A unified control framework for Indian fintech companies
Scrut Automation, APAC’s premier GRC platform, is pleased to announce the release of ReguSense, a new tool designed to help Indian fintech organizations of all sizes navigate the complexities of rapidly changing regulations and easily manage audits.
With the RBI requiring compliance with System Audit Reports (SAR), SEBI rolling out its cyber security framework, and traditional financial institutions such as banks conducting their own security audits, Indian Fintech and BFSI companies are under strict regulatory pressure to demonstrate strong IT – and Infosec Maturity Models . These laws are a good improvement that will help strengthen cyber security and protect customers. However, security teams at fintechs face audit overload and most of their efforts are focused on demonstrating evidence of compliance rather than strengthening their security posture.
Akshay Ahuja, Principal – Information Security at M2P fintech, says, “Each line of business in a fintech organisation, such as payment gateways, payment aggregators, prepayment instruments, lending, mutual funds, insurance, etc. falls under the supervision of different government regulators. Despite these differences, the evidentiary requirements for each compliance audit remain the same. The need for a unified approach to compliance auditing for businesses operating in different economic domains has never been more urgent.”
ReguSense addresses this challenge by creating a consistent language for controls across 25+ key standards, enabling security teams at Fintech companies to avoid duplication of effort, gain better insight into control effectiveness, and easily manage audits. ReguSense achieves this by delivering structured content across standards, frameworks and legislation to facilitate control mapping. The pre-mapped common controls allow you to save hundreds of hours when installing recommended features across a variety of frameworks. Scut Automation handles continuous regulatory updates, and ensures that customers are always up-to-date on regulatory developments. Customers can also review and adapt mappings to their organisation’s specific needs.
Scrut Automation streamlines the creation, mapping and updating of internal and external controls by combining ReguSense and its native smartGRC platform, allowing IT, security and compliance officers to observe risks and gather evidence against restrictive controls once and map across of several regulations.
Shashank Karincheti, Senior Manager – Regulatory and Technology Compliance at RazorPay comments, “Regulators have issued several stringent circulars in the last six months, covering technical failures, cloud security frameworks and cyber security guidelines. To meet these demands, businesses need to adapt quickly. Automation is essential for identifying gaps and mitigating risks in real time. It can also help organizations generate compliance reports and audit trails automatically, reducing the burden on compliance teams.”
ReguSense was created in collaboration with major Chief Information Security Officers (CISOs) of top fintech organizations and CERT-IN accredited auditors who are responsible for implementing these standards to satisfy the special requirements of Indian fintech organizations.
“The Indian financial services ecosystem has witnessed a remarkable transformation, with both legacy traditional companies and newer fintech companies embracing digitization as a mode of distribution. In response, the government has also invested in regulatory infrastructure to democratize secure access to technology,” says Aayush Ghosh Choudhury, CEO of Scrut Automation “With ReguSense, we hope to reduce the information asymmetry around compliance standards in the Fintech sector, enabling them to stay ahead of the rapidly evolving regulatory landscape.”
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