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India has consistently shown its commitment to combating financial crimes, specifically money laundering and terrorist financing, by aligning itself with the standards set by the Financial Action Task Force (FATF). As the world’s fifth-largest economy, India’s financial and economic growth brings with it a growing complexity in financial systems. Consequently,
What Is KYC And Its Importance? Know Your Customer (KYC) is a due diligence process that financial institutions undertake to verify the identity and background of their customers. This verification helps to ensure that the services provided by banks and other financial institutions are not misused for illegal activities such
Ensuring the authenticity of bank account details is crucial for businesses, especially in preventing fraud and failed payments. Penny Drop Verification, a widely adopted method in India, provides a simple yet effective solution. It allows businesses to confirm that the bank account details provided by a customer, vendor, or partner
Ensuring the accuracy and authenticity of information provided by vendors, suppliers, and other third parties is essential for mitigating risks and ensuring compliance. Third-party verification (TPV) serves as a crucial process, allowing companies to validate the credentials, claims, and transactions of external entities. By utilising independent verification from a neutral
The Goods and Services Tax Network (GSTN) has announced a significant enhancement to the GST portal with the introduction of the Invoice Management System (IMS). Set to go live on 1st October, this new feature is designed to streamline the process of managing invoices between suppliers and recipients, ultimately improving
7 Top Third-party Risk Management Software in 2024 7 Top Third-party Risk Management Software in 2024 7 Top Third-party Risk Management Software in 2024 As businesses become increasingly interconnected, managing third-party risks has become essential to safeguarding operations and ensuring compliance. Third-party risk management (TPRM) software is a critical tool
What Is Know Your Vendor (KYV)? In today’s global marketplace, businesses rely heavily on various vendors to provide essential goods and services. This reliance makes it crucial for companies to implement robust Know Your Vendor (KYV) practices. Know Your Vendor is a comprehensive process employed by businesses to thoroughly understand,
Introduction In today’s interconnected business landscape, managing vendor risks is crucial to maintaining operational stability, security, and compliance. The complexity and scale of modern supply chains mean that manual risk assessments are often time-consuming and error-prone. Automation helps address these challenges by providing continuous risk monitoring and quicker responses to
Introduction Vendor risk refers to the potential negative consequences that can arise from an organisation’s reliance on third-party vendors, suppliers, or service providers. These risks encompass a wide range of issues that could impact the organisation’s operations, financial performance, legal compliance, reputation, and strategic objectives. Vendor Risk Management (VRM) is
Introduction Vendor risks refer to the potential hazards and negative consequences that arise from relying on third-party vendors to provide goods and services to a company. These risks can impact various aspects of business operations, including supply chains, data security, compliance, and quality control. Common vendor risks include the possibility
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