Scrut Automation, APAC’s premier GRC platform, is pleased to announce the release of ReguSense, a new tool designed to assist Indian fintech organisations of all sizes in navigating the intricacies of fast changing rules and effortlessly managing audits.
With the RBI mandating compliance with System Audit Reports (SAR), SEBI rolling out its cybersecurity framework, and traditional financial institutions like banks conducting their own security audits, Indian Fintech and BFSI companies are under strict regulatory pressure to demonstrate strong IT and Infosec maturity models. These laws are a good improvement that will help to strengthen cybersecurity and safeguard customers. However, security teams at fintechs face audit overload, with the majority of their effort focused on demonstrating proof of compliance rather than strengthening the security posture.
Akshay Ahuja, Principal – Information Security at M2P fintech, says, “Each business arm at a fintech organization, such as payment gateways, payment aggregators, pre-payment instruments, lending, mutual funds, insurance, etc. fall under the oversight of different government regulators. Despite these differences, the evidence requirements for each compliance audit remain similar. The need for a unified approach towards compliance audits for businesses operating in different financial domains, has never been more urgent.”
ReguSense tackles this challenge by creating a consistent language for controls across 25+ key standards, allowing security teams at Fintech businesses to avoid duplication of effort, gain improved visibility into control effectiveness, and handle audits easily. ReguSense accomplishes this by delivering structured content across standards, frameworks, and legislation to facilitate control mapping. Its pre-mapped common controls let you save hundreds of hours of time when installing recommended features across numerous frameworks. Scut Automation handles continual regulatory updates, ensuring that customers are always up to date on regulatory developments. Customers can also review and customise mappings to their organization’s specific needs.
Scrut Automation streamlines the creation, mapping, and updating of internal and external controls by combining ReguSense and its native smartGRC platform, allowing IT, security, and compliance managers to observe risks and collect evidence against mitigating controls once and map across multiple regulations.
Shashank Karincheti, Senior Manager – Regulatory and Technology Compliance at RazorPay comments, “Regulators have released several stringent circulars in the last six months, covering technical glitches, cloud security frameworks, and cybersecurity guidelines. To meet these requirements, enterprises need to adapt quickly. Automation is crucial in identifying gaps and mitigating risks in real-time. It can also help organizations generate compliance reports and audit trails automatically, reducing the burden on compliance teams.”
ReguSense was created in partnership with major Chief Information Security Officers (CISOs) of top fintech organisations and CERT-IN accredited auditors responsible for implementing these standards to satisfy the special demands of Indian fintech organisations.
“The Indian financial services ecosystem has witnessed a remarkable transformation, with both legacy traditional companies and newer fintech companies embracing digitization as a mode of distribution. In response, the government has also been investing in regulatory infrastructure to democratize secure access to technology,” said Aayush Ghosh Choudhury, CEO of Scrut Automation. “With ReguSense, we hope to reduce the information asymmetry surrounding compliance standards in the Fintech sector, and enable them to stay ahead of the rapidly evolving regulatory landscape.”
