The 10 Most Trusted Risk and Compliance Solution Providers

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

4. Editorial I ndian companies are steadily marching ahead towards growth 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. ERM Service Providers– Revolutionizing Risk and Compliance Management 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. in India Ananda Kamal Das

5. ™ Editor-in-Chief Pooja M. Bansal Senior Editor Shraddha Deshpande Managing Editor Rajarshi Chatterjee Executive Editor Ananda Das Contributors Shruti Jambhale Art & Design Director Amol Kamble Co-designer Mayur Koli Picture Editor Alex Noel Art Editor Savita Pantav Vanshika, Poonam Visualiser Business Development Manager Akansha Garewal Marketing Manager Dhruv Apte Business Development Executives Tejashwini, Ashwini Research Analyst David Circulation Manager Vivek Bangade Database Management Prashant Chevale Technology Consultant Swapnil Patil sales@insightssuccess.com July, 2018 Corporate Ofces: 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 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 Cover Price : RS. 150/- https://twitter.com/insightssuccess Follow us on : www.facebook.com/insightssuccess/ We are also available on : 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.

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

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

8. Rising Signicance of the Risk and Compliance Industry T at the same time it is bringing the incredible opportunities for the businesses. oday, 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, 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. TSS Consultancy Pvt Ltd In this issue, we have specially featured products for the financial institutions by focusing their attention on compliance and operations. , as the cover story. It is building innovative Care Risk Private Limited which is focusing on delivering value in the banking & Apart from this, we have chosen 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. 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 . Ramesh Lakshman & Company financial risk management, and provides a depth of knowledge in accounting and auditing, taxation, business consulting, and personal financial planning services. Neural Risk Consulting Pvt. Ltd. consulting firms that specializes in risk management, treasury management, regulatory compliance & policy development and review for financial institutes. Sparrow Risk Management Pvt. Ltd. growing Engineering Risk Management Company which caters to Safety, Risk Management (Electrical, Fire & , Process) & Detailed Engineering. J K Risk Managers and Insurance Brokers Pvt. Ltd. company, deliver enhanced value to all stakeholders. Risk 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. , DDi , delivering , the firm that advises clients in the areas of is one of the leading financial is India s one of the fastest ’ is one of the innovative is the world s leading ’ – ‘Bridging the Gap Fintechs Reshaping SME Lending in India’ We have encompassed CXO Standpoint on 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. , by ‘Interview with Insights Success Riskpro Management Consulting Company Pvt. Ltd. We have enclosed which is one of the prominent integrated professional service companies in the Governance, Risk and Compliance Domain. ’ with ‘10 Ways to Dramatically Improve Risk Management at Work’ ‘Futuristic Trends of ‘The Rise of Artificial Intelligence in Risk and Compliance Management’ and Also, we have included Risk Management’ in-house editors in the delightful pages of this magazine. , scripted by our So, flip the pages of our magazine and treat yourself with the innovations in the Risk and Compliance Industry!

10. Sagar Tanna CEO & Founder

11. TSS CONSULTANCY: Redening Compliance & Operations with Innovative Solutions T 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 intoday’s demanding world. TSS Consultancy Pvt. Ltd. is one such organization that is committed to provide extremely efficient and cost-effective solutions. echnology, 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

12. WE HOLD A A TRUSTED PARTNER OF THE RESPONSIBILITY OF OPERATIONS, LETTING THEM FOCUS ON BUSINESS DEVELOPMENT ‘ ‘ Vision TO BECOME Outstanding Solutions making TSS Consultancy Protuberant A Unique Solution Provider in Risk and Compliance Industry 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. 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. PROGRESSIVE INSTITUTIONS BY TAKING OVER TECHNOLOGY SOLUTIONS IN COMPLIANCE AND Insightful Leaders of TSS Consultancy TSSConsultancy 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. 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 containsCKYC Solution (CERSAI Compliant CkycIndia.in),

