How to achieve Fintech GRC without a Dedicated Team?

The Global fintech market is rapidly growing and is said to have reached $313 Billion USD in 2024.  The increasing popularity of online shopping and digital payments fuels this rapid expansion. With innovative solutions such as mobile wallets and touchless payments, Fintech firms are at the forefront of this growth. They also offer various services, from lending, insurance, and investment to digital solutions for the underbanked in Egypt and merchant payment solutions. This is a sector with immense potential for success.

Data shows that across the Middle East, UAE has a larger scope for the fintech sector, which is predicted to reach over $ 5.5 Billion USD by 2029. However, this exciting world operates within a highly regulated landscape. The challenge lies in balancing the need for agility with the strict compliance demands. This can feel like a tightrope for startups or smaller firms, especially when they need more resources for a dedicated Governance, Risk, and Compliance (GRC) team. This is why CirrusLabs introduced Lockthreat, a global GRC product. Lockthreat, also known as G50 in the Middle East, is your one-stop solution for all things related to Governance, Risk, and Compliance.

Challenges for FinTech Companies without a Dedicated GRC Team 

Blockchain and open banking innovations will shape the future of financial services.  This calls for stringent measures to regulate the flow of money, information, and data across multiple touchpoints. Fintech companies with a dedicated GRC team can maintain compliance, leading to potential legal and financial risks. As smaller organizations with limited resources pop up in the region, Here's a closer look at some of the key challenges: 

1. Fragmented Approach

   Compliance tasks are often siloed within different departments, such as legal, security, and IT. This fragmented approach can lead to inconsistent interpretation and application of regulations, increasing the risk of errors and inefficiencies. With Lockthreat, GRC has been made easy for small businesses that thrive with a lean team. This product, developed by CirrusLabs, can automate Governance and compliance even for large department bodies.
    

2. Manual Workload

   Essential GRC activities like risk assessments, policy management, and maintaining audit trails often rely on manual processes. These can be extremely time-consuming and resource-intensive, diverting valuable focus from core business functions. With the implementation of Lockthreat-G50 in the systems, companies have sufficient time to manage compliance while leveraging AI technology to pre-identify risks and find predictive ways to mitigate them.
   
   

3. Knowledge Gaps

   Staying current on the ever-evolving regulatory landscape without dedicated compliance expertise can be overwhelming. New regulations and amendments constantly emerge, and failure to adapt can expose your company to significant legal and financial risks. With Lockthreat-G50, there is always scope for constant development based on the feedback provided by the clients who are subject matter experts in the field.
   
   

4.  Reactive Measures

   With a proactive GRC strategy, companies may be able to address compliance issues after they arise. This reactive approach can be costly and disruptive, damaging your reputation and hindering growth. We provide customers with additional support and unconditional opportunities to upload new compliances seamlessly into their system. 

Utilizing LockThreat for Effortless GRC 

LockThreat is a GRC product that can be customized to help the Fintech industry with its unique GRC solutions. It helps to achieve frictionless GRC, without a dedicated team. This innovative tool provides a comprehensive solution to transform your compliance and risk management approach. 

1. Centralized Control

   LockThreat offers a unified platform to manage all your GRC needs in one place. This centralizes data and streamlines processes, eliminating the inefficiencies associated with siloed compliance efforts. Provide effective role-based and permission-based controls to ensure that only authorized personnel have permission to view restricted information. 
   
   

2. Automated Workflows

   Say goodbye to tedious manual tasks. LockThreat automates repetitive activities like risk assessments, policy updates, and incident reporting. This frees up your team to focus on strategic initiatives and higher-value tasks. Everything from Emails to compliance reports can be scheduled for specific days as stipulated by the organization. 
   
   

3. Regulatory Intelligence

   Staying ahead of the curve is crucial. LockThreat's built-in regulatory intelligence engine informs you about the latest regulations and amendments, ensuring your compliance practices are always up to date. Also, approvals pending at different levels can be automated to trigger escalations emails as and when necessary, actions fail to occur. 
   
   

4. Proactive Risk Management

   LockThreat equips you with comprehensive risk assessment tools to identify and mitigate potential risks before they snowball into costly issues. At CirrusLabs, we create a customized scoring pattern to assess each situation across numerous standards for various compliance levels. Based on these scores, the situations are segregated into low, medium, or high-risk categories. 

The Benefits of LockThreat for FinTechs 

By leveraging LockThreat, fintech companies can experience a multitude of benefits: 

• Reduced Costs: Eliminate the need for a dedicated GRC team, saving on recruitment, training, and overhead costs. 
• Improved Efficiency:  Automate manual tasks and streamline workflows for a more efficient and productive compliance process. 
• Enhanced Accuracy:  Minimize errors and ensure consistency with automated workflows and centralized data management.  
• Peace of Mind: You can feel secure knowing your compliance posture is robust and you proactively manage risks. 

Don't let the burden of GRC hinder your fintech innovation. LockThreat empowers you to achieve seamless compliance and robust governance without needing a dedicated team. Take control, mitigate risks, and unlock your full growth potential.  

Ready to experience GRC nirvana? Contact CirrusLabs today to know how LockThreat can transform your fintech business!