August 2024

BFSI

Bharat BillPay (BBPS) For Business By NPCI Launched

Introduction

At the ongoing Global Fintech Festival (GFF) 2024, the Reserve Bank of India (RBI) Governor, Shri Shaktikanta Das, unveiled Bharat BillPay (BBPS) for Business—an indigenous solution developed by the National Payments Corporation of India (NPCI), following the recently announced UPI Circle. This new solution is set to transform the business-to-business (B2B) payment landscape, streamlining transactions across various Enterprise Resource Planning (ERP) systems and accounting platforms while enhancing India’s digital payment ecosystem’s inclusivity, security, and efficiency. In addition to this launch, the RBI also announced that Bharat Bill Payment System (BBPS) has been rebranded to Bharat Connect.

Key Features Of Bharat BillPay (BBPS) For B2B Businesses

Seamless Business Onboarding:
Bharat BillPay for Business offers streamlined business onboarding for payments, enabling companies to quickly integrate into the platform. This feature ensures that businesses can start benefiting from the platform’s capabilities with minimal disruption to their operations.
Search and Add Business Functionality:
The platform allows users to search for and add business partners or clients effortlessly. This feature simplifies the management of business relationships, making it easier to maintain and expand networks.
Automated Invoice Management:
From purchase order (PO) creation to invoice management, Bharat BillPay for Business automates the entire payment process. Automated reminders for due payments and the assurance of guaranteed settlements help businesses avoid delays and improve cash flow management.
Comprehensive Financial Dashboards:
The platform provides an integrated Accounts Receivable (AR) and Accounts Payable (AP) dashboard, offering businesses a real-time view of their financial status. This feature supports better decision-making and financial planning, crucial for maintaining healthy business operations.
Online Dispute Resolution:
Dispute resolution is often a time-consuming process, but Bharat BillPay for Business addresses this with its online dispute resolution feature. This ensures that any issues arising during transactions can be resolved quickly and efficiently, minimising disruptions.
Enhanced Financing Options: The platform also offers financing solutions, making it easier for businesses to manage their working capital needs. This feature is particularly beneficial for small and medium-sized enterprises (SMEs), enabling them to access funds quickly and efficiently.

UPI Circle Summarised

UPI Circle is a feature that allows a UPI user (the primary user) to link their account with trusted secondary users, enabling them to handle payments on their behalf. There are two types of delegation: full and partial.

Full Delegation: The primary user gives a trusted secondary user permission to initiate and complete UPI transactions within a set spending limit. The secondary user can make payments directly without further approval from the primary user. The limits are INR 5,000 per transaction and INR 15,000 per month.
Partial Delegation: The secondary user can initiate payment requests, but the primary user must approve and complete the transaction using their UPI PIN.

A primary user can delegate up to 5 secondary users, while a secondary user can accept delegation from only one primary user. In partial delegation, the existing UPI limits apply.

Why Choose AuthBridge For Your Enterprise?

With over 19 years of experience in the industry, AuthBridge has been at the forefront of creating databases, and building algorithms to enable instant searches to perform background checks without compromising on data security. AuthBridge is trusted by over 2,000 clients in 140 countries for their background check needs. Our database contains over 1 billion proprietary data records for conducting background checks. AuthBridge conducts an impressive volume of 15 million background checks every month.

By Abhinandan, 3 monthsAugust 30, 2024 ago

Background Checks

Centre Allows UPSC To Verify Candidates Using Aadhaar

In a first-of-its-kind decision, the Union Public Service Commission (UPSC) has been authorised by the central government to implement Aadhaar-based authentication for verifying candidates’ identities voluntarily during various stages of its examination and recruitment processes. This move comes after the controversy surrounding Puja Khedkar, a probationary IAS officer from the Maharashtra cadre, whose candidature was cancelled due to allegations of identity fraud and misuse of reserved category quotas. Adopting Aadhaar KYC (Know Your Customer) by the UPSC is a significant step towards ensuring the integrity and transparency of one of India’s most prestigious examinations.

Government’s Decision On Aadhaar-based Authentication For UPSC

According to a formal notification issued by the Department of Personnel and Training (DoPT) yesterday: “…Ministry of Personnel, Public Grievances and Pensions, Department of Personnel and Training, having been authorized by the Central Government, hereby notifies that the Union Public Service Commission (UPSC) is allowed to perform Aadhaar authentication, on voluntary basis, for verification of identity of candidates at the time of registration on ‘One Time Registration’ portal and various stages of examination/recruitment test, using Yes/No or/and e-KYC authentication facility.”

The UPSC conducts 14 major exams annually, including the Civil Services Examination, which selects candidates for the Indian Administrative Service (IAS), Indian Foreign Service (IFS), and Indian Police Service (IPS). Given the stakes involved, maintaining the integrity of these exams is extremely important. This decision to allow Aadhaar-based authentication is seen as a direct response to incidents of fraud, such as the case involving Puja Khedkar.

The Puja Khedkar Case

The Puja Khedkar case serves as a pressing reminder of the vulnerabilities in the current system. Khedkar’s actions not only undermined the integrity of the Civil Services Examination but also highlighted the need for more stringent identity verification measures. Her case, which involved the misuse of quotas and the manipulation of identity to gain an unfair advantage, has had a significant impact on the UPSC’s approach to candidate verification.

The decision to implement Aadhaar-based authentication can be seen as a direct consequence of the Khedkar case. By adopting this technology, the UPSC is taking a firm stand against identity fraud and ensuring that its recruitment processes are conducted with the highest standards of fairness.

Khedkar, who was provisionally allotted to the Indian Administrative Service (IAS) for the 2023 batch, was found to have fraudulently availed herself of additional attempts in the Civil Services Examination by manipulating her identity. She also allegedly misused disability and Other Backward Classes (OBC) non-creamy layer quotas. As a result, her candidature was cancelled, and she was barred from all future UPSC examinations.

The UPSC’s adoption of Aadhaar KYC is a proactive measure to prevent such cases in the future. By using Aadhaar verification, including Aadhaar biometric verification and Aadhaar data verification, the UPSC aims to ensure that only legitimate candidates can participate in its exams. This move will help uphold the fairness and credibility of the UPSC recruitment process.

What Is Aadhaar KYC?

Aadhaar KYC involves the use of a 12-digit unique identification number issued by the Unique Identification Authority of India (UIDAI). This number is linked to an individual’s biometric and demographic data, which can be verified through Aadhaar authentication. The UPSC will utilise both Yes/No authentication, which confirms the validity of an Aadhaar number, and eKYC authentication, which provides detailed demographic and biometric information for verification.

The UPSC, recently, also issued a tender inviting public sector undertakings to develop these two technological solutions for its examination process: “Aadhaar-based fingerprint authentication (else digital fingerprint capturing) and facial recognition of candidates and QR code scanning of e-admit cards” and “Live AI-based CCTV surveillance service.”

Also Read:

New Criminal Laws Of India
Police Verification In India
How To Check Passport Status In 2024

AuthBridge’s Instant Aadhaar Verification API For Enterprises

Whether it’s a factory hiring gig workers, a recruitment firm verifying employees, an examination firm verifying candidates or a bank onboarding customers, Aadhaar Verification is essential for preventing identity fraud and ensuring the right people are hired.
Leverage our API to authenticate Aadhaar card details with precision by validating demographic data and performing biometric authentication against the Aadhaar database. Our solution guarantees the accuracy and integrity of individual information, making it a dependable choice for businesses.

KYC Compliance For Enterprises

Optimize your KYC process with our Aadhaar Verification API. Seamlessly extract and verify critical Aadhaar data to ensure compliance with regulatory requirements, accelerate onboarding, and enhance the customer experience. Our API solution simplifies due diligence, offering a reliable tool for your business.

Advanced Fraud Detection For Businesses

Our API incorporates sophisticated fraud detection mechanisms to identify and mitigate suspicious activities during verification and KYC processes. By utilizing techniques such as face matching, document tampering detection, and data consistency checks, it ensures secure and trustworthy authentication for your enterprise.

By Abhinandan, 3 monthsAugust 29, 2024 ago

BFSI

KYC Fraud: Senior Citizen Loses Rs 2 Lakhs In Mumbai

In the Banking, Finance and Insurance (BFSI) Sector, Know Your Customer (KYC) processes, designed to verify the identity of customers and prevent financial fraud, are extremely important. However, cybercriminals have increasingly exploited this system, particularly targeting vulnerable populations like senior citizens. One such recent case highlights the dangers of KYC fraud, where a 73-year-old woman from Mumbai lost Rs 2 lakh to fraudsters.

Details Of The Mumbai KYC Fraud

In this incident, the victim received a text message claiming her bank KYC was about to expire and needed immediate updating. The message contained a link that redirected her son to a fraudulent website. Unaware of the scam, he entered sensitive details, leading to unauthorised transactions from the woman’s bank account. As he filled out the required information on the fake website, an SMS notification was received, indicating that Rs 2.2 lakh had been debited from her account.

The scam was discovered when the victim’s son filed a complaint at the Mahim police station. According to the complaint, the fraud began on a Sunday when the woman received the phishing message. Concerned about her banking security, she requested her son to follow the instructions provided in the message, eventually leading to the scam taking place.

Although the amount was momentarily credited back, a subsequent transaction led to a loss of Rs 2 lakh. The son immediately reported the incident to the bank and contacted the police. Authorities have since registered a case under the relevant sections of the Bharatiya Nyaya Sanhita (Indian Penal Code) and the Information Technology Act.

How Do KYC Frauds Happen?

