The Challenge
To ensure that the NBFC’s technology and policy frameworks are aligned with regulatory compliance requirements, particularly those set by the RBI. Identification and rectification of gaps in IT governance, risk management, security, and vendor management, and to strengthen the technology stack to better serve their target segment, ensuring functionality, scalability, resilience, and cybersecurity.
Our Solution
Current State Assessment
Profiling the current state of IT policies and technology arrangements to establish a baseline for evaluation and transformation.
Compliance & Diagnostic Review
Conducting an in-depth compliance review against RBI’s Master Directions and performing a diagnostic review to assess alignment with the organization’s stated architecture and technological capabilities.
Gap Analysis & Framework Design
Generating a GAP report with actionable recommendations, followed by designing and rebuilding the control framework to address identified gaps and align with regulatory requirements.
The Digital Fifth’s Approach
- Thorough analysis of the current state, including all relevant IT and risk management policies, technology stack, and vendor compliance frameworks.
- Assessment of compliance with regulatory standards, highlighting areas of strength and weakness, and suggest contractual improvements.
- In-depth review of the technology infrastructure and processes to ensure they are robust, secure, and capable of meeting current and future demands.
- GAP Analysis and a compliance readiness report alongside a set of procedural recommendations to bridge identified gaps.
- Designing and implementation of an enhanced control framework that not only addresses the identified issues but also positions the NBFC to efficiently manage future regulatory and technology changes.
Accomplishment
- Understanding of the current IT and risk posture as compared to RBI Master Direction
- GAP report outlining areas of non-compliance and recommendations for improvement.
- Updated and enhanced IT and risk management policies, reflecting the best practices and regulatory requirements.
- Redesigned control framework that ensures ongoing compliance and addresses cybersecurity, risk management, and technology scalability.
- An actionable roadmap to guide the NBFC towards full compliance and improved technological capabilities.
