Amukha has created an automated Workflow after understanding the requirements of a spectrum of client partners which includes SCBs, SFBs, and Urban Co-operative banks.
If asked about the salient features of this workflow, we would have probably directed you to the RBI’s notification dated Jan. 31, 2024! In the notification, the RBI asks its Supervised Entities (SEs) to leverage the use of technology to streamline internal compliance monitoring functions and adopt workflow-based software solutions.
Here is our take on what the asks from the RBI are and how Amukha’s automated Workflow can chip in answering these calls:
| Sr. No. | RBI Ask | Corresponding Features of Amukha’s Workflow |
| 1 | Provide effective communication and collaboration among all the stakeholders (from different verticals) | Inclusion of as many levels as required with customized roles and responsibilities for different verticals |
| 2 | Have processes for identifying, assessing, monitoring, and managing compliance requirements | The process document needs to come from the Regulated Entities (REs). Amukha shall incorporate the requirements in its modular workflow |
| 3 | Escalate issues of non-compliance | An automated mail to stakeholders on the breach of defined TAT. Downloadable Audit Trail with time stamp including comments of all stakeholders for a periodical review |
| 4 | Require recording approval of competent authority for deviations/ delay in compliance submission | Role-based rights. Mandatory comments for relevant stakeholders for any deviation/delay |
| 5 | A unified dashboard view to Senior Management on compliance position | A simple, self-explanatory UI for Senior Management to understand the compliance level. Bespoken MIS reports |
| 6 | Based on the size and complexity of its operations, the REs may decide on the tools/mechanism for monitoring compliance and development of the unified dashboard | Flexibility to customize within the different entities of REs |
| The other key features of Workflow are: |
| 1. Capturing Field Team feedback on Alerts |
| 2. Review and Closure of Field team feedback by a HO team |
| 3. Monitoring of overall activities by the Compliance team |
| 4. Customizable TATs for different actions by the different teams |
To know more, please contact us at [email protected].
AMUKHA 