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Indian Banks and Servicenow IRM solutions use case

In October 2023, the RBI penalized Union Bank of India and RBL Bank for not complying with regulatory standards. Union Bank faced a fine due to insufficient viability assessment of a loan project, a challenge that ServiceNow GRC’s advanced risk assessment could effectively address. RBL Bank’s failure to timely obtain shareholder declarations is another issue ServiceNow GRC’s automated tracking could have prevented.
This scenario is a stark reminder of the potential financial and reputational risks banks face with outdated GRC processes amid evolving regulations.

ServiceNow IRM emerges as an essential application for banks, ensuring compliance and protecting banks from significant losses and reputational harm.

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