Highlighting the importance of compliance training for the financial services sector - Business Guardian
Connect with us

Industry & Commerce

Highlighting the importance of compliance training for the financial services sector



During the past decade or so, financial services firms have been flooded with a vast number and variety of regulations. Each day, greater attention has to be paid to regulatory issues by companies during the course of their regular business activities.

As a result, plenty of work is required these days by compliance, AML, onboarding, and senior management teams to fall in line with their company’s regulatory requirements and avoid any sort of reputational or financial loss for their business.
In an effort to always remain compliant, many firms throughout this industry have opted to train their staff members or provide them with access to certification programmes that will help them perform their roles in governance, risk management, and compliance (GRC) in a more effective, speedy, and cost-efficient way.

Likewise, comprehensive trainings and certifications have become fundamental in building a strong culture of compliance, ethical behaviour, and transparency within an organisation, as this will establish and promote the high level of standards that must be pursued to propel the business forward.

In parallel, regulatory authorities throughout the globe are requiring companies to train their employees in many of these issues. This has exerted additional pressure on businesses to set up in-house training academies or certification programmes even if it’s for the sole purpose of box-ticking.

This entire educational or training process should start at the top and work its way down to the entry-level employees. Simply put, a company is a reflection of its leadership.

Executives and senior managers have a crucial role in shaping an organisation’s culture by setting an example and establishing the pace and the different strategies required to remain compliant.

These high-ranking professionals should also be held accountable if anything goes awry; they must have a clear understanding of their obligations to both regulators and stakeholders and the risks posed by non-compliance.

With these roles and duties in mind, executives and senior management should undergo extensive training in corporate governance and ESG, both subjects that will refine the way they relate and cater to stakeholders, regulators, and their employees, and build a solid, ethical, and transparent foundation for their business. Goes without saying, their education should not stop there, but this would be a good starting point or building block for improving the performance of a company’s boardroom and upper management.

At the entry-level, employees who are recent graduates or professionals in the midst of a career change can benefit from courses in topics such as



Anti-Money Laundering (AML)


Know Your Client (KYC)


Customer Due Diligence (CDD)

, among others.

Opportunities in the fintech, regtech, and financial services industries have exploded in recent years, gaining plenty of protagonism and relevance in the global economy.

As a result, the number of jobs and positions opening in compliance are skyrocketing with help needed in business divisions handling reporting, KYC, CDD, onboarding, monitoring, AML, and more. In other words, as regulations go, so do the number of checks and controls that must be carried out by financial services firms.

The range of knowledge that is required to perform at a high level these days is pretty vast. Hence, specialising in niche or targeted topics has become necessary with more professionals being added to the staff to cover the many regulatory obligations in an effective, thorough, and responsible way.

The knowledge, skills, and tools acquired must then be nurtured on a yearly basis via Continuous Professional Development (CPD) and active participation in trade or industry associations such as the

International Governance and Compliance Association (IGCA)

. Both of these activities allow employees to network and build professional relations, stay up-to-date with the latest news and hottest trends, and keep things fresh in their mind.

Furthermore, one of the main (and possibly only) advantages of the ongoing pandemic might be that most of the trainings referred to in this article can be completed online, either via a self-paced or live online course.

While this shift started several years ago, the COVID-19 pandemic has sped up the education sector’s transition from in-person to virtual and online trainings.

Many companies working within the education technology sector have introduced or are in the process of launching new tools that give businesses, organisations, and individuals greater access to more engaging content that is delivered online and helps support the overall learning needs of the sector.

It’s important to note that attention spans among the current generations have decreased and time is of the essence, so greater emphasis has been placed on micro-learning or bite-sized courses. So, depending on your staff members and their preferences, shorter and more targeted courses covering some of these issues might be better than, say, longer professional certifications.

There’s a wealth of education and training options out there for professionals in the financial services sector, offerings that vary in duration, method of delivery, language, and scope.

However, regardless of what is ultimately chosen, preparing executives, upper management, and everyone else in a firm to tackle the industry’s growing regulatory requirements is paramount.

