Automation of Compliance Monitoring: RBI’s Tech Imperative

Prasad Puranik

In a recent RBI notice in 2024, Fintech entities have been urged to revamp their internal compliance monitoring systems by adopting advanced technological solutions. The notice reveals varying levels of automation among Supervised Entities (SEs), with a prevalent reliance on manual intervention in compliance monitoring processes. Recognizing this gap, RBI has emphasized the need for comprehensive, integrated, and workflow-based solutions to augment the effectiveness of compliance functions.

 

Fintech companies can leverage AWS services to implement a robust, enterprise-wide compliance monitoring solution. AWS provides a scalable and secure cloud environment suitable for workflow automation, effective communication, and unified dashboards.

 

Cloud monitoring is a method of reviewing, observing, and managing the operational workflow in a cloud-based IT infrastructure. Manual or automated management techniques confirm the availability and performance of websites, servers, applications, and other cloud infrastructure.

 

Amazon CloudWatch enables you to monitor your complete stack (applications, infrastructure, network, and services) and use alarms, logs, and events data to take automated actions. CloudWatch Logs can be leveraged to centralize logs from various AWS services and applications and create custom log groups and streams for detailed analysis.

 

AWS CloudTrail is a service that records user and API activity in your AWS account. This provides a comprehensive audit trail for monitoring changes and potential security incidents.

 

AWS Audit Manager helps you continuously audit your AWS usage to simplify how you assess risk and compliance with regulations and industry standards. Audit Manager makes it easier to assess if your policies, procedures, and activities, also known as controls, are operating effectively.

 

AWS Config can be used to create an inventory of AWS resources and track changes over time. This helps maintain a detailed history of resource configurations.

 

Comprinno can help organizations build a solution automating the monitoring. Dashboards can be built to visualize and interpret the logs and an archival system can be set up to ensure that the logs can be pulled out anytime for audits.

 

Comprinno has helped 500+ clients in their AWS cloud journey and monitoring has been a fundamental pillar of all the solutioning. We are an AWS Well-Architected Partner and are aware of the best practices in implementing monitoring solutions.

 

Our SaaS product, Tevico, is a cloud governance tool using which extensive log analysis cna be done.

 

If you are looking at automating your compliance monitoring solutions, look no further. Contact me for further details.

About Author

Prasad Puranik, an accomplished Entrepreneur, Technologist, and Management Expert, brings over 24 years of invaluable experience in the Information Technology. As the Founder and CEO of Comprinno Technologies Pvt. Ltd., he continues to lead with a visionary approach, driving innovation and excellence in the ever-evolving tech landscape.

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