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SECP Circular 15: Ensuring Compliance for NBFCs in Pakistan
- admincyber
- May 9, 2024
- 11:47 pm
The Securities and Exchange Commission of Pakistan (SECP) has issued Circular 15, a comprehensive guideline that outlines the minimum requirements for security, governance, risk management, and compliance for Non-Banking Financial Companies (NBFCs) in Pakistan. This circular is a critical document that NBFCs must adhere to in order to operate legally and avoid penalties.
SECP Circular 15 is designed to ensure that NBFCs maintain the highest standards of security and governance. It provides a framework for risk management and compliance, which are crucial for the stability and integrity of the financial sector. The circular details the minimum requirements that NBFCs must meet, which include robust security measures, effective governance structures, comprehensive risk management strategies, and stringent compliance procedures.
Compliance with SECP Circular 15 is not just a legal requirement but also a marker of credibility and trustworthiness in the financial sector. Non-compliance can result in penalties and can tarnish the reputation of the NBFC, making it difficult to attract and retain customers.
Graxo Consulting offers a range of services to help NBFCs prepare for SECP Circular 15 compliance. These services are designed to ensure that NBFCs not only meet the minimum requirements outlined in the circular but also excel in their operations.
One of the key services offered by Graxo Consulting is Vulnerability Assessment and Penetration Testing (VAPT). VAPT is a comprehensive assessment process that identifies vulnerabilities in an NBFC’s systems and networks. It also tests the effectiveness of the security measures in place. This service is crucial for NBFCs as it helps them identify potential security risks and take corrective action before any damage is done.
In addition to VAPT, Graxo Consulting also provides expert advice on best practices in filing the case with SECP for License approval. This involves guiding NBFCs through the application process, helping them understand the requirements, and ensuring that all necessary documentation is correctly filled out and submitted.
Compliance with SECP Circular 15 is crucial for NBFCs operating in Pakistan. It ensures that they maintain high standards of security, governance, risk management, and compliance, which are essential for their legal operation and success in the financial sector. With the help of Graxo Consulting and its range of services, NBFCs can navigate the compliance process with ease and confidence, ensuring their efficient operation in Pakistan’s dynamic financial landscape.
