Overview
Regulatory compliance has always been a costly affair for any financial institution. Such compliances are controlled and regulated by a financial supervisory agency (FSA).
According to the source, approx.10% of a bank’s turnover is dedicated to compliance. Such costs include all the tasks involved in satisfying the financial institution with dictated financial regulations on a national, regional, and sometimes international level.
The European Union is a vast market of regulations that target all types of financial institutions. Almost 600+ legislative initiatives need to be cataloged by a medium-sized, sell-side institution to have a holistic view of their compliance and agreement book.
Globally, banks are spending more than $270 billion a year on compliance and regulatory obligations, having on average 10–15% of their staff dedicated to compliance. This shows that compliance is a big problem.
About Grand
Grand is an automated compliance platform that contributes significantly to streamlining compliance and building trust. This platform ensures efficient regulatory adherence for any financial institution. Moreover, this is not an average GRC platform. It strives to make the lives of GRC practitioners easier and more fun by creating compliances and agreements through automation. Besides, you can –:
- Keep track of your progress and plan projects with a calendar, GANTT, and Kanban
- Manage all compliance documents in one place
- It lets you create, edit, modify, collaborate, track, sign, and store with versioning and access control
- Perform self-assessment surveys automatically with minimal effort
- Aggregate and visualize results in easy-to-understand dashboards
- Distribute, plan, and follow up on tasks throughout the organization, to ensure compliance excellence
This platform reduces the workload through workflow automation, collaboration, and advanced AI Led practices where you can generate continuous out-of-the-box content that has been curated by industry experts.
Is Grand a practically successful platform?
With the development of Grand, it has successfully resolved compliance issues. It has helped various industry verticals in meeting their current regulatory requirements. This platform lets you keep track of all the new changes coming out, and figure out how they affect your business and what you need to do in order to be compliant with the respective laws and regulations.
Earlier when compliance had been a manual task, it required a lot of hours of work and much more to and fro visits to government offices. Companies used to manage their compliances manually in Excel sheets or leverage some software tool that doesn’t guarantee accuracy. Today, with AI-led Grand, you can get guaranteed enormous efficiency and accuracy too.
Earlier when preparing compliance or any agreement, or document, companies weren’t much involved. But in the real sense, every company or organization must carefully read, assess and understand the implications of such agreements, documents, or compliances. They must perform a gap analysis to evaluate what’s new in the policies, check out instructions, and assess how controls can be implemented. They generally hire consultants and experts to read such compliances and make your organization abide by the same.
Semantic Search
You get immediate answers to any regulatory question for compliance, document or agreement, or articles. This platform is integrated with AI-enabled semantic search and gives you instant access to all European regulations within the financial sector (> 30 000 documents).
You can ask anything in the natural language and can get easy-to-understand answers based on your queries raised. This even lets you continuously learn from all queries and presents better and better results.
Grand Policies
Grand Policies helps you create up-to-date expert-curated policies for respective verticals and institutions. Grand works with a team of 400 legal and compliance experts who updates the latest policies and agreements with the ever-changing regulatory landscape.
There is no start-up time. You can create a unique set of policies in just a few minutes without investing much time and effort. In order to leverage the premium features, you can subscribe to the policy package, or select the individual policy package based on your requirements.
Grand Horizon
Grand Horizon contributes significantly to monitoring the regulatory news that will be curated and assessed by our experts. The team at Grand monitors various authoritative sources to bring the best and most regulatory news.
Grand Outsourcing
Through Grand Outsourcing, you can comply with the regulatory guidelines for all their outsourcing arrangements. You can automatically monitor the change and outsource your requirements and changes to a vendor for preparing the terms and conditions of your company. Besides, you can also automate all your contract management workflow and manage risk mitigation activities.
The Problems:
Before working on Grand.io, a client had been managing different applications for different categories. For instance, the client company was managing a separate platform for Articles, Agreements, Policies, Documents, and Tasks. Gradually, it became difficult and quite cumbersome because a client had to log out from one in order to login into another. This was creating havoc in managing and leveraging all these at once.
Frequent Adequate
Secondly, the pace of change in the laws increases at an ever-increasing rate. So, with time, it was getting difficult to make frequent amendments every year, month, and day. According to reports, every month hundreds of legal updates are made and it’s quite impractical for professionals to keep tabs on all of them in real-time.
Inadequate Process
Despite the increasing importance of compliance management, clients still faced a lack of adequacy in compliance processes and systems for managing the overall obligations. This often leads to delays, errors, and inefficiencies in compliance management.
The Solution:
Integration of all into one
Team RadicalLoop understood the concern of the client company and created a new SaaS solution that includes all the functionalities of the above-described products. So, we created and developed Grand.io with the objective to club all functions into one where there are two user types –
User: cmply customer
Admin User: cmply team member
Enhanced frequent updates
Moreover, in order to address the challenge of Frequent Updates, we integrated this platform with AI where users can get the updates and make changes in their agreements, documents, or compliances in near real-time- amendments in a penalty, changes in due dates, and more.
Streamlining digitally to eliminate potential errors
Through the Grand platform, we have streamlined compliance processes by embracing digitization and automation to eliminate the chances of human errors. We have set up an intelligent process that will establish a centralized compliance and monitoring framework. Besides that, it gives you real time visibility with automated alerts, reports, articles, tasks, documents and agreements, and dashboards.
Technologies Used
- Django
- React
- Tailwind CSS
- Jest
- AWS
How Team RadicalLoop did this?
RadicalLoop started with requirement gathering and understanding the gaps in context with the existing platforms and uncovered what the client is actually looking for. We started with -:
Information Gathering and Wireframing
RadicalLoop began with brainstorming and preparing the Figma UX Draft including all pages and functionalities. Further, our designers and UX experts worked on Figma Clickable Prototype with respective guidelines, set up a project, set up Repositories, AWS, CI/CD, Dev Workflow definition, and more to start with the development process.
Development Phase
We divided our team into respective groups so we can accordingly work on the backend and frontend portion of Grand. So, together our backend and frontend team took up Backend POC - Frontend UI Components, Backend 1.0 release - Frontend APIs integrations, - Backend profiling and improvements - Frontend 1.0 release and worked on Authentication, Settings, Permissions, Roles, Navigation, and Articles.
Quality Assurance
After succeeding in the development phases, our QA Analyst looks after the Quality assurance - End to end tests, conducts the stress tests, and does bug fixing. We even contributed to scripts to migrate current customers to new solutions.
Grand is a harbor of Company Secretaries, Lawyers, and Chartered Accountants who come together to share their knowledge for preparing compliances and agreements. It works uniquely for different industry verticals and that’s how it helps you in identifying all the legitimate laws and various statutory compliances to keep your business fully compliant in European Unions.
The Impact
According to an ever-growing rate of users on the Grand platform, a client has witnessed immense traffic because this automated compliance platform has benefitted businesses to have a real-time view of compliance status and ownership matrix.
- The development of Grand has resulted in better visibility, transparency, and accountability in the system
- The reliance of corporations on analytical dashboards is high due to constant regulatory updates
- Helped multiple clients and corporations in optimizing the cost and complexity involved in compliance
The Final Words
RadicalLoop is a trusted Web and Mobile Application Development Company in India that works on every complex project and delivers the best results. Our certified developers and a team of designers and project managers work extensively to deliver the latest solutions by leveraging the state of the art technologies.
We’re here to help you, anytime.
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