Risk Consulting

SPNX Consulting aims to help identify strengths, overcome challenges, and improve operations in an ever-evolving business environment.
Our multidisciplinary teams can offer diverse perspectives on business uncertainties and maximize potential.

Practice Leader

Nakul is a Technology and Consulting expert with 13+ years experience. He is a Partner leading the technology outsourcing & consulting practice at SPC Group having experience of more than a decade across financial technology firms (PayPal, Coinbase) and management consulting (BCG, PwC, EY). He has been an advisor to 10 of the top Fortune 500 global companies as well as large domestic banks & corporates, leading engagements across growth strategy, internal audit, risk and technology consulting 

THIRD PARTY RISK MANAGEMENT

Outsourcing activities to third-parties provide advantages to an organization but these may also carry along various risks. Therefore, NBFCs are advised to conduct a self-assessment of their existing outsourcing arrangements. These agreements are to be brought in line with the Directions as mentioned in the Circular “RBI/2017-18/87 DNBR.PD.CC.No.090/03.10.001/2017-18” dated November 09, 2017.

To ensure sound and responsive risk management practices for effective oversight, due diligence and management of risks, Third-party Vendor risk management (TPVRM) shall be done which focuses on identifying and reducing risks relating to the use of third parties.

KEY RISKS ASSOCIATED WITH OUTSOURCING SERVICES TO THIRD-PARTIES

A SUCCESSFUL TPVRM PROGRAM ADDS VALUE TO THE ORGANIZATION AND INCLUDES BENEFITS SUCH AS:

APPROACH AND METHODOLOGY

An automated process is the fastest path to optimizing and maturing third-party risk management program.
Implementing an end-to-end TPRM program will:
> Minimize total cost of ownership       > Provide a fast time-to-value       > Deliver information to make the best risk-based decisions

SPNX CONSULTING’s ASSISSTANCE

IT ASSESSMENT & ASSURANCE

Companies are highly dependent on Information Technology Infrastructure and need to build a fine balance implementing advanced IT solutions and mitigating the cyber risks at all levels to manage those risks. Our insights and experience gained through continuous involvements in IT governance projects and IT certification and attestation services enable us to assist you in project management of major IT changes, as we have seen that it is often of utmost importance to find and implement solutions for particular issues encountered in daily operations. especially concerning cybersecurity and data protection.

THREE LINES OF DEFENCE IN REFERENCE TO IT GOVERNANCE

IS AUDIT

IT ASSESSMENT & ASSURANCE - SERVICES

Application
Audit

EFFECTIVE APPLICATION CONTROLS

A complete review of  core applications and  delivery channels from  an application control  and security stand  point.

BCP/DR
Review

ADEQUACY OF BCP CONTROLS

Exhaustive audit of  data center, disaster  recovery center and  audit of business  continuity plans  benchmarking best  practices

Network/Cyber Security Audit

RESILIENT ENTERPRISE NETWORK

Security audit of  entire network  infrastructure  including  configuration audit of  various devices

Vendor
Audit

SECURE VENDOR OPERATIONS

Audit of information  systems, functional,  operational aspects of  outsourcing activities

Cloud Security
Audit

Security Architecture Assessment

Security Risk Assessment

Security Solution Assessment

Cloud Cost Assessment

FORENSICS AND INTEGRITY

LITIGATION SUPPORT & DISPUTE ADVISORY

Implementation of the most effective investigation strategy supplemented by a substantive and analytical body of evidence, admissible in the courts determines the outcome of investigations, tailored for each specific incident.

Our team at SPNX Consulting has experience in handling successful investigations related to employee fraud, financial fraud, corruption, anti-counterfeiting, white-collar crimes, and other corporate crimes in various industries to support disputes and litigations either internal or external to the organization.

Fraud Incident/ Pilferage/ Corruption Allegation:

We provide investigative solutions meeting the legal Chain of Custody standards required for a criminal prosecution, civil liability, or disciplinary action. With experience in advice on reducing the risk of fraud, fraud prevention, money laundering, whistleblowing, theft, surveillance, and corruption, we provide a reliable and effective solution & help businesses identify security vulnerabilities. We investigate inventory losses and identify negligent and intrusive actions.

Conflict Of Interest:

One of the most difficult schemes to discover –common ways of identifying disputes including advice and complaints, comparing supplier and employee addresses, checking vendor property files, checking exit interviews, supplier addresses to downstream employers, policies requiring other employees to list the names of employers of close family members, and interviewing employees.