Cybercriminals typically employ tactics that create a sense of urgency or fear, compelling the victim to act quickly without verifying the authenticity of the communication. In this case, the fraudulent link mimicked the bank’s official site, making it difficult for the victim’s son to recognise the scam. Such scams often involve phishing techniques where victims are tricked into revealing personal information, which the fraudsters then use to gain unauthorised access to bank accounts.

KYC Fraud Risks And The Importance of Awareness

Why Senior Citizens Are Targeted

Senior citizens are increasingly targeted by cybercriminals due to their perceived vulnerability and often limited familiarity with digital technologies. In the recent case of a 73-year-old woman from Mumbai, the fraudsters exploited this vulnerability by sending a text message that appeared to be from her bank, claiming her KYC details needed immediate updating. This created a false sense of urgency, compelling the victim to act quickly without verifying the authenticity of the communication.

As per the Reserve Bank of India (RBI), such frauds typically involve unsolicited communications like phone calls, SMS, or emails, where victims are tricked into revealing personal information or installing unauthorised applications. The fraudsters in this case used a phishing link to gain access to the victim’s bank details, which allowed them to make unauthorised transactions amounting to Rs 2 lakh.

The financial loss in KYC fraud cases can be substantial, as seen in the Mumbai incident where the victim lost Rs 2 lakh in a short span. For senior citizens, such a loss can be particularly devastating, impacting their financial security and leaving them distressed. In this case, after the initial fraudulent transaction, the amount was temporarily credited back to the account, only to be siphoned off again shortly thereafter.

The emotional impact is equally significant. Victims often experience a loss of trust in financial institutions and may become wary of using digital banking services.

KYC Fraud Detection And Prevention

To mitigate the risks of KYC fraud, both customers and financial institutions need to remain vigilant. The RBI has issued clear guidelines to help prevent such frauds, advising customers to never share sensitive information like account details, passwords, or OTPs in response to unsolicited communications. Customers should always verify the authenticity of any KYC update requests directly with their bank, using official contact channels.

Additionally, financial institutions must prioritize customer education, emphasising that genuine banking entities will never ask for confidential information through phone calls, emails, or SMS. Regularly reviewing bank statements for unauthorised transactions and using secure networks for online banking are also critical steps in protecting against KYC fraud.

Steps To Protect Against KYC Fraud

To safeguard against KYC fraud, both individuals and financial institutions must adopt a proactive approach. The Reserve Bank of India (RBI) has outlined a set of dos and don’ts that can help prevent such scams:

Dos:

Directly Contact Your Bank: If you receive a request to update your KYC details, do not respond to unsolicited messages. Instead, contact your bank or financial institution directly using official contact details obtained from their website or branch.
Report Cyber Fraud Immediately: In the event of suspected cyber fraud, inform your bank immediately and lodge a complaint on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or via the cybercrime helpline number (1930).
Verify KYC Requests: Always verify any KYC update requests by reaching out to your bank. Genuine requests will typically not involve sharing sensitive information over the phone, SMS, or email.
Regularly Monitor Bank Statements: Regularly review your bank statements for any unauthorised transactions. This allows you to catch potential fraud early and report it to your bank.

Don’ts:

Do Not Share Sensitive Information: Never share your account login credentials, card information, PINs, passwords, or OTPs with anyone, especially in response to unsolicited communications.
Avoid Unverified Links: Do not click on links received via SMS, email, or messaging apps that claim to be from your bank unless you have verified their authenticity.
Do Not Install Unauthorised Apps: Avoid installing apps from unverified sources. These apps may be designed to steal your personal and financial information.

Additional Measures To Enhance Security

Use Secure Networks for Online Banking: Ensure that you use secure, private networks when accessing online banking services. Avoid using public Wi-Fi, as it can be vulnerable to cyber-attacks.
Update Contact Information with Your Bank: Keep your contact details updated with your bank to ensure you receive all legitimate communications regarding your account.
Enable Alerts: Set up SMS and email alerts for transactions on your bank account. This allows you to be immediately informed of any suspicious activity.
Lock Sensitive Information: Consider locking sensitive personal information, such as biometrics, through official government portals to prevent unauthorised access.
Educate Yourself and Others: Stay informed about the latest fraud tactics and educate those around you, especially vulnerable groups like senior citizens. Awareness is the first line of defence against fraud.

Reporting And Responding To KYC Fraud

In case you fall victim to KYC fraud, taking swift action is critical. Immediately inform your bank and complain to the local police. Document all related information, such as screenshots and call details, to assist in the investigation. The RBI’s guidelines also emphasise the importance of reporting such incidents to the National Cyber Crime Reporting Portal or through the cybercrime helpline.

By following these actionable, individuals can significantly reduce the risk of falling victim to KYC fraud, while financial institutions can enhance the security of their customer onboarding processes.

Conclusion

KYC fraud represents a significant threat to both individuals and financial institutions, particularly as digital banking becomes more prevalent. The recent case involving a 73-year-old woman in Mumbai highlights the vulnerabilities that cybercriminals exploit, especially among senior citizens who may not be as familiar with the nuances of digital security.

FAQs around KYC Fraud

How to avoid KYC Frauds?

Implement Multi-Factor Authentication: Use multiple verification methods, including passwords, OTPs, and biometrics.
Verify Documents Thoroughly: Cross-check submitted documents against reliable databases to detect forgeries.
Conduct Regular Audits: Periodically review KYC processes to identify and fix vulnerabilities.
Educate Customers: Inform customers about common fraud tactics and encourage them to report suspicious activities.
Use Advanced Technologies: Leverage AI and machine learning to detect unusual patterns that may indicate fraud.

How to identify fake KYC?

To identify fake KYC, verify the authenticity of documents against official databases, look for inconsistencies in the provided information, and use AI-driven tools to detect anomalies. Implement biometric verification to ensure that the customer’s identity matches with government-issued IDs, and monitor transaction patterns for any unusual activities that don’t align with the customer’s profile.

How KYC can be misused?

KYC can be misused by criminals to create fake identities, launder money, or commit fraud by submitting forged documents, using stolen identities, or manipulating the verification process to gain unauthorized access to financial services.

How do I report KYC fraud?

If you experience financial cyber fraud, quickly report it through the National Cyber Crime Reporting Portal (www.cybercrime.gov.in) or call the cybercrime helpline at 1930.

Do banks call for KYC update?

Banks do not typically call customers for KYC updates. They usually notify customers through official channels like SMS, email, or in-app notifications. Be cautious of unsolicited calls asking for personal information, as these could be scams.

Is it safe to give PAN card number for KYC?

Yes, it is safe to give your PAN card number for KYC, provided you share it only with trusted and authorized entities like banks or government agencies. Always verify the authenticity of the request before sharing your details.

Who verifies KYC?

KYC is verified by authorized financial institutions, such as banks, NBFCs, and other regulated entities, using government databases and third-party verification services.

Can I withdraw money without KYC?

Without KYC, you can only withdraw money up to a limited amount set by the bank. Full KYC is required for unrestricted access to banking services.

Is KYC compulsory?

Yes, KYC is mandatory for all customers of banks and financial institutions under the Prevention of Money Laundering (PML) Act, 2002, to prevent money laundering and fraud.

Is KYC safe or not?

Yes, KYC is safe and secure when conducted through authorized institutions like banks, financial institutions, securities market intermediaries, insurance companies, telecom service providers, and payment wallets, all of which follow stringent guidelines set by the Government of India to protect your personal information and prevent misuse.

By Abhinandan, 3 monthsAugust 28, 2024 ago

Manufacturing

13 Best Third-Party Risk Management Software In 2024

As businesses become more and more interconnected, effectively managing third-party risks has become extremely important to protecting operations and ensuring compliance with various regulations. Third-party risk management (TPRM) software is an important tool in this effort, enabling organisations to assess, monitor, and mitigate the risks associated with their vendors, suppliers, and external partners.

Top 13 Third-Party Risk Management (TPRM) Softwares In India

Whether your organisation requires TPRM software designed for large enterprises, solutions with AI-driven capabilities, or platforms that emphasise regulatory compliance, several leading providers offer robust options. Below, we explore the 13 most effective TPRM software solutions in 2024, in no particular order:

1. AuthBridge

AuthBridge offers a comprehensive Third-Party Risk Management (TPRM) solution designed to help businesses manage, monitor, and mitigate risks associated with their third-party relationships. The solution is built on advanced technology and provides a robust framework for businesses to ensure compliance, reduce vulnerabilities, and protect their reputation.

End-to-End Risk Management

Holistic Risk Assessment: AuthBridge provides a full-spectrum assessment of third-party risks, covering financial, legal, regulatory, operational, and reputational areas. This allows businesses to gain a complete understanding of their third-party entities.
Supply Chain Due Diligence: Ensures continuous due diligence throughout the entire relationship with third parties, not just at the onboarding stage, helping identify and mitigate risks over time.

Compliance and Regulatory Assurance

Comprehensive Compliance Checks: Detailed checks against local and international regulations, including Anti-Money Laundering laws, and data protection standards like the DPDP Act, and GDPR, are conducted to ensure full compliance.
Audit-Ready Documentation: The platform provides the necessary documentation and reports to demonstrate compliance during audits, reducing the risk of regulatory penalties.

Continuous Monitoring and Alerts

Real-Time Monitoring: Continuous monitoring of third-party entities with real-time alerts on any changes in their status or risk profile helps businesses stay ahead of potential risks.
Automated Red Flag Alerts: The system includes automated alerts that flag suspicious activities or non-compliance issues, enabling immediate corrective actions.

Technology-Driven Insights

AI-Powered Risk Analysis: Leveraging AI and machine learning to analyse large data sets, AuthBridge identifies patterns and anomalies that may indicate potential risks, enabling data-driven decision-making.
Customisable Dashboards: The platform offers customisable dashboards for a clear overview of the third-party risk landscape, aiding quick decisions and efficient management.

