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on 11-29-2023 07:24 AM
In October 2023, the RBI penalized Union Bank of India and RBL Bank for not complying with regulatory standards. Union Bank faced a fine due to insufficient viability assessment of a loan project, a challenge that ServiceNow GRC's advanced risk assessment could effectively address. RBL Bank's failure to timely obtain shareholder declarations is another issue ServiceNow GRC's automated tracking could have prevented.
This scenario is a stark reminder of the potential financial and reputational risks banks face with outdated GRC processes amid evolving regulations.
IRM emerges as an essential application for banks, ensuring compliance and protecting banks from significant losses and reputational harm.
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In 2023, DBS, OCBC, and Citibank in Singapore faced fines totaling S$3.8 million for AML/CFT compliance failures.
Banks shouldn't underestimate the capabilities of GRC, which could have significantly helped in this situation. This platform automates compliance with evolving regulations like SFA 04-N21, streamlines due diligence, and offers real-time risk monitoring. By efficiently managing regulatory updates and maintaining accurate beneficial ownership data, ServiceNow GRC assists in mitigating risks of non-compliance, potentially saving these institutions from substantial financial penalties and reinforcing their compliance framework in the face of any new or updated policies.
