Today, businesses are operating in a highly complex and dynamic environment. Accomplishing business goals require a fine balance of implementing strategies, generating revenues, encouraging operational efficiency, while managing risks effectively by keeping in mind compliance regulations. Every organization has globally accepted that risk and compliance is extremely important for their sustainability and the future growth. Riskpro Management Consulting Pvt. Ltd, one of the prominent boutiques Risk Management Company, is offering the intelligence-as-a-service model.
In an interview with Insights Success, Mayur Joshi, the Principal Consultant of Riskpro Management Consulting Pvt. Ltd, have shared some insightful answers highlighting made by his company to take services to a new level.
- Kindly brief us about your company.
We are one of the boutique risk management company. In the decade of existence, we have investigated more than Rs. 20000 crore worth of frauds. We offer the blend of technology and human network to assess the risk involved in transactions. We are one of the first companies to offer the intelligence-as-service model.
- What are the different products and services provided by the company, which is setting you apart from your competitors?
We believe in effective due diligence in managing the risks. We have identified 27 different parameters to identify the heightened risk individuals. We maintain our own database of the heightened risk entities and individuals and this data is updated continuously. This helps us to identify the heightened risk entities and their nexus. This gives us the edge over the firms which provide the business intelligence services.
- Brief us about the Founder/CEO, and what was the source of inspiration for your company to be in the most trusted risk and compliance solution providers?
Mayur Joshi is the Principal Consultant of Riskpro and the founder of Indiaforensic. Mayur has more than 15years of experience in fraud investigation, prevention, and Detection. He is the first Indian to bag the international award from Association of Certified Fraud Examiners. Mayur was a key player in the investigation conducted by CID of Andhra Pradesh Police to unearth the accounting aspect of India’s biggest accounting fraud.
Apurva is an experienced Certified Forensic Accounting Professional and a Certified Fraud Examiner. She has an experience of 10 years in the field of Due Diligence, Financial frauds investigations, audits. She handles the Due Diligence area of Riskpro. She is also an Independent director on the boards of Quick Heal Technologies Limited and Rinder India Private Limited. She is featured in various magazines and media articles. Management stories author Ms. Rashmi Bansal dedicated a chapter on her life and work in her bestseller “Arise, Awake”. She is also an author of the book “Student’s Handbook on Forensic Accounting.” She has completed a certification course in Management Consulting from IIM B. She is also inducted as a member of Institute of Management Consultants of India. She is also an alumnus of TISS.
- With the massive advancements in the risk and compliance solution providers industry, what are the opportunities and challenges evolving with it?
Regtech is the buzzword in this domain. We have created our APIs for the same to be accessed by the banks and financial institutions. APIs or Webservices help the clients to hit our database without leaving their own software and changing the existing User Interface. Many of our tools help the clients to clean up their databases. We offer a true Regtech solution. However, shortage of skilled resources with investigative mindset is one of the big challenges that RiskPro is facing.
With the way the current Government is taking actions against defaulters/fraudsters, it has given more authorities and rights to the enforcement agencies; the work of agencies and consultants like riskpro go hand in hand and it is creating immense opportunities for the forensic professionals. This is one of the golden phases for the forensic, risk professionals since a lot of assignments are flowing through banks and financial institutions which need the intervention of risk and compliance professionals.
- What is the current scenario of risk and compliance solution providers industry, from your point of view?
Risk and compliance industry is likely to grow up significantly in the wake of increased actions by the regulators across the world. SEBI is coming down heavily on Shell companies, Enforcement is going behind the benami properties and CBI is investigating hi-profile cases of the financial frauds. In such scenario, it is essential for the banks and financial institutions to understand where the money is exactly going.
- What are the key attributes that helped your company overcome the challenges, which the company faced during its establishment?
More than money, leadership style was the key attribute; we focussed on the continuous learning for our resources. Our interest and involvement in investigations, compliance, AML, fraud and financial crime were due to the need to grow and professionalize the industry resulting from the continuing and increasing incidences of frauds, failures on part of the banks and financial institutions and the resulting penalties that banks have to endure. The need to stay in the profession was so strong that it helped us overcome the challenges.
- What are the benefits gained by your clients while doing business with you?
The law enforcement background of the directors, the network which the directors built all along these years, the Intellectual Property which the company built throughout these years and of course the integrity and confidentiality maintained during the work really helped the clients get through the problems while they do business with us. The cost part for an assignment gets the second priority over the work and the need to assist the client.
- How do you see yourself and the company in the future ahead?
We see ourselves growing globally and plan to be a Multi-National company in the domain of the Risk Management. We already have ties in the Middle East and South Asian Countries; however, we plan to have our own offices in these countries.