Third-Party Screening and Verification

Thorough Background Screening: Extensive background checks on third-party entities, including verification of legal standing, financial health, and overall reputation, ensure credible and reliable partnerships.
Global Watchlist Screening: The solution includes screening against global sanctions, watchlists, and adverse media to prevent engagements with entities involved in illegal or unethical activities.

Risk Scoring and Prioritisation

Dynamic Risk Scoring Models: Risk scores are assigned to third-party entities based on various factors, dynamically updated as new information becomes available, helping prioritise and address high-risk relationships.
Risk Mitigation Prioritisation: The solution assists in prioritising risk mitigation efforts based on risk scores, ensuring that resources are allocated effectively to manage the most critical risks.

Efficient Onboarding and Contract Management

Streamlined Onboarding: The onboarding process for third-party vendors is automated, reducing the time and effort required while ensuring necessary due diligence before contract signing.
Contract Lifecycle Management: Tools for managing the entire lifecycle of third-party contracts, from initiation to renewal or termination, ensure risks are managed at every stage of the relationship.

Industry-Specific Solutions

Tailored TPRM: Industry-specific TPRM solutions address unique risks faced by different sectors like BFSI, healthcare, manufacturing, and IT/ITES, ensuring relevant and actionable insights.

Data Privacy and Security

Secure Data Handling: Ensures all data processed is handled securely with encryption and other advanced security measures to protect sensitive information from unauthorized access.
Data Protection Compliance: Designed to comply with global data protection regulations by being ISO/IEC 27001:2013 and SOC 2 Type II Certified, maintaining the highest standards of data privacy.

2. UpGuard

UpGuard is a robust third-party risk management software known for its comprehensive risk assessment capabilities. It categorises risks into six key areas: email security, website risks, phishing and malware, network security, brand protection, and reputation risk. UpGuard’s TPRM software is especially valuable for its pre-built questionnaires and libraries, which accelerate vendor assessments and improve third-party security postures. With a user-friendly interface and frequent updates, UpGuard is an excellent choice for businesses of all sizes looking for reliable TPRM software with automation and data privacy compliance features.

3. SecurityScorecard

SecurityScorecard excels in providing continuous security ratings across ten categories, making it a top TPRM provider for businesses needing comprehensive cybersecurity risk management. This third-party risk assessment software offers automated action plans to improve security scores, and its tools for compliance management and breach insights are indispensable for organisations prioritising regulatory compliance. SecurityScorecard is a versatile solution, suitable for small businesses and large enterprises alike, offering proactive risk mitigation and seamless compliance management.

4. BitSight

BitSight’s TPRM software leverages advanced algorithms and daily security assessments to minimise risks associated with third-party vendors. The platform’s continually updated Security Ratings provide a solid, data-driven foundation for evaluating and managing third-party risks. With features like automated vendor onboarding and data-driven validation of vendor responses, BitSight ensures that companies can make informed decisions. This makes it one of the best TPRM solutions for organisations looking for a blend of efficiency, accuracy, and continuous monitoring.

5. OneTrust

OneTrust’s TPRM software is tailored for businesses needing to adhere to strict data privacy and regulatory compliance standards, such as GDPR and HIPAA. The platform offers tools for data inventory mapping, privacy impact assessments, and automated workflows, all accessible through an intuitive web portal. While its advanced analytics and risk mitigation tools could be stronger, OneTrust remains a top choice for organisations that prioritise data privacy compliance and regulatory adherence in their third-party risk management processes.

6. Prevalent

Prevalent’s TPRM platform offers a comprehensive solution for mitigating security and compliance risks throughout the vendor lifecycle. Ideal for larger organisations or mid-sized companies with dedicated TPRM resources, Prevalent excels in providing continuous risk monitoring, automated assessments, and detailed risk scoring. With its strong vendor intelligence networks and flexible, hybrid approach, Prevalent delivers tailored solutions that offer a rapid return on investment, making it one of the top TPRM providers in the market.

7. ProcessUnity

ProcessUnity’s Vendor Risk Management (VRM) software streamlines risk and compliance programs by automating vendor assessment, monitoring, and management. This platform is particularly effective for large enterprises that require robust TPRM software with risk scoring and continuous monitoring capabilities. ProcessUnity’s customisation options and integration with other governance, risk, and compliance (GRC) tools make it a powerful choice for organisations aiming to manage third-party risks effectively.

8. Centraleyes

Centraleyes offers a cloud-based TPRM solution designed for scalability and customisation, providing a comprehensive console for overseeing and assessing risks. With features like an advanced risk register, real-time alerts, and customisable dashboards, Centraleyes ensures that security teams are promptly informed of any vulnerabilities. As businesses evolve, Centraleyes plans to integrate AI to further enhance risk assessment and mitigation processes, making it a forward-thinking choice for companies seeking TPRM software with AI and automation features.

9. Diligent ThirdPartyBond

Diligent’s ThirdPartyBond stands out for its advanced risk analytics powered by machine learning algorithms. This TPRM software offers features like KPI and KRI-driven reports, centralized third-party inventory, and adaptive vendor surveys with advanced risk-scoring. Although the platform’s editing features primarily rely on scripting, which may be challenging for non-technical users, its capabilities in monitoring SLA performance and managing contracts make it a valuable tool for enterprises needing a sophisticated TPRM solution with regulatory compliance features.

10. Venminder

Venminder is a user-friendly SaaS solution for third-party risk management, offering tools for contract management, vendor onboarding, risk assessments, and due diligence. The platform’s customisable vendor questionnaires, SLA management, and vendor scorecard tracking ensure comprehensive oversight of vendor relationships. Venminder’s extensive library of learning resources and scalable services make it an adaptable solution for organisations of any size looking for TPRM software that simplifies risk management processes.

11. LogicGate

LogicGate’s Risk Cloud is a highly configurable platform that streamlines governance, risk, and compliance processes. Its drag-and-drop interface automates tasks like vendor onboarding and risk surveying, making it easy for businesses to manage third-party risks without needing extensive technical skills. The platform’s real-time visibility into the risk landscape, coupled with integration with tools like Jira and Slack, makes LogicGate a versatile option for enterprises seeking TPRM software that enhances decision-making through data-driven insights.

12. Archer

Archer Third-Party Governance offers powerful tools for managing and mitigating third-party risks, with customisable risk indicators and advanced visualization tools like Bowtie Diagrams. The platform’s AI-powered assessments and industry-specific design enable organisations to evaluate risks comprehensively and address potential disruptions proactively. Archer’s cloud-based deployment ensures scalability, making it a versatile TPRM software solution for organisations looking to enhance business resilience and streamline vendor risk management.

13. Panorays

Panorays is a leading TPRM platform that efficiently manages cybersecurity risks associated with third-party vendors. It offers AI-powered cybersecurity questionnaires, extended attack surface assessments, and continuous monitoring, providing a comprehensive view of vendor security postures. Panorays excels in regulatory compliance and quick risk alerts, making it a strong choice for businesses focused on enhancing cybersecurity resilience.

Conclusion

As businesses become more interconnected, effective Third-Party Risk Management (TPRM) is essential to safeguard operations, compliance, and reputation. The right TPRM software helps mitigate risks associated with vendors and partners, offering solutions from AI-driven insights to robust compliance tools. The best TPRM platforms integrate seamlessly with existing processes, enhance risk management, and scale with your business. By evaluating each option’s features and strengths, organisations can choose a solution that protects their operations and supports long-term resilience.

FAQs

What is TPRM?

Third-Party Risk Management (TPRM) is a process companies use to identify, assess, and manage risks posed by vendors and partners. It involves risk assessment, due diligence, ongoing monitoring, and mitigation planning to ensure third parties don’t expose the company to operational, reputational, regulatory, or security risks.

Is TPRM part of GRC?

Yes, Third-Party Risk Management (TPRM) is considered part of Governance, Risk, and Compliance (GRC). TPRM focuses specifically on identifying, assessing, and managing risks associated with third-party relationships, while GRC provides a broader framework for managing governance, risk, and compliance across an organization. Integrating TPRM within GRC enhances overall risk visibility and helps ensure that third-party risks align with the organization’s compliance and governance objectives.

What is an example of TPRM?

A practical example of Third-Party Risk Management (TPRM) is a company onboarding a background verification provider to streamline employee checks. Before partnering, the company evaluates the provider’s data security measures, compliance with privacy regulations (like GDPR), and incident response capabilities to ensure that employee data remains secure throughout the verification process. This due diligence mitigates potential risks related to data breaches, regulatory fines, and reputational damage.

Which is the most famous tool of risk management?

The most famous tool in risk management is the Risk Assessment Matrix (RAM), also known as the Risk Matrix. It is widely used to evaluate the likelihood and impact of risks, helping organizations prioritize and address potential threats effectively. By plotting risks based on probability and severity, it aids in decision-making and ensures focused mitigation strategies.

SWOT Analysis: Evaluates Strengths, Weaknesses, Opportunities, and Threats to understand both internal and external factors impacting a project or organization. It helps in identifying risks and strategic opportunities.
Failure Mode and Effects Analysis (FMEA): Used to identify potential points of failure in a process or system and assess the severity, likelihood, and detectability of each failure, allowing for proactive mitigation.
Monte Carlo Simulation: A quantitative method that uses probability distributions to model and predict a range of possible outcomes, helping in assessing risk under uncertainty.
Bowtie Analysis: Visualizes the pathways and barriers of risk events from causes to consequences, helping in understanding how to prevent and mitigate risks effectively.
Risk Registers: A structured log of identified risks, their likelihood, impact, and assigned mitigations, allowing for consistent monitoring and updating.
Root Cause Analysis (RCA): Focuses on identifying the underlying causes of a risk or problem, enabling effective resolution and prevention.

