www.kpmg.com/US/en/IssuesAndInsights/ArticlesPublications/Docume...