Risk Consulting
Our multidisciplinary teams can offer diverse perspectives on business uncertainties and maximize potential.
Expert Leader
- Nakul Gupta
- nakulgupta@spcnc.com
Nakul is a Technology and Consulting expert with 13+ years experience. He is a Partner leading the technology outsourcing & consulting practice at SPC Group having experience of more than a decade across financial technology firms (PayPal, Coinbase) and management consulting (BCG, PwC, EY). He has been an advisor to 10 of the top Fortune 500 global companies as well as large domestic banks & corporates, leading engagements across growth strategy, internal audit, risk and technology consulting
THIRD PARTY RISK MANAGEMENT
Outsourcing activities to third-parties provide advantages to an organization but these may also carry along various risks. Therefore, NBFCs are advised to conduct a self-assessment of their existing outsourcing arrangements. These agreements are to be brought in line with the Directions as mentioned in the Circular “RBI/2017-18/87 DNBR.PD.CC.No.090/03.10.001/2017-18” dated November 09, 2017.
To ensure sound and responsive risk management practices for effective oversight, due diligence and management of risks, Third-party Vendor risk management (TPVRM) shall be done which focuses on identifying and reducing risks relating to the use of third parties.
KEY RISKS ASSOCIATED WITH OUTSOURCING SERVICES TO THIRD-PARTIES
A SUCCESSFUL TPVRM PROGRAM ADDS VALUE TO THE ORGANIZATION AND INCLUDES BENEFITS SUCH AS:
- Improved security
- Increased time savings
- Less redundant work
- Simpler assessments
- Easier audits
- Better vendor performance
- Improved customer trust
- Increased cost savings
- Faster vendor onboarding
- Better reporting capabilities
- Less risks
- Less spreadsheets
APPROACH AND METHODOLOGY
Implementing an end-to-end TPRM program will:
> Minimize total cost of ownership > Provide a fast time-to-value > Deliver information to make the best risk-based decisions
SPC’s ASSISSTANCE
IT ASSESSMENT & ASSURANCE
Companies are highly dependent on Information Technology Infrastructure and need to build a fine balance implementing advanced IT solutions and mitigating the cyber risks at all levels to manage those risks. Our insights and experience gained through continuous involvements in IT governance projects and IT certification and attestation services enable us to assist you in project management of major IT changes, as we have seen that it is often of utmost importance to find and implement solutions for particular issues encountered in daily operations. especially concerning cybersecurity and data protection.
THREE LINES OF DEFENCE IN REFERENCE TO IT GOVERNANCE
IS AUDIT
- Application Audit
- BCP/DR Review
- Network/ Cyber Security Audit
- Audit of ATM/ SWIFT Project
- Outsourcing Audit
IT ASSESSMENT & ASSURANCE - SERVICES
Application
Audit
EFFECTIVE APPLICATION CONTROLS
A complete review of core applications and delivery channels from an application control and security stand point.
BCP/DR
Review
ADEQUACY OF BCP CONTROLS
Exhaustive audit of data center, disaster recovery center and audit of business continuity plans benchmarking best practices
Network/Cyber Security Audit
RESILIENT ENTERPRISE NETWORK
Security audit of entire network infrastructure including configuration audit of various devices
Vendor
Audit
SECURE VENDOR OPERATIONS
Audit of information systems, functional, operational aspects of outsourcing activities
Cloud Security
Audit
Security Architecture Assessment
Security Risk Assessment
Security Solution Assessment
Cloud Cost
Assessment
FORENSICS AND INTEGRITY
LITIGATION SUPPORT & DISPUTE ADVISORY
Implementation of the most effective investigation strategy supplemented by a substantive and analytical body of evidence, admissible in the courts determines the outcome of investigations, tailored for each specific incident.
Our team at SPC has experience in handling successful investigations related to employee fraud, financial fraud, corruption, anti-counterfeiting, white-collar crimes, and other corporate crimes in various industries to support disputes and litigations either internal or external to the organization.
Fraud Incident/ Pilferage/ Corruption Allegation:
We provide investigative solutions meeting the legal Chain of Custody standards required for a criminal prosecution, civil liability, or disciplinary action. With experience in advice on reducing the risk of fraud, fraud prevention, money laundering, whistleblowing, theft, surveillance, and corruption, we provide a reliable and effective solution & help businesses identify security vulnerabilities. We investigate inventory losses and identify negligent and intrusive actions.
Conflict Of Interest:
One of the most difficult schemes to discover –common ways of identifying disputes including advice and complaints, comparing supplier and employee addresses, checking vendor property files, checking exit interviews, supplier addresses to downstream employers, policies requiring other employees to list the names of employers of close family members, and interviewing employees.