What is the TPRM strategy?

Third-Party Risk Management (TPRM) is a strategy focused on identifying, assessing, monitoring, and mitigating risks associated with an organisation’s third-party relationships. This includes risks from vendors, suppliers, contractors, and other external entities. The strategy involves due diligence processes, regular assessments, compliance checks, and monitoring mechanisms to ensure third-party activities align with the organisation’s security, legal, regulatory, and operational standards. A robust TPRM strategy helps organisations minimise exposure to operational disruptions, data breaches, regulatory violations, and reputational damage arising from third-party partnerships.

What are risk domains in TPRM?

In Third-Party Risk Management (TPRM), risk domains are the key areas where potential risks may arise from third-party relationships. Common risk domains include:

Financial Risk: The risk of third-party financial instability affecting service continuity.
Operational Risk: Risks related to operational failures, process disruptions, or supply chain issues.
Compliance and Regulatory Risk: Risks of non-compliance with laws and regulations, leading to penalties or legal issues.
Cybersecurity Risk: The risk of data breaches, cyber-attacks, and unauthorised data access.
Reputational Risk: Risks that negatively impact a company’s reputation due to third-party actions.
Strategic Risk: Risks arising from misaligned third-party strategies or goals affecting business objectives.
Environmental, Social, and Governance (ESG) Risk: Risks related to sustainability, ethical practices, and corporate governance.

What is TPRM framework?

The Third-Party Risk Management (TPRM) framework is a structured approach organisations use to identify, assess, manage, and mitigate risks associated with external vendors and partners. It involves evaluating potential risks these third parties may pose to the organisation’s operations, data, and reputation. The TPRM framework typically includes risk assessment, due diligence, continuous monitoring, and governance practices to ensure third-party relationships remain secure, compliant, and aligned with the organisation’s objectives.

By Abhinandan, 3 monthsAugust 27, 2024 ago

Customer Onboarding

Vendor Scorecard: A Comprehensive Guide

What Is A Vendor Scorecard?

A Vendor scorecard is a tool used by companies to evaluate and monitor the performance of their suppliers. It is a systematic approach to measuring and reviewing a vendor’s performance across various metrics. These metrics can include quality, delivery times, cost, service, and compliance with contractual agreements.

The scorecard is not just a tool for measurement; it is a comprehensive mechanism to foster continuous improvement in vendor relationships. By regularly assessing vendor performance, businesses can identify areas for improvement, enhance communication with suppliers, and ultimately ensure that their supply chain operates smoothly.

Key Components Of A Vendor Scorecard

A Vendor Scorecard is a tool used by organizations to evaluate and monitor the performance of their suppliers. It typically includes several key components that help in assessing various aspects of vendor performance, ensuring that they meet the company’s expectations and requirements. Here are the key components of a Vendor Scorecard:

1. Quality

Defect Rates: Measures the percentage of products or services that do not meet the quality standards.
Compliance with Specifications: Assesses whether the vendor’s products or services adhere to the required specifications.
Return/Reject Rates: Tracks the frequency of returned or rejected goods due to quality issues.

2. Delivery

On-Time Delivery: Evaluates the vendor’s ability to deliver goods or services within the agreed timeline.
Lead Time: Measures the time taken from placing an order to its delivery.
Flexibility: Assesses the vendor’s ability to accommodate changes in delivery schedules or quantities.

3. Cost

Pricing: Compares the vendor’s prices with market rates and other suppliers.
Cost Competitiveness: Evaluates the overall cost-effectiveness of the vendor’s offerings.
Cost Control: Measures the vendor’s ability to manage costs without compromising quality.

4. Service

Customer Support: Assesses the quality and responsiveness of the vendor’s customer service.
Problem Resolution: Evaluates how effectively and quickly the vendor addresses issues or complaints.
Technical Support: Measures the availability and quality of technical assistance provided by the vendor.

5. Compliance and Risk Management

Regulatory Compliance: Ensures that the vendor adheres to all relevant legal and regulatory requirements.
Sustainability Practices: Assesses the vendor’s commitment to sustainable practices, such as environmental responsibility.
Risk Management: Evaluates the vendor’s ability to identify, mitigate, and manage risks associated with their products or services.

6. Innovation

Product/Service Innovation: Measures the vendor’s ability to introduce new and improved products or services.
Process Improvement: Evaluates the vendor’s initiatives to enhance processes that benefit the partnership.

7. Relationship and Communication

Responsiveness: Assesses how quickly and effectively the vendor communicates and responds to inquiries or issues.
Collaboration: Measures the vendor’s willingness and ability to collaborate on projects or initiatives.
Cultural Fit: Evaluates the alignment of the vendor’s values and practices with those of the purchasing organization.

8. Financial Stability

Financial Health: Assesses the financial stability of the vendor, ensuring they are capable of sustaining operations and fulfilling long-term commitments.
Creditworthiness: Measures the vendor’s ability to meet financial obligations.

9. Technology

IT Capabilities: Assesses the vendor’s technological capabilities, such as data security, integration with your systems, and digital innovation.
Data Accuracy: Evaluates the reliability of data provided by the vendor, especially in automated processes.

10. Social Responsibility

Ethical Practices: Ensures that the vendor operates in an ethical manner, including fair labor practices and anti-corruption measures.
Community Engagement: Assesses the vendor’s involvement in community support and development initiatives.

These components together provide a comprehensive view of a vendor’s performance, helping organizations make informed decisions about continuing or adjusting their supplier relationships.

Why Use A Vendor Scorecard?

Using a Vendor Scorecard offers several benefits for organizations, helping them effectively manage their supplier relationships and ensure that vendors meet performance expectations. Here are some key reasons to use a Vendor Scorecard:

1. Objective Evaluation

Standardized Assessment: A Vendor Scorecard provides a structured and consistent framework for evaluating vendors, ensuring that all suppliers are assessed using the same criteria. This reduces bias and subjectivity in the evaluation process.
Data-Driven Decisions: By quantifying various aspects of vendor performance, organizations can make more informed and objective decisions about their supplier relationships.

2. Improved Supplier Performance

Continuous Monitoring: Regular use of a Vendor Scorecard allows organizations to track vendor performance over time. This ongoing evaluation helps identify areas where vendors excel or need improvement.
Performance Feedback: The scorecard serves as a feedback tool, enabling suppliers to understand how they are performing relative to the organization’s expectations and where they can improve.

3. Risk Management

Identifying Weaknesses: A Vendor Scorecard can help detect potential risks, such as a vendor’s inability to meet quality standards, delivery deadlines, or compliance requirements. Early identification of these risks allows organizations to take proactive measures to mitigate them.
Supplier Diversification: By evaluating multiple vendors, organizations can identify underperforming suppliers and consider alternatives, reducing dependency on a single vendor and spreading risk.

4. Enhanced Strategic Alignment

Goal Alignment: The scorecard ensures that vendors align with the strategic goals and values of the organization. By measuring performance against these criteria, companies can foster stronger, more strategic partnerships.
Encourages Collaboration: Vendors who are regularly evaluated through a scorecard process are more likely to engage in collaborative efforts to meet or exceed expectations, leading to stronger partnerships.

5. Cost Efficiency

Cost Control: Monitoring cost-related metrics on the scorecard helps organizations keep track of vendor pricing, cost competitiveness, and any variations in costs. This helps in managing budgets and ensuring that the organization gets the best value for money.
Negotiation Leverage: Detailed performance data gives organizations leverage in negotiations, potentially leading to better terms and pricing from suppliers.

6. Regulatory and Compliance Assurance

Ensuring Compliance: Vendor Scorecards often include metrics related to regulatory compliance, helping organizations ensure that their suppliers adhere to relevant laws and industry standards. This reduces the risk of legal issues and non-compliance penalties.

7. Streamlined Vendor Management

Simplifies Vendor Management: With a Vendor Scorecard, the process of managing and monitoring multiple vendors becomes more organized and efficient. It provides a clear, at-a-glance view of vendor performance, making it easier to oversee a large vendor base.
Decision Support: The scorecard simplifies complex decisions regarding vendor selection, retention, and replacement by providing a comprehensive performance overview.

8. Support for Continuous Improvement

Benchmarking: The scorecard enables organizations to benchmark vendor performance against industry standards or peer vendors, driving continuous improvement in both vendor and organizational processes.
Incentivizing Improvement: Vendors are more likely to strive for improvement when they know they are being regularly evaluated and compared against clear benchmarks.

Using a Vendor Scorecard is a strategic approach to enhancing vendor relationships, minimizing risks, and ensuring that suppliers contribute positively to an organization’s overall success.

Steps To Create A Vendor Scorecard

Creating a Vendor Scorecard involves a structured process to ensure it effectively evaluates and monitors vendor performance. Here are the steps to create a Vendor Scorecard:

1. Define Objectives and Key Metrics

Identify Objectives: Determine what you want to achieve with the scorecard, such as improving quality, reducing costs, ensuring timely delivery, or enhancing compliance.
Select Key Performance Indicators (KPIs): Choose the metrics that align with your objectives. Common KPIs include quality, delivery, cost, service, compliance, innovation, and risk management. Ensure these metrics are specific, measurable, and relevant to your organization’s goals.

2. Gather Data

Data Sources: Identify where the data for each KPI will come from. This could include internal data (e.g., purchase orders, invoices), vendor reports, customer feedback, and audits.
Historical Data: Collect historical performance data to establish benchmarks or to understand trends in vendor performance.