Besides ticking those annoying regulatory boxes, these kinds of trainings and certification programmes can only help an organisation build a strong culture of compliance, transparency, and ethics and avoid the many financial and reputational pitfalls caused by non-compliance. Whether one likes it or not, this is the only way forward.

If you’re interested in courses on governance, compliance, risk management and more, please visit IGCA’s official training partner’s website

European Institute of Management & Finance (EIMF)

. (ANI)


The Daily Guardian is now on Telegram. Click here to join our channel (@thedailyguardian) and stay updated with the latest headlines.

For the latest news Download The Daily Guardian App.

Industry & Commerce

Due to scale-down operations, Vistara fares rise by up to 25% on major routes



Just ahead of the peak summer travel season, travel industry insiders reported a surge of approximately 20-25% in fares across key routes such as Delhi-Goa, Delhi-Kochi, Delhi-Jammu, and Delhi-Srinagar, said in a news report.

Vistara’s decision to reduce operations by 25-30 flights daily, approximately 10% of its capacity, has led to a 20-25% increase in airfares on major routes. Ahead of the peak summer travel season, insiders in the travel industry noted a surge of around 20-25% in fares on key routes like Delhi-Goa, Delhi-Kochi, Delhi-Jammu, and Delhi-Srinagar, according to the national daily.

On average, the airline conducts approximately 350 flights daily. However, since April 1, Vistara has been forced to cancel more than 150 flights cumulatively due to pilots unexpectedly reporting sick at the end of March. Given the ongoing demand-supply mismatch leading to higher airfares, Vistara’s move has exacerbated pressure, particularly on routes affected by cancellations.

While Vistara has not specified the duration of the capacity cut, indications suggest it will likely remain in effect until at least the end of April, keeping fares high on affected routes during this period, the report said.

Notably, in the Indian airlines’ summer schedule for 2024, Vistara showed significant growth in approved domestic flights compared to the previous winter schedule and last year’s summer schedule.

This year’s summer schedule, spanning March 31 to October 26, featured 2,324 weekly domestic departures by Vistara, marking a 25.2 per cent increase over last year’s summer schedule and 22.2 per cent over the recently concluded winter schedule.

Overall, the current summer schedule for all Indian carriers combined exhibits a 6 per cent year-on-year increase in domestic departures and a 2.3 per cent sequential increase.

Facing significant disruptions and numerous flight cancellations and delays last week amid several pilots taking sick leaves as part of a protest over a new pay structure, concerns have also arisen about Vistara’s impending merger with Air India.

The carrier has tried to resolve the issues. As part of mitigation efforts, the Tata Group airline last week announced a reduction in operational capacity, primarily in its domestic network, to provide “much-needed resilience and buffer” in its crew rosters.

Vistara also announced a new salary structure for its pilots. Under this arrangement, pilots will receive a fixed salary for 40 hours of flying time instead of the current 70 hours. Additionally, they will receive compensation for extra flying hours and a reward based on their years of service with the airline.

This new salary structure was offered as Vistara, which is a 51:49 joint venture of the Tata Group and Singapore Airlines, is in the process of being merged into Air India, which is wholly owned by the Tata Group.

Continue Reading

Industry & Commerce

Pilots flag burnout as vistara tackles flight crisis



The meeting centered on resolving issues regarding new contracts and scheduling. Pilots were assured of a more thoughtful utilization of their time.

Vistara airline anticipates resuming regular flight operations by the weekend following an agreement with pilots who raised concerns about fatigue. The joint venture between the Tata Group and Singapore Airlines saw pilots operating close to maximum flight duty limits, discussing health issues with management. Despite these challenges, the Directorate General of Civil Aviation (DGCA) postponed implementing revised flight duty norms, originally set for June 1, citing the necessity for further consultations. 125 Vistara Flights Cancelled More than 125 Vistara flights have been cancelled since April 1. The cancellations were attributed to a surge in pilot sick leave requests.

The most affected routes included Delhi-Indore, Delhi-Srinagar, Mumbai-Kochi, and Bengaluru-Udaipur. Spot airfares on these routes also surged by up to 38 per cent following the flight cancellations earlier this week. Vistara-Air India Merger The Competition and Consumer Commission of Singapore granted approval for the merger of Vistara with Air India in March 2024. Vistara’s CEO, Vinod Kannan, indicated plans for operational integration with Air India by mid-2025, with expectations of receiving legal clearances by mid-2024.

