Introduction to Governance, Risk and Compliance

governance, risk, and compliance (grc) involves managing an organization's regulatory compliance and risk through effective monitoring the transaction monitoring team focuses on overseeing daily transactions, identifying unusual patterns, and ensuring they comply with internal and external regulations the anti money laundering (aml) team tracks and investigates suspicious activities to prevent illegal financial practices like money laundering continuous due diligence ensures ongoing monitoring of customers and transactions, allowing for real time identification of risks and maintaining compliance through regular reviews together, these components create a strong framework for financial oversight and risk mitigation key features real time transaction monitoring with rule based evaluation multi team and multi user support role based access control comprehensive dashboard and analytics exportable case reports and detailed case management fiu report generation for each case data sources integration for enhanced rule evaluation (e g , blacklisted ips, custom datasets) system architecture organizations each organization onboarded into the system can have multiple teams the system supports two main types of teams transaction monitoring team responsible for monitoring transactions anti money laundering team responsible for tracking suspicious activities and ensuring compliance teams each team within an organization can consist of multiple users, and every user is assigned a specific role within that team users can be part of one or more teams within the same organization roles determine the user's level of access and permissions within the system users and roles in teams each user can be assigned multiple roles that grants them specific permissions depending on their role, users may have the ability to view or manage cases create, modify, or view rules access or configure system settings assign tasks to other team members the roles ensure that users only have access to the functions necessary for their responsibilities, promoting security and efficiency within the system rules engine clients can define custom sql based rules to monitor transactions these rules automatically evaluate transactions and flag those that violate any conditions case management whenever a transaction violates any rules, a case is created, which users can manage, track, and update through the system export cases the system allows users to generate detailed reports based on cases and transactions users can filter cases by various attributes such as date range, risk level, or case status, and export this data in different formats (e g , csv, pdf) fiu report generation our sytem genearted fiu (financial intelligence unit) reports for each case reports can be customized to meet the specific requirements of regulatory bodies (e g , general transaction report, upi payment report, wallet payment report) these reports help organizations maintain compliance and submit accurate data to regulatory authorities data integration it allows the system to incorporate external datasets, such as blacklisted ips or custom data, into rule evaluations this enhances the accuracy of monitoring by automatically flagging transactions that match criteria from the integrated data, ensuring more comprehensive and precise transaction analysis