Products
BaaS Range of Products for Every Digital Audit need
A complete range of products for digital audit for Banks, Housing Finance Companies, NBFCs, Power Finance Companies, and Micro-finance Companies.
Finakon’s BaaS Operational Risk Management Platform, BaaS Risk Based Audit, and BaaS Supervise meet all your digital audit needs seamlessly.
BaaS® SuperWise for Regulators
Key Features
Automated Compliance Monitoring:
Enables real-time tracking of compliance with statutory regulations.
Uses pre-configured rule sets tailored for Indian regulatory frameworks.
Risk-Based Auditing:
Prioritizes areas of high risk based on predictive analytics and AI, reducing manual effort and ensuring critical gaps are addressed.
Data Integration & Centralization:
Centralizes audit documentation for easy retrieval and sharing.
Audit Trail:
Maintains a secure, tamper-proof digital audit trail to ensure transparency.
Customizable Dashboards & Reporting:
Offers configurable dashboards for high-level insights.
Enables drill-down capabilities to analyze data at granular levels.
Generates reports in formats required by Indian regulatory bodies.
Scalability:
Scales to accommodate both large-scale regulatory bodies and smaller, niche regulators.
Benefits
Improved Efficiency:
Automation and AI-driven insights reduce the time and cost associated with traditional audits.
Enhanced Transparency:
A centralized and tamper-proof system ensures stakeholders trust the audit process.
Data-Driven Insights:
Leverages analytics to identify trends, detect anomalies, and support informed decision-making.
Reduced Compliance Burden:
Provides clarity and guidance to regulated entities, reducing misinterpretations of complex laws.
Future-Ready Auditing:
Leverages cutting-edge technologies such as AI, blockchain, and machine learning to stay ahead of emerging challenges.
BaaS® Risk Based Audit
Key Features
Risk Assessment Framework
Enables organizations to identify, assess, and prioritize risks across processes, functions, and geographies.
Integrates both quantitative and qualitative risk metrics to provide a holistic view of risk exposure.
Dynamic Audit Planning
Automates the creation of audit plans based on real-time risk scores, past audit results, and organizational objectives.
Supports continuous risk monitoring and adjustment of audit priorities.
Customizable Risk Models
Allows organizations to define risk parameters tailored to their industry, regulatory requirements, and strategic objectives.
Pre-configured risk templates for industries like banking, manufacturing, healthcare, and more.
Data Integration & Analytics
Integrates seamlessly with ERP, GRC (Governance, Risk, and Compliance), and other enterprise systems.
Advanced analytics and dashboards provide insights into high-risk areas and audit findings.
Workflow Automation
End-to-end automation of the audit lifecycle, from risk assessment to reporting.
Configurable workflows for risk mitigation, audit execution, and follow-ups.
Real-Time Reporting & Insights
Interactive dashboards and drill-down analytics for detailed insights into risk exposure and audit results.
Comprehensive reports for management and audit committees, highlighting key risks and actionable recommendations.
Benefits
Enhanced Risk Management
Focuses audit efforts on the most significant risks, improving overall risk oversight and mitigation.
Efficient Resource Allocation
Optimizes the use of audit resources by targeting high-priority areas and avoiding low-risk redundancies.
Compliance & Governance Alignment
Ensures adherence to regulatory requirements and best practices while aligning with the organization’s strategic goals.
Improved Decision-Making
Provides leadership with data-driven insights to support risk-informed decisions.
Proactive Risk Mitigation
Encourages a proactive approach by identifying emerging risks and addressing them before they escalate.
BaaS - Risk Based Internal Audit
BaaS - Concurrent Audit
BaaS - IS
Audit
BaaS - Management Audit
BaaS - Legal
Audit
BaaS - Credit
Audit
BaaS® Operational Risk Management Platform
BaaS Operational Risk Management (ORM) Platform is a robust, technology-driven solution designed to help organizations identify, assess, monitor, and mitigate operational risks. These platforms centralize risk-related data, streamline compliance processes, and empower decision-makers with actionable insights. The ultimate goal is to minimize potential losses, ensure regulatory compliance, and enhance overall organizational resilience.
Key Features
Risk Identification & Assessment
Comprehensive risk library for cataloguing potential operational risks.
Risk assessment frameworks to evaluate likelihood, impact, and severity.
Scenario analysis and what-if modelling to anticipate potential risk events.
Real-Time Risk Monitoring
Dashboard for real-time monitoring of risk KPIs (e.g., key risk indicators, thresholds).
Alerts and notifications for risk thresholds and exceptions.
Continuous tracking of risk control effectiveness.
Incident Management
Workflow for capturing, analyzing, and resolving incidents.
Root cause analysis tools to identify recurring issues.
Integration with audit logs for detailed reporting.
Compliance Management
Built-in compliance frameworks to address industry-specific regulations (e.g., SOX, ISO, GDPR).
Automated documentation and audit trails for regulatory reporting.
Risk and control mapping for easier compliance checks.
Policy & Procedure Management
Centralized repository for risk policies and operational procedures.
Version control and approval workflows to maintain up-to-date documentation.
Automated reminders for policy reviews and updates.
Advanced Analytics & Reporting
Data visualization tools for presenting trends, metrics, and risk exposures.
Risk heatmaps and dashboards to communicate risk status effectively.
AI/ML capabilities for predictive analytics and early risk detection.
Integration Capabilities
API integrations with ERP, CRM, and other business systems.
Data ingestion from third-party systems for comprehensive risk analysis.
Seamless integration with business continuity and disaster recovery plans.
Customizable Frameworks
Adaptable workflows and configurations to suit diverse industries and business models.
Support for multi-language and multi-region operations.
Benefits
Enhanced Risk Visibility
Provides a 360-degree view of operational risks across the organization.
Improved Decision-Making
Real-time insights to guide strategic and operational decisions.
Cost Savings
Reduces financial and reputational losses associated with operational risks.
Streamlined Compliance
Simplifies adherence to evolving regulatory requirements.
Scalability & Flexibility
Supports organizations of all sizes and adapts to changing risk landscapes.
Risk and Control Self-Assessment
Loss Data Management
Product Approval
Compliance Management
Product Documentation
Business Continuity Management
Guidance Note on Operational Risk Management and Operational Resilience
Broad Areas/Topics Across These Pillars
Pillar 1
Prepare and Protect
*Governance and Risk Culture
*Responsibilities of Board of Directors and Senior Management
*Risk Management: Identification and Assessment
*Change Management
*Monitoring and Reporting
*Control and Mitigation
Pillar 2
Build Resilience
*Business Continuity Planning and Testing
*Mapping Interconnections & Interdependencies
*Third party dependency management
*Incident Management
*ICT including cyber security
Pillar 3
Learn and Adapt
*Disclosure and Reporting
*Lessons Learned Exercise and Adapting
*Continuous improvement through Feedback Systems
Get in Touch
Want to experience the real-time digital audit solution for your bank or NBFC? Get in touch with us today.
Location
Level 4, Sanali Spazio, Inorbit Mall Road, Madhapur, Hyderabad-500 081, Telangana, India.
Help & Support
+91 9849 805 034
Email Address
sales@finakon.com