Vistara’s management, including chief executive Vinod Kannan, held discussions with pilots during a virtual town hall, The meeting focused on addressing concerns related to new contracts and roster. The pilots were promised more considerate utilization of their time. Kannan appealed to pilots for support in ensuring smooth operations. To alleviate the strain on resources during the crisis, Vistara reduced daily flights.

Continue Reading

Business News

Over 150,000 jobs created in Apple’s Indian ecosystem since Aug 2021, says report



In a recent development, it has been reported that Apple has significantly bolstered employment opportunities within India’s tech sector since its participation in the country’s production-linked incentive (PLI) scheme for smartphones in August 2021. According to insights from an Economic Times report, Apple’s direct employment within its ecosystem in India has surged to an estimated 150,000 individuals. Remarkably, the majority of these employed individuals are young first-time job seekers aged between 19 and 24 years, as highlighted by estimates from government officials and industry experts.

Moreover, the report indicates that an additional 300,000 individuals have found indirect employment opportunities through companies benefiting from the PLI scheme. Apple’s direct employment within India currently stands at 3,000 individuals, with its iOS application development alone supporting over 1 million jobs, as per officials familiar with the matter. This signifies a substantial contribution to the Indian job market over the past 32 months, with the Apple ecosystem estimated to have created over 400,000 jobs, both directly and indirectly.

Despite facing challenges in key markets such as the United States and China, Apple has strategically intensified its focus on India, which ranks as the world’s second-largest smartphone market. Since commencing iPhone manufacturing operations in India back in 2017, Apple has steadily expanded its local production activities in alignment with the PLI scheme. Collaborating with renowned suppliers such as Foxconn, Wistron, and Pegatron, Apple has played a pivotal role in enhancing manufacturing capabilities within the country.

According to the report, Apple has cultivated a robust supplier ecosystem across various states in India, generating over 77,000 direct jobs. Leading collaborators include Foxconn, which has created 41,000 jobs, followed by Wistron with 27,300 jobs and Pegatron with 9,200 jobs. Additionally, other significant contributors such as Tata Electronics and Salcomp Technologies have played integral roles in the production of essential iPhone components, resulting in the creation of over 70,000 direct jobs.

Continue Reading

Industry & Commerce

HAL Achieves Double-Digit Revenue Growth with Rs 29,810 Crore in FY2023-24



HAL’s order book surpasses Rs. 94,000 crores as of March 31, 2024, with significant orders expected for FY 2024-25, including fresh manufacturing contracts exceeding Rs. 19,000 crores and ROH contracts totaling over Rs. 16,000 crores secured in FY 2023-24.

Indian Defense Exports Surpass Rs 21,000 Crore Mark: Defense Minister
NEW DELHI: India’s Defense Minister Rajnath Singh announced on social media that the nation’s defense exports have surged past the milestone of Rs 21,000 crore for the first time, reaching Rs 21,083 crore in the fiscal year 2023-24, marking a remarkable growth rate of 32.5% over the previous year. This achievement reflects strategic initiatives by the Defense Ministry, particularly under Prime Minister Narendra Modi’s leadership, to boost indigenous defense production. About 50 Indian companies, spanning public and private sectors, have contributed to this success story, showcasing innovation and quality standards. Defense exports now span 84 countries, with major items including Personal Protective Items, Offshore Patrol Vehicles, and ALH
Helicopters, highlighting India’s growing reputation as a reliable supplier of defense equipment globally.

In a remarkable achievement, Hindustan Aeronautics Limited (HAL) has reported its highest-ever revenue from operations for the financial year ending March 31, 2024. Preliminary and unaudited figures indicate a staggering revenue of over Rs. 29,810 crores, marking a substantial growth of approximately 11 percent compared to the previous year’s 9 percent. This achievement comes despite significant challenges in the supply chain resulting from geopolitical tensions. As of March 31, 2024, HAL’s order book surpasses Rs. 94,000 crores, with expectations of further major orders in the fiscal year 2024-25, as revealed by C.B. Ananthakrishnan, CMD (Additional Charge) of HAL.