3. Assign Weightings

Prioritize Metrics: Not all KPIs are of equal importance. Assign weightings to each metric based on its importance to your organization. For example, quality might be given more weight than cost if quality is your top priority.
Develop a Scoring System: Create a scoring system that translates vendor performance on each KPI into a numerical score. This could be a simple scale (e.g., 1 to 5) or more complex depending on your needs.

4. Create the Scorecard Template

Design the Template: Develop a template that includes all the KPIs, weightings, and scoring criteria. Ensure it is user-friendly and clearly organized.
Automate Where Possible: If feasible, use software tools or Excel to automate the scorecard calculations, making it easier to update and maintain.

5. Evaluate Vendors

Collect Data Regularly: Gather data on each vendor according to the frequency you’ve determined (e.g., monthly, quarterly).
Score Vendors: Use the scorecard to evaluate each vendor based on the collected data. Apply the scoring system and weightings to calculate an overall performance score for each vendor.

6. Review and Analyze Results

Analyze Scores: Compare vendor scores to identify strengths and weaknesses. Look for trends, such as consistent underperformance in a specific area.
Benchmarking: Compare vendors against each other or against industry standards to understand their relative performance.

7. Communicate Results

Share with Stakeholders: Present the results to key stakeholders within your organization, such as procurement, operations, and finance teams.
Feedback to Vendors: Provide vendors with feedback on their performance, highlighting areas of strength and opportunities for improvement.

8. Take Action

Develop Improvement Plans: Work with underperforming vendors to create action plans for improvement. This might include setting performance targets, increasing collaboration, or providing additional support.
Reward High Performers: Recognize and reward vendors who consistently meet or exceed expectations. This could involve preferred vendor status, additional business, or public recognition.

9. Monitor and Update

Continuous Monitoring: Regularly update the scorecard with new data and review vendor performance over time.

Example Of A Vendor Scorecard

Here’s an example of a simple Vendor Scorecard that you can use to evaluate vendor performance across several key areas. This example uses a scoring system where each criterion is rated on a scale from 1 to 5, with 5 being the highest score.

Vendor Scorecard Example

Criteria	Weighting	Vendor A Score	Weighted Score	Vendor B Score	Weighted Score
Quality	30%	4	1.2	5	1.5
On-Time Delivery	25%	3	0.75	4	1.0
Cost	20%	5	1.0	3	0.6
Customer Support	15%	4	0.6	4	0.6
Compliance	10%	5	0.5	5	0.5
Total Score	100%		4.05		4.2

Explanation:

Quality (30%): This metric measures the vendor’s ability to deliver products or services that meet the required quality standards. Vendor A scored 4 out of 5, while Vendor B scored 5. The weighted score is calculated by multiplying the score by the weighting factor.
On-Time Delivery (25%): This assesses how reliably the vendor delivers on time. Vendor A scored 3, indicating some delays, while Vendor B scored 4, suggesting more consistent performance.
Cost (20%): This reflects the vendor’s pricing competitiveness. Vendor A scored 5, indicating they are cost-effective, while Vendor B scored 3, possibly due to higher prices.
Customer Support (15%): This criterion evaluates the quality of the vendor’s customer service. Both vendors scored 4, showing they provide good support.
Compliance (10%): This ensures that the vendor meets regulatory and contractual obligations. Both vendors scored 5, indicating full compliance.

Total Score:

Vendor A: The total weighted score for Vendor A is 4.05.
Vendor B: The total weighted score for Vendor B is 4.2.

In this example, Vendor B has a slightly higher overall score, indicating better overall performance according to the selected criteria.

Customization:

Additional Metrics: You can add more criteria, such as innovation, flexibility, or environmental impact, depending on your organization’s specific needs.
Adjust Weightings: Weightings can be adjusted to reflect the relative importance of each criterion to your organization.

This scorecard provides a clear, quantifiable way to compare vendors and make informed decisions about which suppliers to engage with or continue working with.

Conclusion

A vendor scorecard is a vital tool for any organisation looking to optimise its supply chain. By systematically evaluating and improving vendor performance, you can ensure that your business operates more efficiently and effectively. Implementing a vendor scorecard may require some effort initially, but the long-term benefits—such as better vendor relationships, reduced costs, and improved quality—make it a worthwhile investment.

By integrating this tool into your vendor management processes, you set the stage for a more resilient and responsive supply chain, which is essential for maintaining a competitive edge in today’s fast-paced business environment.

By Siddharth, 3 monthsAugust 27, 2024 ago

Background Checks

Online Police Verification (PCC) In West Bengal: Process & Documents Needed

In a time where digital transformation is revolutionising public services, the West Bengal Police Department has taken significant strides to modernise the process of obtaining a Police Clearance Certificate (PCC) and conducting tenant verifications. These processes, which traditionally required time-consuming paperwork and multiple visits to the police station, can now be completed online, bringing unprecedented convenience and efficiency to residents across the state.

What Is A Police Clearance Certificate (PCC)?

A Police Clearance Certificate (PCC) is an official document issued by the police that certifies that an individual has no criminal record or has not been involved in any criminal activity that has led to a criminal conviction. This certificate is often a mandatory requirement for various purposes, including visa applications, job opportunities abroad, immigration, or even certain domestic purposes like passport verification, tenant verification or marriage registration.

The Need For PCC In West Bengal

In West Bengal, the demand for PCCs has been steadily increasing, particularly due to the rising number of residents seeking employment overseas, applying for visas, or needing background checks for various legal and official purposes. Recognising this demand, the Criminal Investigation Department (CID) of West Bengal Police launched a dedicated portal, pcc.wb.gov.in, aimed at streamlining the application process for PCCs.

Streamlined Online West Bengal Police Clearance Certificate Application Process

The launch of the online portal has brought a significant change in how PCCs are processed in West Bengal. Here’s how the new system works:

1. Online Application Submission

Applicants can now apply for a PCC by visiting the official PCC portal. The digital process eliminates the need for physical paperwork and in-person visits to the police station. Here’s a breakdown of the steps involved:

OTP Verification: The process begins with the applicant entering their mobile number to receive a One-Time Password (OTP). This is followed by Aadhaar number submission, ensuring the genuineness of the application.
Form Filling: The portal automatically fills a large portion of the form based on the Aadhaar number. Applicants only need to input specific details like the purpose of the PCC, whether for visa, job verification, etc.
Document Upload & Payment: A passport-sized photograph and necessary documents are uploaded, and a fee of ₹300 is paid online through net banking, debit, or credit card.

2. Police Verification

Once the application is submitted, it is digitally forwarded to the local police station relevant to the applicant’s address. Here’s what happens next:

Physical Verification: A police officer is assigned to conduct a physical verification at the applicant’s given address. This step is crucial to ensure the authenticity of the information provided.
Record Check: The police department conducts a comprehensive background check on the applicant, verifying if there are any criminal records or outstanding issues.

3. Issuance of PCC

Upon successful verification, the police department issues a digitally signed PCC. This certificate is then emailed to the applicant, and an SMS notification confirms the completion of the process. The entire procedure, which previously took about 30 days, is now expected to be completed within 72 hours to a week.

The Role Of Digital Technology In Speeding Up The Process

The digital transformation of the PCC application process in West Bengal is a significant step towards improving public services. The integration of digital platforms like Aadhaar verification, online payments, and blockchain for secure record-keeping ensures that the process is not only fast but also highly secure. The CID’s commitment to reducing the processing time to just a few days highlights the efficiency of the new system.

Conclusion

The introduction of the online PCC application portal by the West Bengal Police is a game-changer in public service delivery. It not only speeds up the process but also ensures greater transparency and convenience for the citizens. Whether you are applying for a visa, seeking employment abroad, or simply need a background check, the online process for obtaining a Police Clearance Certificate in West Bengal is now more accessible and efficient than ever before.

FAQs

What is the West Bengal Police Clearance Certificate (PCC)?

A Police Clearance Certificate (PCC) in West Bengal is an official document certifying that an individual has no criminal record. It is often required for visa applications, employment abroad, and other legal purposes.

How can I apply for a PCC in West Bengal?

You can apply for a PCC online by visiting the pcc.wb.gov.in portal, filling in the necessary details, uploading documents, and paying the fee.

What is the fee for obtaining a PCC in West Bengal?

The fee for obtaining a PCC in West Bengal is ₹300, payable online.

How long does it take to get a PCC in West Bengal?

The processing time for a PCC in West Bengal has been reduced to 72 hours to a week, thanks to the new online system.

What documents are required for a PCC application in West Bengal?

You will need to provide a passport-sized photograph, a copy of your Aadhaar card, and any other supporting documents required for verification.

Is police verification mandatory for tenant verification in West Bengal?

Yes, police verification is strongly recommended for tenant verification in West Bengal to ensure the authenticity and background of the tenant.

By Abhinandan, 3 monthsAugust 26, 2024 ago

Background Verification

What Is Supplier Contract Management?

Supplier Contract Management is the systematic process of managing agreements with suppliers to ensure they are fulfilled efficiently and effectively. It begins with contract creation, where terms such as pricing, delivery schedules, and quality standards are negotiated and documented. Once executed, the contract is monitored to ensure compliance, track performance, and mitigate risks. Key elements include performance evaluation, risk management, compliance tracking, and managing renewals or terminations. Effective management of supplier contracts is crucial for cost control, risk reduction, and maintaining strong supplier relationships, ultimately supporting the organisation’s strategic goals.

What Are The Key Components Of Supplier Contract Management?

