As already complex regulatory processes get more difficult to manage remotely, thanks to the Covid-19 pandemic led changes in workplace, companies are increasingly investing in regulatory technology or regtech.
To address the emerging security risks, consular and visa services company VFS Global, in late 2020, adopted an integrated approach for its erstwhile siloed operations of legal, compliance and risk.
In an interview with TechCircle, VFS Global’s head of corporate risk, compliance, and legal, Bapsy Dastur, explained the advantages of the integrated platform at a company that has over 3,400 visa application centres, operations in over 143 countries across five continents, and serves over 64 client governments.
Technology, Dastur said, is used to monitor the existing state of affairs of her division. Analytics monitors effectiveness of systems and processes, which throws the relevant key risk indicators (KRI) to enable better decision making, she added.
Predictive analytics over recorded data, including third-party backgrounds and due diligence in contract formation, helps VFS Global identify areas of redundancy, and allocate resources better. “Time and costs follow a legitimate business need,” she said.
Founded in 2001, the Mumbai born and Dubai headquartered firm provides visa process outsourcing services for governments and diplomatic missions globally. The company manages non-judgmental and administrative tasks related to applications for visa, passport and consular services for its client governments, enabling them to focus entirely on the critical task of assessment.