Notably, the company secured fresh manufacturing contracts exceeding Rs. 19,000 crores and Repair and Overhaul (ROH) contracts totaling over Rs. 16,000 crores during the fiscal year 2023-24. One notable highlight of the year was the signing of an export contract with the Guyana Defense Forces for the supply of 2 Hindustan-228 aircraft. Remarkably, HAL managed to deliver both aircraft within a record time of one month from the signing of the contract, showcasing the company’s proactive approach and efficiency. HAL’s performance was further underscored by significant achievements, including the successful maiden flight of the first production series fighter of LCA Mk1A on March 28.

Throughout the fiscal year 2023-24, HAL experienced a series of high-profile visits and achievements, enhancing customer satisfaction, branding, recognition, and stakeholder trust and confidence. In its pursuit of innovation and technological advancement, HAL continued to seek opportunities for collaboration and the development of newer technologies by forming alliances with both global and Indian technology partners. Noteworthy collaborations include an MoU with General Electric, USA for Transfer of Technology (ToT) and Manufacturing of GE-414 aero-engines in India for LCA MK2 Aircraft, aiming to bolster India’s Aero Engine Manufacturing Eco-system.

Additionally, a Joint Venture named SAFHAL Helicopter Engines Pvt. Ltd. was established with Safran Helicopter Engines, France for the indigenous design and development of Engines for IMRH and DBMRH. Moreover, HAL and Airbus inked a contract for the establishment of Maintenance, Repair, and Overhaul (MRO) facilities for the A-320 family of aircraft in New Delhi. This collaboration not only contributes to the Make-in-India mission but also enhances export potential. With a robust order book and an accelerated delivery plan, HAL is poised to sustain and improve its growth trajectory, thereby supporting the Indian Defence services in bolstering the country’s defense preparedness.

Continue Reading

Industry & Commerce

Wipro GE Healthcare announces Rs 8,000 cr investment in Medical devices and R&D



Wipro GE Healthcare on Tuesday said it will invest over Rs 8,000 crore in India over the next five years to increase local manufacturing and research and development (R&D) initiatives. The company, a leading global medical technology, pharmaceutical diagnostics, and digital solutions provider, said as a part of the investment, its ‘Made in India’ PET CT Discovery IQ scanner will be exported to 15 countries.

Additionally, locally produced Revolution Aspire CT, Revolution ACT and MR breast coils will be manufactured ‘In India for the World’, the company said in a statement. The strategic investment bolsters the company’s local manufacturing footprint to address the growing domestic and international market. It will also build supply chain resiliency for the organisation, it added.

Wipro GE Healthcare Chairman Azim Premji said India is riding the resurgent growth in the healthcare industry and rapidly expanding MedTech sector. “With ‘Make in India’, we are witnessing an exponential expansion of manufacturing footprint in the country, strengthening India’s capability as the MedTech hub of the world. “Wipro GE Healthcare has been committed to this localisation journey for over three decades and this strategic investment is testament to our vision for this sector,” added Premji, who is also the Chairman of Wipro Enterprises and the Azim Premji Foundation. GE HealthCare President and CEO Peter J Arduini said India is a high potential, high priority market for GE HealthCare globally. “In fact, we are among the first MedTech companies to ‘Make in India – for India and the World’. We will continue to invest in expanding India’s domestic capabilities and its global footprint in MedTech manufacturing and R&D,” he said. Further, Arduini said, “Today’s announcement is aligned with our strategic vision to deliver precision innovation globally and accelerate India’s position as ‘MedTech innovation and manufacturing hub for India and for world markets.”

Wipro GE Healthcare Managing Director and President & CEO, GE HealthCare South Asia Chaitanya Sarawate said, “As a local partner we are bullish about India’s potential and its journey to be ‘Atmanirbhar’ and a key cog in the resilient global supply chain. “As India envisions to be among top five global manufacturing hubs in terms of value and technology for medical devices in the coming years, we are committed to the national healthcare agenda.”