Contract Creation and Negotiation:
- Develop clear terms and conditions that outline responsibilities, pricing, delivery schedules, and quality standards.
- Engage in thorough negotiations to ensure mutual agreement and fair terms for both parties.
Contract Execution:
- Ensure that all parties understand and adhere to the contract terms.
- Use automated tools to track compliance, monitor deadlines, and manage deliverables.
Performance Monitoring:
- Regularly assess supplier performance against the contract’s terms and KPIs.
- Utilise performance dashboards to provide real-time insights into how well suppliers are fulfilling their obligations.
Risk Management:
- Identify potential risks associated with the contract, such as supply chain disruptions or non-compliance.
- Implement strategies to mitigate these risks and protect the organisation.
Compliance Management:
- Ensure that all contracts comply with relevant legal and regulatory requirements.
- Stay updated on changes in laws that may affect existing contracts and make necessary amendments.
Contract Renewal and Termination:
- Evaluate contracts nearing expiration to decide whether to renew, renegotiate, or terminate based on supplier performance and business needs.
- Automate reminders for renewals or reviews to avoid lapses in contract coverage.
Documentation and Record Keeping:
- Maintain organised records of all contracts, amendments, and related communications for easy access and reference.
- Ensure all documentation is securely stored and easily retrievable for audits or dispute resolution.

Features Of Supplier Contract Management

Automated Workflows: Automated workflows facilitate the creation, approval, and execution of contracts by reducing manual tasks. These workflows ensure that contracts move seamlessly through each stage, from drafting to final execution, without delays or errors. Automation reduces the risk of human error, accelerates the process, and frees up time for more strategic activities.
Performance Monitoring: This feature tracks supplier performance against the terms outlined in the contract using Key Performance Indicators (KPIs) and dashboards. By continuously monitoring metrics like delivery times, quality levels, and responsiveness, businesses can quickly identify areas for improvement, ensure compliance, and take corrective action when necessary.
Risk Management: The platform identifies potential risks associated with each contract, such as supply chain disruptions or financial instability. It provides tools to assess, mitigate, and manage these risks, ensuring that the organisation is prepared for any eventualities. This proactive approach helps in avoiding costly disputes and disruptions.
Document Management: A robust document management system centralises the storage of all supplier contracts, making it easy to access, review, and manage documents. This centralisation ensures that all contract-related information is organised, secure, and readily available for audits, compliance checks, or internal reviews.
Compliance Tracking: Compliance tracking ensures that contracts adhere to the latest legal and regulatory requirements. The system automatically updates contracts to reflect changes in laws, reducing the risk of non-compliance. This feature is crucial for maintaining legal integrity and avoiding penalties or legal challenges.
Renewal and Expiry Alerts: Automated alerts for contract renewals or expirations ensure that businesses never miss critical deadlines. These alerts provide ample time for evaluation and negotiation, helping to maintain continuous, uninterrupted supplier relationships and avoid lapses in contract coverage.
Negotiation Support: The platform offers templates and tools designed to facilitate contract negotiations. These tools ensure that all terms are clearly defined and agreed upon by both parties, reducing the risk of misunderstandings. The support provided helps in reaching fair and effective agreements that align with business objectives.

By leveraging these features, organisations can optimise their supplier relationships, reduce risks, and ensure all contractual obligations are met efficiently.

Best Practices For Supplier Contract Management

Clear and Detailed Contracts:
- Comprehensive Coverage: Ensure contracts detail every aspect of the supplier relationship, including pricing, delivery timelines, quality expectations, penalties for non-compliance, and dispute resolution processes. This clarity reduces misunderstandings and sets clear expectations.
- Customisable Templates: Use standardised templates that can be tailored to the specifics of each supplier relationship, ensuring consistency while allowing for necessary customisation.
Automate Contract Management:
- Software Integration: Implement contract management software that automates tasks like tracking contract milestones, renewal dates, and compliance checks. This reduces manual errors, saves time, and ensures that no critical deadlines are missed.
- Centralised Repository: Use a centralised digital repository for storing all contracts and related documents, making it easier to search, retrieve, and manage contracts across the organisation.
Regular Performance Reviews:
- Performance Metrics: Develop and use specific Key Performance Indicators (KPIs) to measure supplier performance. Regularly assess these metrics to ensure suppliers meet the agreed-upon standards.
- Feedback Loop: Create a feedback loop where performance reviews lead to actionable insights, fostering continuous improvement in supplier relationships.
Effective Communication:
- Open Channels: Establish clear communication channels with suppliers to ensure transparency. Regular check-ins can prevent small issues from escalating and foster a collaborative relationship.
- Escalation Pathways: Define clear pathways for escalating issues, ensuring that problems are addressed quickly and at the appropriate level.
Risk Management and Compliance:
- Proactive Risk Assessment: Identify potential risks associated with each supplier contract, such as financial instability or supply chain disruptions, and include mitigating clauses in the contract.
- Legal and Regulatory Adherence: Ensure that contracts are regularly reviewed and updated to comply with the latest legal and regulatory requirements, avoiding potential legal liabilities.
Documentation and Record Keeping:
- Organised Records: Maintain organised records of all contracts, amendments, communications, and performance reports. This ensures that all relevant information is easily accessible for audits, renewals, or dispute resolution.
- Audit Trails: Implement audit trails within your contract management system to track changes and ensure accountability throughout the contract lifecycle.

By adhering to these best practices, organisations can optimise supplier relationships, mitigate risks, and ensure that contracts are managed efficiently and effectively. This approach not only safeguards the organisation’s interests but also contributes to building stronger, more reliable partnerships with suppliers.

By Siddharth, 3 monthsAugust 26, 2024 ago

BFSI

RBI Adds Auto-Replenishment Of FASTag Under E-Mandate

The Reserve Bank of India (RBI) has recently made significant updates to its electronic mandate (e-mandate) framework, particularly focusing on enhancing the efficiency and convenience of toll payments through FASTTag. FASTTag, a system that leverages Radio Frequency Identification (RFID) technology, allows for seamless toll payments by automatically debiting the associated bank account without the need for cash transactions. This update introduces an automatic replenishment feature for FASTTag and the National Common Mobility Card (NCMC), eliminating the need for users to manually recharge their balances.

The core of this update lies in the automatic debit process, which now operates under the updated e-mandate framework. Previously, users received a pre-debit notification 24 hours before any deductions were made from their linked accounts. However, recognising the recurring yet irregular nature of FASTTag transactions, the RBI has exempted these payments from the pre-debit notification requirement. This change ensures that users can enjoy uninterrupted toll payments, as their FASTTag balance will be automatically replenished when it falls below a customer-set threshold.

Understanding FASTTag And Its Role In Toll Payments

What Is FASTTag?

FASTTag is a critical component of India’s toll payment system, introduced to alleviate congestion at toll plazas and streamline the toll collection process. Using Radio Frequency Identification (RFID) technology, FASTTag allows vehicles to pass through toll plazas without stopping, automatically deducting the toll fee from a prepaid account or directly from the vehicle owner’s linked bank account.

A FASTTag is essentially a small sticker affixed to the vehicle’s windshield, embedded with an RFID chip. This chip communicates with the RFID reader installed at toll plazas, ensuring that the toll is automatically deducted from the linked account as the vehicle passes through. This system not only saves time for commuters but also reduces fuel consumption and the environmental impact associated with idling vehicles at toll booths.

The Importance Of Bank Account Linkage With FASTTag

The efficiency of FASTTag largely depends on its connection to a user’s bank account. By linking their FASTTag to a bank account, users ensure that toll payments are seamlessly deducted without the need for manual intervention. This linkage eliminates the need for cash transactions and minimises the risk of running out of balance at critical times.

Previously, users needed to manually monitor their FASTTag balance and recharge it when necessary. This process was cumbersome, often leading to delays or insufficient balances at toll plazas. With the RBI’s new update, the replenishment of FASTTag balances has become automatic, making the toll payment process even more convenient.

RBI’s New Guidelines And Their Implications

One of the major shifts in the new guidelines is the removal of the requirement for pre-debit notifications. Previously, e-mandates required a 24-hour advance notification before any funds were debited from the customer’s account. This notification served as a safeguard, giving customers time to review and, if necessary, cancel the transaction.

However, with the introduction of auto-replenishment for FASTTag and NCMC, the RBI has recognised that these payments are recurring but irregular. As such, the pre-debit notification has been waived for these transactions. This change ensures that the FASTTag balance is replenished promptly without the need for user intervention, thereby avoiding any disruptions in toll payments.

Customer-Set Thresholds For Replenishment

Another critical aspect of the RBI’s update is the ability for customers to set their threshold for automatic replenishment. This feature allows users to have control over when their FASTTag balance is topped up, based on their personal preferences and usage patterns. By setting a lower threshold, frequent travellers can ensure that their balance is replenished more often, preventing any potential shortfalls during high travel periods.

This customer-centric approach aligns with the broader goal of enhancing user experience and convenience. By giving users the autonomy to determine their replenishment thresholds, the RBI has made it easier for them to manage their toll payments effectively.

Benefits Of The New FASTTag System

The introduction of automatic replenishment offers several benefits to FASTTag users, making toll payments more efficient and hassle-free.

Uninterrupted Toll Payments: The primary benefit of automatic replenishment is the elimination of manual recharges. Users no longer need to worry about monitoring their FASTTag balance or manually topping it up, as the system takes care of this automatically when the balance falls below the set threshold.
Reduced Congestion at Toll Plazas: By ensuring that all vehicles equipped with FASTTag have sufficient balance, the new system helps reduce congestion at toll plazas. There are fewer instances of vehicles being unable to pass through due to insufficient balance, leading to smoother traffic flow.
Enhanced User Convenience: The ability to set custom thresholds and the removal of pre-debit notifications means that users can enjoy a more personalized and convenient experience. The system adapts to their usage patterns, ensuring that they are always prepared for toll payments.

