The success of India's FinTech industry can be attributed to the country's advanced digital infrastructure, a large and untapped customer base, the affordability of data plans, and widespread smartphone accessibility.

Despite the sector encountering unique challenges such as regulatory compliance, increased scrutiny from regulators, shareholders, and the government, as well as the ever-present threat of cyber data breaches that companies must navigate to ensure their sustainability and success, various demand and supply-side factors, along with advanced digital infrastructure, are poised to facilitate rapid expansion in the FinTech ecosystem.

The Grant Thornton Bharat advantage

  • Distinguished approach and methodology
  • Collaborative approach
  • State-of-the-art tools
  • Distinguished approach and methodology
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    We employ our proven approach in process reviews, tech risk management, and third-party audits for Indian financial services clients.
  • Collaborative approach
    Collaborative approach
    The team regularly collaborates with the regulators on regulatory and compliance aspects and also actively participates in their discussions and workshops.
  • State-of-the-art tools
    State-of-the-art tools
    We have a regulatory registers repository for financial services and in-house benchmarking capturing global FinTech practices.

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    Our solutions

    • Our solutions

      Risk management

      We specialise in providing solutions under different models (specialised reviews, managed services and retainership) around risk management which includes quantitative, qualitative, and governance solutions in the areas of internal control and financial controls.

    • Our solutions

      Governance service

      Our offerings encompass a wide spectrum of comprehensive governance solutions, incorporating internal audits, process reviews, ICOFR/IFC development and assessments, SOX audits, SOP development, as well as specialised risk management reviews focusing on ERM and model validation.

    • Our solutions

      Regulatory compliance

      Our expertise, strong ties with regulatory bodies and extensive work done on regulatory frameworks and guidelines can help your organisation in improving the compliance culture. As part of the compliance solution, we help in assessing risks, implementing programmes, monitoring activities and offer two key value additions in the form of benchmarking and regulatory insights.

    • Our solutions

      Finance transformation

      Delivering finance-related services and transformative change, we specialise in enterprise performance management (EPM) solutions, encompassing planning, budgeting, and consolidation. Our expertise extends to cost optimisation services. Additionally, we provide EUC solutions, emphasising governance and remediation for a comprehensive approach.

    • Our solutions

      Transformation management office

      As industries undergo significant market shifts, organisations pursuing large-scale transformations prioritise success through a transformative approach. Emphasising clear vision, integrated strategies, and value-centric execution, our transformation office provides a comprehensive framework from initial strategy development to seamless technology implementation.

    • Our solutions

      Application and functional testing

      We harness extensive expertise in both domain and technology to support validation of data and processes/workflows through a combination of data validations, functional, regression and UAT.

    • Our solutions

      Delinquency review

      We enable the organisations to identify if the root cause for heightened delinquency in a product portfolio is business reasons or fraud related elements.

    • Our solutions

      Fraud risk management

      We help the early stage / mature fintechs in reviewing their existing anti-fraud controls to ascertain their efficacy in identifying and combating black-swan events.

    The Core and Support solutions

    Governance and Compliance posture review

    Problem Statement
    A rapidly expanding fintech firm in B2B lending acquired an NBFC to enhance its lending capabilities. Facing swift growth and complex RBI regulations, the company needed an evaluation of its compliance and governance, particularly concerning its relationship with the parent entity.
    Our Solution
    The firm undertook a meticulous review, including process walkthroughs, regulatory mapping, analysis of managerial roles, and scrutiny of intra-group transactions. This comprehensive approach aimed to identify compliance gaps and ensure regulatory adherence.
    Impact
    The evaluation yielded a risk-assessed report with timely remediation recommendations, a compliance risk framework, and a governance checklist tailored to the entity's scale and risk profile. Additionally, it proposed a roadmap for future compliance, a governance model for transactions, and a compensation framework, while highlighting areas for operational optimisation.

    Process and Control Review

    Problem Statement
    The objective was to critically examine the efficiency and effectiveness of the current systems, identifying areas of shortfall and recommending practical improvements. This involved mitigating risks, enhancing regulatory compliance, boosting operational efficiency, and protecting the organisation's reputation and financial health.
    Our Solution
    Our approach encompassed verifying customer data, conducting due diligence, and ensuring compliance with Know Your Customer (KYC) standards through document reviews and risk assessment of loan applicants. We aimed to ensure governance compliance, review control processes, and assess risk indicators for potential control gaps, thereby covering all regulatory requisites.
    Impact
    The outcome was a comprehensive adherence to regulations and process optimisation, reflecting industry best practices. We delivered detailed reports on process evaluations, identified gaps, and associated risks, offering improvement strategies based on leading practices. An executive summary and a risk assessment report highlighted critical issues and supervisory concerns, advising top management on governance and control frameworks.

    Risk Assessment and Internal Audit

    Problem Statement
    The task was to critically evaluate the corporate framework, including organisational structure, key personnel, financial standing, and business activities throughout the supervisory lifecycle. This involved understanding strategic objectives to pinpoint deficiencies within the risk, control, and governance frameworks, thereby facilitating a precise risk profile assessment. An initial risk evaluation was conducted to identify critical functions/processes based on the likelihood and impact of identified risks, highlighting gaps in areas like Data Governance & IT, Product & Program Management, and others, with recommendations for improvement.
    Our Solution
    A thorough analysis of processes and controls across specified areas was performed, benchmarking against industry standards to identify potential risks. Each risk was evaluated for its likelihood and impact, assigning an overall risk score through a quantifiable method. Policy evaluations and process walkthroughs were conducted with owners to understand embedded controls, identifying both design and operational gaps. Recommendations were provided to address these gaps effectively.
    Impact
    A comprehensive one-time Risk Assessment and Rating report was generated and presented to management, informing the final audit plan, scope, and coverage. A detailed benchmarking report outlined leading industry practices and assessed the entity's maturity model, offering process improvement suggestions. An internal audit report detailed findings, root causes, and recommendations aligned with best practices, alongside a management action plan. Recommendations were made to enhance risk capture and standardise supervisory approaches, including suggested implementation and change management strategies.

    Meet our leaders

    Vivek Iyer

    Mumbai

    +91 22 6626 2600

    Rohan Lakhaiyar

    Noida

    +91 120 485 5900

    Vernon Dcosta

    Mumbai

    +91 22 6626 2600