At present, Wipro GE Healthcare has four manufacturing plants in Bengaluru. All these plants are export plants and the latest one was established in March 2022, with an investment of a little over Rs 100 crore, under the Indian government’s production-linked investment (PLI) Scheme, the company said. Wipro GE Healthcare is a joint venture between GE Precision Healthcare LLC, USA, and Wipro Enterprises Ltd established in 1990. Its operations spread across India, Bangladesh, Sri Lanka, Nepal, Maldives, and Bhutan.

Continue Reading

Industry & Commerce

India’s engg exports log highest growth of 15.9 % in Feb’24, Russia’s share up



Indian engineering exports rose for the third straight month, with February 2024 showing the highest monthly growth of 15.9 per cent in fiscal 2023-24, driven by a substantial rise in shipment of iron and steel and products, aluminium and its products, electrical machinery, and industrial machinery. Indian engineering goods exports to Russia nearly doubled to USD 1.22 billion in the current financial year 2023-24 (up to February) from USD 616.68 million in the previous financial year while shipments to the US dipped 7 per cent year-on-year during this period, the Engineering Exports Promotion Council said on Tuesday. Chairman of EEPC India, Arun Kumar Garodia, highlights that in the last few months, engineering exports from India have been on a steady growth path. In February 2024, India’s engineering exports reached USD 9.94 billion. “The remarkable performance of the sector in the last three months made it possible for the cumulative exports to also record growth,” says Garodia.

During February 2024, engineering exports were recorded at USD 9,941.37 million as against USD 8,577.49 million in February 2023. This was the second-highest export in fiscal 2023-24 after December 2023. Cumulative engineering exports started narrowing down and now witnessed growth as it was recorded at USD 98,038.18 million during April-February 2023-24 as against USD 96,846.36 million during April-February 2022-23, securing 1.23 percent growth. The share of engineering exports in India’s total merchandise exports increased to 24.01 per cent in February 2024 from 23.75 per cent in January 2024. On a cumulative basis, the share was 24.82 per cent during April-February 2023-24.

Among other key markets, India’s engineering goods exports to China witnessed a marginal decline in FY24 till February at USD 2.38 billion as against USD 2.40 billion in the corresponding period of the previous financial year. In FY24 up to February, the value of engineering goods exports to the US stood at USD 15.95 billion compared to USD 17.10 billion in the same period of FY23. Engineering shipments to UAE and Australia with which India signed a free trade agreement (FTA) remained positive in FY24 up to February despite the year being quite challenging for global trade. While engineering exports to the UAE rose 16 per cent year-on-year to USD 5.22 billion in the current fiscal till February, shipments to Australia increased 5 per cent to USD 1.30 billion in this period.

Overall, cumulative engineering exports started narrowing down and witnessed growth as it was recorded at USD 98.03 billion during April-February 2023-24 as against USD 96.84 billion during April-February 2022-23, securing 1.23 per cent growth. “As India’s current performance stabilizes, we are hopeful that with a positive turn of the tide in global trade, our exporting community will be able to lift up their export performance,” Garodia said. As per studies, 2023 witnessed the slowest trade growth in the last 50 years outside the global recession years. The continuing geopolitical tensions and lack of demand across the globe marred any recovery efforts that were made in the post-pandemic era.

In February 2024, as many as 28 out of 34 engineering panels witnessed positive year-on-year growth, while 6 remaining engineering panels experienced a decline. Exports of zinc and products, nickel and products, motor vehicle/cars, railway transport and parts, ships and boats, and office equipment dropped. On a cumulative basis, as many as 20 out of 34 engineering panels recorded positive growth and the remaining 14 engineering panels including Iron and Steel, some non-ferrous sectors including aluminium, zinc, nickel, etc, sectors from industrial machinery, and automobiles recorded negative growth during April-February 2023-24.

Region-wise, positive year-on-year growth in February 2024 was observed in almost all the regions like northeast Asia, WANA, Latin America, EU, CIS, Oceania, North America, and Sub-Saharan Africa with only ASEAN and South Asia reporting declines.

Continue Reading