By Abhinandan, 3 monthsAugust 23, 2024 ago

Uncategorized

Pre-Employment Screening: A Comprehensive Guide

Introduction

Pre-employment screening is a process used by employers to verify the background, qualifications, and suitability of a candidate before finalizing a hiring decision. This screening typically includes various checks, such as criminal background, employment history, education verification, drug testing, and credit checks. The primary goal is to ensure that the candidate is qualified, trustworthy, and a good fit for the role, while also mitigating risks related to hiring someone with potentially problematic or false credentials. This process helps companies make informed hiring decisions.

Components of Pre-Employment Screening

Criminal Background Check: Verifies if the candidate has any criminal records, ensuring the safety and security of the workplace.
Employment History Verification: Confirms previous job roles, durations, and responsibilities to ensure the candidate has the experience they claim.
Education Verification: Checks the authenticity of academic qualifications and degrees to verify the candidate’s educational background.
Reference Checks: Contacts previous employers or colleagues to get insights into the candidate’s work ethic, reliability, and performance.
Credit History Check: Reviews the candidate’s credit history, especially for roles involving financial responsibilities, to assess their financial reliability.
Drug Testing: Tests for substance abuse, ensuring that the candidate adheres to company policies and maintains a drug-free workplace.
Identity Verification: Confirms the candidate’s identity using official documents to prevent identity fraud.
Social Media Screening: Reviews public social media profiles to assess the candidate’s online behaviour and character.
Health and Fitness Assessments: For certain roles, especially in physically demanding jobs, medical exams may be required to ensure the candidate is fit for duty.

Importance of Pre-Employment Screening

When hiring new employees, it’s crucial to evaluate not only their qualifications but also their suitability for the role and your company culture. Applicant screening tests and methods provide valuable insights into a candidate’s cognitive abilities, personality, skills, and ethical standards. These assessments range from cognitive ability tests and personality evaluations to situational judgment tests and integrity assessments. By utilizing a variety of screening tools, employers can make informed decisions, reduce hiring risks, and select candidates who are best suited for the job.

Risk Mitigation: Pre-employment screening helps identify potential risks such as criminal history, false credentials, or inconsistencies in a candidate’s background, ensuring that the company hires trustworthy individuals.
Compliance and Legal Protection: Ensures that hiring processes comply with legal requirements and industry regulations, reducing the risk of lawsuits or penalties related to negligent hiring practices.
Improved Quality of Hire: By verifying qualifications, work history, and skills, employers can hire candidates who are well-suited for the role, leading to better job performance and higher employee retention.
Workplace Safety: Screening helps to prevent workplace violence, theft, or misconduct by filtering out candidates with a history of such behaviour, contributing to a safer work environment.
Protects Company Reputation: Ensures that only reputable and qualified individuals are brought into the organization, preserving the company’s public image and brand integrity.

Types of Applicant Screening Tests & Methods

Cognitive Ability Tests: Measures a candidate’s general intelligence, logical reasoning, and problem-solving skills, crucial for roles requiring analytical thinking.
Personality Tests: Evaluates traits like openness, conscientiousness, extroversion, agreeableness, and emotional stability, helping determine cultural fit and job compatibility.
Skills Assessment Tests: Assesses specific job-related skills, such as technical expertise, software proficiency, or mechanical skills, ensuring candidates possess the required capabilities.
Situational Judgment Tests (SJT): Presents hypothetical, job-related scenarios to gauge how candidates would respond to real-world situations, predicting their performance on the job.
Aptitude Tests: Tests a candidate’s ability to perform tasks or react to situations relevant to the role, including numerical reasoning, verbal reasoning, and abstract thinking.
Behavioural Assessments: Focuses on past behaviour as a predictor of future performance, often using structured interviews or behavioural questionnaires.
Integrity Tests: Measures honesty, reliability, and ethical behaviour, particularly important for positions involving sensitive data or financial responsibilities.
Background Checks: Verifies information provided by the candidate, such as employment history, education, criminal records, and references, ensuring they meet the organization’s standards.
Drug Screening: Ensures candidates adhere to company policies regarding substance use, contributing to a safe and productive work environment.

These screening methods collectively help organizations build a workforce that is not only qualified but also aligned with their values and long-term goals.

Detailed Step-by-Step Timelines and Duration for Pre-Employment Screening

Initial Screening & Documentation Submission:
- Duration: 1-2 Business Days
- Details: The candidate submits the required documents, such as ID proof, educational certificates, and references. The employer initiates the pre-employment screening process.
Identity and Social Security Verification:
- Duration: 1-2 Business Days
- Details: Verification of the candidate’s identity through government-issued IDs and Social Security Number (SSN) to confirm their legal right to work.
Criminal Background Check:
- Duration: 2-5 Business Days
- Details: A thorough search for any criminal records, including local, state, and federal databases. The timeframe can vary depending on the jurisdiction and the thoroughness required.
Employment History Verification:
- Duration: 2-4 Business Days
- Details: Verification of previous employment details, such as job titles, tenure, and reasons for leaving. This involves contacting past employers, which can vary in response time.
Education Verification:
- Duration: 2-3 Business Days
- Details: Checking the authenticity of the candidate’s educational qualifications by contacting institutions. Delays may occur if the institutions are unresponsive or require formal requests.
Reference Checks:
- Duration: 2-3 Business Days
- Details: Contacting references provided by the candidate to gain insights into their work ethic, reliability, and performance. Response times from references can affect this step.
Credit History Check (if applicable):
- Duration: 1-2 Business Days
- Details: Reviewing the candidate’s credit report, particularly for roles involving financial responsibilities. This is usually a quick process but can take longer if additional details are required.
Drug Screening (if applicable):
- Duration: 1-3 Business Days
- Details: Conducting drug tests to ensure the candidate meets the company’s substance use policies. The time frame depends on the type of test and how quickly results are processed.
Final Review & Decision:
- Duration: 1-2 Business Days
- Details: The employer reviews all the collected information to make a final hiring decision. Any discrepancies or issues found during the screening may extend this step.

Total Estimated Time:

Standard Screening: 3-10 Business Days
Comprehensive Screening: 1-3 Weeks

The total time can vary based on the complexity of the checks required, the responsiveness of third parties (like previous employers or educational institutions), and the thoroughness of the screening process.

Pre-employment screening checks FAQs

What is Pre-Employment Screening?

Pre-employment screening is the process of verifying a candidate’s background, qualifications, and suitability for a job before hiring.

What Checks are Typically Included?

Common checks include criminal background, employment history, education verification, reference checks, credit history, and drug testing.

How Long Does Pre-Employment Screening Take?

The process usually takes 3-10 business days, but it can extend to 2-3 weeks depending on the complexity.

Do Candidates Need to Consent?

Yes, candidates must provide explicit consent before any screening checks are conducted.

Can a Job Offer be Withdrawn After Screening?

Yes, if the screening reveals discrepancies or issues that impact the candidate’s suitability for the role, the job offer may be withdrawn.

Is Pre-Employment Screening Legal?

Yes, but it must comply with relevant laws such as the Fair Credit Reporting Act (FCRA) in the U.S., anti-discrimination laws, and data protection regulations.

What Should I Do if There’s a Mistake in My Report?

If a mistake is found, you should immediately contact the screening provider or employer to correct the error.

Does a Criminal Record Automatically Disqualify a Candidate?

Not necessarily. Employers consider the nature of the offense, its relevance to the job, and the time that has passed since the conviction.

Can I Refuse Pre-Employment Screening?

While you can refuse, it may result in the withdrawal of your job application since most employers require these checks as part of their hiring process.

How is My Information Protected?

Employers must handle your information in compliance with privacy laws, ensuring it is secure and only used for the intended purpose.

By Siddharth, 3 monthsAugust 21, 2024 ago

BFSI

RBI Updates P2P Lending Guidelines: All You Need To Know

Peer-to-peer (P2P) lending has emerged as a significant alternative to traditional banking channels in India, offering a platform for individuals to lend and borrow money directly without the intervention of banks. As the popularity of these platforms has grown, so too needs robust regulation to ensure transparency, fairness, and protection for both lenders and borrowers. The Reserve Bank of India (RBI), recognizing the potential and the risks associated with P2P lending, has been proactive in setting up a regulatory framework that governs this sector. Recently, the RBI issued updated guidelines aimed at enhancing the transparency and compliance of Non-Banking Financial Company-Peer to Peer Lending Platforms (NBFC-P2P Lending Platforms). These revisions are designed to address the evolving dynamics of the P2P lending space and to curb practices that could undermine the stability and integrity of the financial system.

Overview Of The Revised RBI P2P Lending Guidelines

The Reserve Bank of India’s updated guidelines for P2P lending platforms have introduced several key changes aimed at improving transparency, safeguarding the interests of lenders and borrowers, and ensuring that P2P platforms operate within a well-defined regulatory framework. These guidelines have been formulated after observing certain irregular practices in the industry that violated earlier regulations. The revised guidelines focus on several critical aspects of P2P lending, including the prohibition of credit guarantees, stricter fund transfer rules, restrictions on cross-selling, and enhanced disclosure requirements. These changes are expected to bring about a more transparent and accountable P2P lending environment in India.

Revised P2P Lending Guidelines Explained

No Credit Guarantee Or Enhancement By NBFC-P2P Entities

One of the most significant changes in the revised guidelines is the prohibition of credit guarantees and enhancements by NBFC-P2P entities. Previously, some P2P platforms offered credit guarantees that provided lenders with a sense of security by assuring them of returns even in the event of borrower defaults. However, this practice was filled with risks as it tended to hide the true level of late/missed payments and gave a misleading impression of the platform’s portfolio performance. The RBI has now explicitly banned NBFC-P2P entities from assuming any credit risk, meaning they cannot offer any form of credit guarantee. This shift places the onus of risk squarely on the lenders, ensuring that they fully understand the risks involved in P2P lending. For borrowers, this could mean higher interest rates as lenders factor in the additional risk, but it also means a more transparent and realistic assessment of their creditworthiness.