Vendor Favoritism:

To some extent, all businesses operate with integrity. However, overconfidence often leads to deception in many cases. Vendor fraud involves fraudulent schemes in which a fraudster uses corporate accounts paid by autopayment systems for illegal or personal gain. Vendor fraud generally falls into three categories - Fake/ Duplicate Billing; Cheque/ Vendor KYC Tampering; Kick-backs or Extortion

FRAUD RISK FRAMEWORK

At SPNX Consulting, the integration of accounting, technology and investigative skills and tools is the foundation that creates our Integrity & Forensic Services. We help organizations protect and restore enterprise and financial reputation and assist companies and their legal counsel to investigate facts, resolve disputes and manage regulatory challenges. We put integrity at the heart of compliance programs to help better manage ethical and reputational risks.
An experienced team of accountants, financial analysts, technology experts, compliance professionals, fraud examiners and legal experts who are here to go through financial and digital data and underlying records, electronic data, analyse contracts and interview people, all to get to the bottom of truth.

IT Risk Management

Dispute Advisory & Litigation Support

Fraud Risk Assessment

Forensic Technology

Due Diligence Mystery Shopping

Asset Tracing

FORENSIC TECHNOLOGY

Forensic technology is a key component in investigations involving electronic evidence. The massive utilization of digital devices (computers, servers, smartphones, etc.) can create a wide variety and substantial amount of digital evidence.  Collecting, preserving and processing evidence from a variety of devices in a forensic manner and handling significant amounts of data requires an optimized toolset and a wide range of techniques.

We at SPNX Consulting, make use of cutting-edge technology available in our computer forensics labs to recover a wealth of information from computer hard drives and other devices, including active, deleted, hidden, lost or encrypted files; file fragments; and even files that were merely viewed but never saved (memory forensics) to enable our clients in achieving their Investigation and Litigation goals

Identification of Evidence Items
Forensically sound collection& Preservation of data and devices
Forensic Data Processing, Recovery and Extraction
Forensic Review of Artefacts and Evidence Items
Timeline and Root-Cause Analysis
Reporting & Deliverables

BUDGETING AND MIS AUTOMATION

Take your budget process to a new level of speed, efficiency, and flexibility. Our Budgeting Automation Management Solution simplifies the process of building and updating the budget. It gives you the power to make budgeting an ongoing process to better inform critical business decisions—without straining your finance team.

Importance of Having a Robust & Automated Budget Solution

Real-Time Insight into Your Data

A robust budgeting solution can quickly & easily give the management insight into variances and provide a more routine process of reviewing discrepancies.

Flexible Forecasting

Forecasts that combine actuals, budgets, annualized values, inputted values, and/or percentages.

Data-Collection and Centralization

It enables the management to keep a close eye on Project Cost Management (PCM), productivity levels, and other key performance indicators.

One-Click Closures and Reports

One of the main benefits of using the automated features of project budgeting software is the ability to generate detailed reports with the click of a button.

Improved Transparency

Budget management software will help you deter and fight fraud involving inflated expenses.

Efficient Reporting

Reports provided by budget management software can give helpful insights that result in lower costs.

Fewer Costly Errors

Some Errors can cause entities to lose crores annually. An effective budget management software gets rid of the possibility of calculation errors.

To Limit Expenditures

Budgeting software can draw up records of previous transactions with a few clicks which can help you limit your spending.

Current Challenges and Requirements

Coordination & Collaboration

Creating a budget requires communication between departments, increasing complexity in larger organizations.

Complexity

Budgets can be complex and difficult to manage, especially if team members lack financial background or resources.

Time

Organizations start the budget process as late as possible to maximize the number of actual months available for budgeting. With automation, it can be an ongoing process.

Accuracy

Human intervention may result in errors in budget numbers due to consolidating Excel files, which can lead to errors.

OUR SOLUTIONS

Services

Trend Analysis

SPNX Consulting Team will conduct a grouping level trend analysis of the previous five years’ profit & loss account data quarterly wise.

Strategic Planning

Our experts from the SPNX Consulting team shall provide enhanced strategic planning services on budgeting allocation, revisions & decisions.

Documentation

SPNX Consulting team shall provide documentation service from scratch for better control over budgeting activities.

SPNX Consulting WORKFLOW

Software Platform

Setting up an application using the current ERP database & creating a form-based Budgeted Automation Solution.

End to End budget vs actual tracking up-to-date budgeting cost, status, and allocation.

Budget approval mechanism streamlines with revision & validation

Alert and Triggers over Mail, for unfavorable variances reporting

Monitoring – Monthly/quarterly monitoring over budgeting controls shall be conducted by SPNX Consulting Team.

BI Live Dashboard & Comprehensive Reporting on variance analysis

BUDGET REPORTS AND SAMPLE DASHBOARDS

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