13. Sameer Tanna CTO & Founder

14. 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; Customer Onboarding & Static Data Change Solution, FCS Solution (FATCA CRS Compliance), and Re KYC Solution (Customer Digital Interaction). 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. The distinct Anti-Money Laundering SolutioncontainsScreening 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). Clients Benefiting by the Excellent Solutions of the Company TSS Consultancy is a are the core pillars”—states Tanna brothers. The Insider Trading & Research Analyst Regulations comprises of Employee Dealing / Code of Ethics Solution, Client Insider Tracking Solution, Research Analyst Regulation Solution. 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. 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. Process & Document Management segment containsBusiness Process Management, Document management system. The Franchisee / Channel Partner segment contains Onboarding & Management Solution, Risk Profiling Solution, Static Data & change management solution. Future Endeavour The Contribution of TSS Consultancy in Risk & Compliance Sector 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. 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. The Spend Management segment contains Budgeting Module, Procurement Module, Payment & Approval Process, Forecast, and Planning Module. Stepping Towards Growth by Overcoming the Challenges TrackWizz CKYC Solution helps Financial Institutions to submit or exchange information with Central “Hearing out its customer and the

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17. Management Company Name Brief CARE Risk Solutions is focusing on delivering value in the banking & finance space through its suite of risk and finance product offerings. CARE Risk Solutions Private Limited carerisksolutions.com Umesh Ikhe CEO 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. Mahesh Malneedi Co-founder & CEO DDi ddismart.com J K Risk Managers & Insurance Brokers Pvt. Ltd. jkbima.co The innovative company, deliver enhanced value to all stakeholders. Anurag Kaul Director Netrika consultant supports various organizations across industries in Intelligence Gathering, Investigations and Security Management. Netrika Consulting India Pvt Ltd. netrika.in Sanjay Kaushik MD One of the leading financial consulting firms that specializes in risk management, treasury management, regulatory compliance & policy development and review for financial institutes. Neural Risk Consulting Pvt. Ltd. neuraltechsoft.com Dr. Mahendra Mehta Chairman & MD 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. Ramesh Lakshman & Company rlco.bz Ramesh Lakshman Founder & CEO It delivers Machine Learning, Blockchain & Risk Analytics Solutions for large Energy, Commodity and Financial Services Players. Risk Edge Solutions riskedgesolutions.com Nitin Gupta 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. Risk Management Solutions, Inc. rms.com Karen White CEO India’s one of the fastest growing Engineering Risk Management Company which caters to Safety, Risk Management (Electrical, Fire & Process) & Detailed Engineering. Sparrow Risk Management Pvt. Ltd. sparrowrms.in Pawan Pawan Founder & CEO Sameer Tanna Founder & Director Sagar Tanna Founder & Director The Company is building innovative products for the financial institutions by focusing their attention on compliance and operations. TSS Consultancy Pvt. Ltd. tssconsultancy.com

18. Apurva Joshi Executive Director Riskpro Management Consulting Pvt. Ltd Mayur Joshi Director Riskpro Management Consulting Pvt. Ltd / July 2018 16 \

19. INTERVIEW WITH INSIGHTS SUCCESS RISKPRO Delivering Intelligence-as-a-Service Model T oday, businesses are operating in a highly complex 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. 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? 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. 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. 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. 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 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 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. 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? 4. With the massive advancements in the risk and compliance solution providers industry, what are the opportunities and challenges evolving with it? 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. 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. 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. 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. 8. How do you see yourself and the company in the future ahead? 5. What is the current scenario of risk and compliance solution providers industry, from your point of view? 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. 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 / July 2018 18 \

22. CARE RISK SOLUTIONS: DELIVERING ACCOMPLISHED RISK MANAGEMENT SOLUTIONS TO THE BUSINESSES I 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. Moving Towards Bright Sides by Overcoming the Challenges n the recent past, one of the major concerns of banks is to meet the constant regulatory constantly repeat the business process from customers. 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. 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. 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. 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. 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 To overcome these challenges, currently they are working in the process of strengthening and modelling the framework by incorporating Artificial Intelligence / July 2018 20 \

23. ‘ management solutions built on cutting-edge technology, that will facilitate optimal allocation of capital within an aggressive TCO (Total Cost of Ownership).” CARE Risk is constantly working towards taking their products to the next level, with the latest CARE Risk Provides Bundles of Benefits to their Clients features and advanced technologies 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. Umesh Ikhe,CEO 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). 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”. 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 July 2018 \ / 21