Fund Transfer Through Escrow Account

Another critical update in the RBI guidelines pertains to the management of funds through escrow accounts. Previously, NBFC-P2P platforms were required to maintain two escrow accounts—one for funds from lenders pending disbursals and another for collections from borrowers. However, there was no strict timeline for the transfer of funds between these accounts, leading to potential delays and inefficiencies. The revised guidelines now mandate that funds in these escrow accounts must be transferred within one business day (T+1) of receipt. This requirement is aimed at enhancing the efficiency of fund transfers and reducing the risks associated with delays. For lenders, this means quicker access to their funds, while for borrowers, it translates to faster loan disbursements, which can be crucial in cases of urgent financial need.

Cap On Lending Amounts And Net Worth Certificate Requirements

The RBI has also introduced stricter regulations regarding the amount that individual lenders can lend through P2P platforms. As per the updated guidelines, the cumulative lending limit for individual lenders across all P2P platforms has been capped at Rs 50 lakh. Additionally, lenders who wish to extend loans exceeding Rs 10 lakh across P2P platforms are now required to provide a net worth certificate issued by a Chartered Accountant, confirming that they have a minimum net worth of Rs 50 lakh. These measures are designed to ensure that lenders do not overextend themselves financially and that they have the necessary financial backing to cover potential losses. This cap also helps to maintain a balance in the P2P lending market, preventing the concentration of risk among a small group of lenders and promoting broader participation.

Restrictions On Cross-Selling Of Products

The revised guidelines also impose restrictions on the cross-selling of products by P2P platforms. Specifically, NBFC-P2P entities are now prohibited from cross-selling any products other than loan-specific insurance products. This move is intended to reduce conflicts of interest and to prevent platforms from burdening borrowers with additional products that may not be in their best interest. Previously, some platforms had been offering credit enhancement products and loan protection insurance, which, while potentially beneficial, also carried the risk of misleading lenders and increasing the financial burden on borrowers. By restricting cross-selling, the RBI aims to ensure that P2P platforms remain focused on their core function of facilitating loans and that borrowers are not pressured into purchasing unnecessary add-ons.

Monthly Portfolio Performance And NPA Disclosures

In a bid to enhance transparency, the RBI has mandated that P2P platforms must now disclose their portfolio performance, including details on non-performing assets (NPAs) and any pre-NPA delinquencies, every month. This requirement is expected to provide lenders with a clearer picture of the risks associated with lending on a particular platform. Regular disclosures will also allow lenders to make more informed decisions, as they will have access to up-to-date information on the performance of the platform’s loan portfolio. For borrowers, this could lead to more competitive interest rates, as lenders adjust their risk assessments based on the disclosed data. The emphasis on transparency is a crucial step in building trust in the P2P lending ecosystem, which is essential for its long-term growth and sustainability.

Revised Fee Structure For P2P Platforms

The RBI has also revised the fee structure that P2P platforms can charge for their services. Under the new guidelines, fees must either be a fixed amount or a fixed percentage of the principal amount involved in the lending transaction, and they cannot be contingent upon the borrower’s repayment performance. This change is aimed at ensuring that P2P platforms are compensated fairly for their services, while also preventing them from taking on additional risk by tying their fees to loan performance. For lenders, this means greater clarity and predictability in terms of the costs associated with using P2P platforms. It also ensures that platforms are incentivised to focus on the efficient and effective facilitation of loans, rather than on maximising their fee income through risky lending practices.

Industry Response To The Revised P2P Lending Guidelines

These measures have triggered significant reactions from industry members, who are now considering approaching the central bank to seek amendments and clarifications.

Concerns Over T+1 Settlement Rule

One of the primary concerns raised by P2P lending platforms pertains to the new requirement that mandates the clearance of funds in the escrow accounts of lenders and borrowers within a day (T+1). Many industry players find this rule to be overly stringent. The Association of P2P Lending Platforms, representing the interests of these platforms, is planning to request an extension of this timeline to T+2 or even T+3 days. They argue that deploying funds within a single day poses practical challenges, which could hamper the efficiency of their operations.

Intent Behind The Regulations

The RBI’s regulations aim to ensure that lenders’ money does not remain with the P2P platform, thereby safeguarding the interests of lenders. From the perspective of lenders, this is a positive move, as it ensures that their funds are promptly returned once the borrower repays the loan. This measure is seen as a step towards reducing the risk associated with P2P lending by preventing platforms from holding onto lenders’ money for extended periods.

The Current Size Of The P2P Lending Industry In India

The P2P lending industry in India is currently valued at approximately ₹7,000-8,000 crore. There are about 20 P2P platforms in the country, all registered with the RBI as Non-Banking Financial Companies (NBFCs). These platforms generate revenue through registration fees, processing fees, and fees collected during repayment.

Conclusion

The recent updates to the RBI P2P guidelines mark a significant step forward in the regulation of the P2P lending industry in India. By addressing key issues such as credit risk, fund management, cross-selling, and transparency, the RBI is working to ensure that P2P platforms operate fairly, transparently, and in the best interest of all participants. While these changes may initially pose challenges for some platforms, they ultimately aim to promote the long-term stability and growth of the P2P lending market. As the industry continues to evolve, these guidelines will play a crucial role in shaping its future, ensuring that it remains a trusted and reliable option for both lenders and borrowers in India.

FAQs around updated P2P Lending Guidelines

What is the RBI P2P lending limit?

The current cumulative lending limit for individual lenders across all P2P platforms stands at INR 50 lakh.

What is the maximum limit of P2P?

In India, the RBI sets a maximum limit for P2P lending, usually restricting each lender to a total of Rs. 10 lakhs across all platforms.

What is the RBI regulation for P2P?

The Reserve Bank of India (RBI) has established specific regulations for Peer-to-Peer (P2P) lending platforms to ensure the safety and transparency of the sector. Here are the key points of the RBI regulations for P2P lending:

Registration Requirement: P2P lending platforms must be registered as Non-Banking Financial Companies (NBFCs) with the RBI.
Cap on Lending and Borrowing:
- Per Lender Limit: A lender cannot invest more than Rs. 50,00,000 across all P2P platforms. Additionally, the exposure of a single lender to a single borrower is capped at Rs. 50,000.
- Per Borrower Limit: A borrower can borrow a maximum of Rs. 10,00,000 across all P2P platforms.
Escrow Account: All fund transfers between participants must be through an escrow account held by a bank, ensuring that the P2P platform does not directly handle the funds.
Disclosure Requirements: P2P platforms must disclose all relevant information about potential borrowers to lenders, including credit scores, loan purpose, and terms.
Prohibition on Cross-Border Transactions: P2P lending is restricted to domestic transactions, meaning lenders and borrowers must be Indian residents.
Operational Restrictions:
- P2P platforms cannot provide any form of credit enhancement or guarantee.
- They cannot hold deposits from lenders or borrowers.
- The platform’s role is limited to facilitating transactions between lenders and borrowers without participating directly in the lending or borrowing process.
Grievance Redressal: Platforms must have a grievance redressal mechanism in place to resolve complaints from participants.
Reporting Obligations: P2P platforms are required to submit regular reports to the RBI on their financial health, operations, and compliance with regulations.

What is the NPA of P2P lending?

An NPA (Non-Performing Asset) refers to a loan where the borrower has missed scheduled payments for a certain period. A high NPA rate signals that many borrowers are defaulting, which could raise concerns about the platform’s effectiveness in screening borrowers.

By Abhinandan, 3 monthsAugust 21, 2024 ago

Employee Screening

Risk & Compliance

Financial Intelligence

Identity Verification

Utilities

Entity/Business Level

Employment

Banking & Payments

Fraud Detection

Professional

Background Verification

Due-Diligence

Title Menu Three

What's New

iBRIDGE 2.0 – The Next-Gen Background Verification Platform

Resource Library

Featured Resource

Introduction

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UPI Circle Summarised

Why Choose AuthBridge For Your Enterprise?

Government’s Decision On Aadhaar-based Authentication For UPSC

The Puja Khedkar Case

What Is Aadhaar KYC?

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How Do KYC Frauds Happen?

KYC Fraud Risks And The Importance of Awareness

Why Senior Citizens Are Targeted

KYC Fraud Detection And Prevention

Steps To Protect Against KYC Fraud

Dos:

Don’ts:

Additional Measures To Enhance Security

Reporting And Responding To KYC Fraud

Conclusion

FAQs around KYC Fraud

Top 13 Third-Party Risk Management (TPRM) Softwares In India

End-to-End Risk Management

Compliance and Regulatory Assurance

Continuous Monitoring and Alerts

Technology-Driven Insights

Third-Party Screening and Verification

Risk Scoring and Prioritisation

Efficient Onboarding and Contract Management

Industry-Specific Solutions

Data Privacy and Security

2. UpGuard

3. SecurityScorecard

4. BitSight

5. OneTrust

6. Prevalent

7. ProcessUnity

8. Centraleyes

9. Diligent ThirdPartyBond

10. Venminder

11. LogicGate

12. Archer

13. Panorays

Conclusion

FAQs

What Is A Vendor Scorecard?

Key Components Of A Vendor Scorecard

1. Quality

2. Delivery

3. Cost

4. Service

5. Compliance and Risk Management

6. Innovation

7. Relationship and Communication

8. Financial Stability

9. Technology

10. Social Responsibility

Why Use A Vendor Scorecard?

1. Objective Evaluation

2. Improved Supplier Performance