Manage Compliance with a Difference

In most banks, primary focus of Compliance functions is on ensuring compliance by identifying the regulations that need to be complied by operating units and monitoring compliance thereto. They also source and forward regulatory instructions to respective business functions for further dissemination to operating units, providing clarifications on interpretation of regulatory guidelines, as and when required, vet new products & related processes developed by business functions to ensure that these are in sync with regulatory requirements, and submit periodic reports to Top Management and Board of Directors. Yet, hefty penalties get levied on banks from time to time for compliance failures.

Basic belief at Alpha Plus is that Instead of merely sourcing and forwarding regulatory instructions to business functions, or identifying compliance obligations and monitoring compliance thereto, the Compliance Function is expected to proactively provide information, insights and advice on best practice business processes, identify inherent risks in handling various products and processes; suggest appropriate controls and risk mitigating mechanism, critically review encountered deviant cases and compliance failures to identify and plug the loopholes, and increase agility to quickly respond to changing business and related regulatory requirements.

With this belief, Alpha Plus Group Banking Advisory Team has helped quite a few banks to streamline their compliance function to be a vibrant business collaborator facilitating business growth and ensuring compliance.