24. 10 Ways TO DRAMATICALLY IMPROVE AT WORK W e live in the world, which is 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. meet the organization objective. However, managing the risk is also considered as an art. 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. 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. 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. 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 Today, all the industries are now originating on “Management of Risk”. In the corporateworld, the understanding and analysis of risk are involved in the risk management, to Estimation & prioritizethe Risk – To assess and to prioritize all known risks, use the probability and impact matrix. Much good or bad stuff happens at / July 2018 22 \

25. MANAGEMENT INSIGHTS 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. July 2018 \ / 23

26. 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 Bridging the Gap Fintechs Reshaping SME Lending in India / July 2018 24

27. INDUSTRY TRENDS T 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. 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. he demonetization initiative by the government of India triggered a significant shift in the financial atmosphere of the country. Not only did Indians 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. 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. 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. 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 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

30. DDI: EMBRACING SMART TECHNOLOGY IN DELIVERING RISK AND COMPLIANCE SOLUTIONS I 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. like ViSU, LABELai, and the Enterprise solutions like TULA, safeXchange. n today’s world, the solution provider companies are implementing automation, to the clients of various sizes that allow them to manage budget wisely, while maintaining high levels of quality and data integrity. 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. “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. 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 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’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. 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 R&D 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. 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 decision-making, resource and portfolio management, risk management, and regulatory compliance are yet to be included in a DDi portfolio also contains a wide range of solutions which includes eClinical solutions like mIRT, mirtAI, mCODER, the Regulatory solutions / July 2018 28 \

31. ‘ 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. technology products and solutions for organizations of various sizes that allow clients to manage budget wisely We deliver smarter technology by providing innovative 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. Mahesh Malneedi, Co-founder & CEO 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. 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. 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 ‘ July 2018 \ / 29

32. NETRIKA CONSULTING: DELIVERING EXCELLENT TRUSTED SOLUTIONS WITH GLOBAL VISION A 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. 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. s the requirements for compliance are increasing, many players have crop-up 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. 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. 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. Inspirational Director of Netrika & his Astounding Achievements Sanjay Kaushik is the Managing Director of Netrika Consulting and ARVP ASIS 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. 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 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 Moreover, Sanjay is the proud recipient of prestigious “Investigation Professional of the year 2012”Award, / July 2018 30 \

33. 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. ‘ Setting up risk mitigation practice in a larger scale with a global vision to Netrika’s Stringent Solutions for Clients Sanjay Kaushik, Managing Director 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. secure business 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. 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. 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 July 2018 \ / 31

34. FUTURISTIC TRENDS MANAGEMENT of RISK I n this current environment, Risk Management is still 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 / July 2018 32 \

35. TECH-TREND Partnership of Risk Leadership and IT Leadership 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: 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

36. 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. 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 Internal Assessments 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. 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. 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 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. 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 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. 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, / July 2018 34 \

38. DERISK YOUR BUSINESS BY USING REGTECH SOLUTION AND BLOCKCHAIN- RISK 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 AND COMPLIANCE SOLUTION PROVIDERS 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. W 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. hy RegTech? Before the financial crises, the bank grew careless about dirty money. Some banks helped 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. 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. 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. 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. / July 2018 36 \

39. TECH-BIZZ 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 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. · 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/ 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: 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. · Customer due diligence (KYC- Know Your Customer) · Detect high-risk and politically connected individual July 2018 \ / 37

40. RAMESH LAKSHMAN: PROVIDING OPTIMAL SOLUTIONS THAT ARE BENEFITING FINANCIAL BUSINESS WORLD A 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. Evolving Opportunities with Massive Advancements firm of chartered accountants, that consciously choose to move 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. 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 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. 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 The firm is known for its ability to come up with creative solutions to problems and more often than not, / July 2018 38 \

41. ‘ 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. Quality is the result of intelligent efforts and a will to 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. Ramesh Lakshman, Founder & CEO produce superior things 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 ‘ July 2018 \ / 39

42. / July 2018 40 \

43. DEMYSTIFYING RISK THE RISE OF ARTIFICIAL INTELLIGENCE IN RISK & Compliance Management A rtificial intelligence is everywhere, and in everything; from self-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. July 2018 \ / 41

44. How AI is Helping Risk and Compliance Processes? 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 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: 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. · 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 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. 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 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. / July 2018 42 \