Vendor Favoritism:
To some extent, all businesses operate with integrity. However, overconfidence often leads to deception in many cases. Vendor fraud involves fraudulent schemes in which a fraudster uses corporate accounts paid by autopayment systems for illegal or personal gain. Vendor fraud generally falls into three categories - Fake/ Duplicate Billing; Cheque/ Vendor KYC Tampering; Kick-backs or Extortion
FRAUD RISK FRAMEWORK
At SPC, the integration of accounting, technology and investigative skills and tools is the foundation that creates our Integrity & Forensic Services. We help organizations protect and restore enterprise and financial reputation and assist companies and their legal counsel to investigate facts, resolve disputes and manage regulatory challenges. We put integrity at the heart of compliance programs to help better manage ethical and reputational risks.
An experienced team of accountants, financial analysts, technology experts, compliance professionals, fraud examiners and legal experts who are here to go through financial and digital data and underlying records, electronic data, analyse contracts and interview people, all to get to the bottom of truth.
IT Risk Management
Dispute Advisory & Litigation Support
Fraud Risk Assessment
Forensic Technology
Due Diligence Mystery Shopping
Asset Tracing
FORENSIC TECHNOLOGY
Forensic technology is a key component in investigations involving electronic evidence. The massive utilization of digital devices (computers, servers, smartphones, etc.) can create a wide variety and substantial amount of digital evidence. Collecting, preserving and processing evidence from a variety of devices in a forensic manner and handling significant amounts of data requires an optimized toolset and a wide range of techniques.
We at SPC, make use of cutting-edge technology available in our computer forensics labs to recover a wealth of information from computer hard drives and other devices, including active, deleted, hidden, lost or encrypted files; file fragments; and even files that were merely viewed but never saved (memory forensics) to enable our clients in achieving their Investigation and Litigation goals
BUDGETING AND MIS AUTOMATION
Take your budget process to a new level of speed, efficiency, and flexibility. Our Budgeting Automation Management Solution simplifies the process of building and updating the budget. It gives you the power to make budgeting an ongoing process to better inform critical business decisions—without straining your finance team.
Importance of Having a Robust & Automated Budget Solution
Real-Time Insight into Your Data
A robust budgeting solution can quickly & easily give the management insight into variances and provide a more routine process of reviewing discrepancies.
Flexible Forecasting
Forecasts that combine actuals, budgets, annualized values, inputted values, and/or percentages.
Data-Collection and Centralization
It enables the management to keep a close eye on Project Cost Management (PCM), productivity levels, and other key performance indicators.
One-Click Closures and Reports
One of the main benefits of using the automated features of project budgeting software is the ability to generate detailed reports with the click of a button.
Improved Transparency
Budget management software will help you deter and fight fraud involving inflated expenses.
Efficient Reporting
Reports provided by budget management software can give helpful insights that result in lower costs.
Fewer Costly Errors
Some Errors can cause entities to lose crores annually. An effective budget management software gets rid of the possibility of calculation errors.
To Limit Expenditures
Budgeting software can draw up records of previous transactions with a few clicks which can help you limit your spending.
Current Challenges and Requirements
Coordination & Collaboration
Creating a budget requires communication between departments, increasing complexity in larger organizations.
Complexity
Budgets can be complex and difficult to manage, especially if team members lack financial background or resources.
Time
Organizations start the budget process as late as possible to maximize the number of actual months available for budgeting. With automation, it can be an ongoing process.
Accuracy
Human intervention may result in errors in budget numbers due to consolidating Excel files, which can lead to errors.
OUR SOLUTIONS
Services
Trend Analysis
SPC Team will conduct a grouping level trend analysis of the previous five years’ profit & loss account data quarterly wise.
Strategic Planning
Our experts from the SPC team shall provide enhanced strategic planning services on budgeting allocation, revisions & decisions.
Documentation
SPC team shall provide documentation service from scratch for better control over budgeting activities.
SPC NXT WORKFLOW
Software Platform
Setting up an application using the current ERP database & creating a form-based Budgeted Automation Solution.
End to End budget vs actual tracking up-to-date budgeting cost, status, and allocation.
Budget approval mechanism streamlines with revision & validation
Alert and Triggers over Mail, for unfavorable variances reporting
Monitoring – Monthly/quarterly monitoring over budgeting controls shall be conducted by SPC Team.
BI Live Dashboard & Comprehensive Reporting on variance analysis
- Budget vs actual analysis report
- Budgeting variance analysis report
- Budgeting forecasting report
- Profit & Loss monthly/quarterly variance report
- Consolidating Year-to-Date Profit & Loss Report
- Budget KPI Report
- Budget revision analysis report
- Miscellaneous exceptional report
BUDGET REPORTS AND SAMPLE DASHBOARDS
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