The Reserve Bank of India (RBI) is working on a Platform for Regulated Entities for Integrated Supervision and Monitoring (PRISM).
What is PRISM?
- PRISM is a web-based end-to-end workflow automation system, to strengthen compliance by supervised entities (SEs).
- The new approach focusses on early identification of risks and conduct of supervisory actions.
- This is aimed at helping supervised entities to strengthen their internal defences and resilience and bringing focus on root cause analysis (RCA).
- This will have various functionalities (inspection; compliance; incident functionality for cyber security; complaints; and returns functionalities), with built-in remediation workflows, time tracking, notifications and alerts, management information system (MIS) reports and dashboards.
(Source: Business Line)
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