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Fintech Company Technology Audit

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Introduction:

Technology is inevitable nowadays. Unlike manual process for business house or any task earlier has now been shifted to automation. Technology is part of an organization but as far as safe, secure and risk free, is again matter of concern. Therefore independent, certified and empanelled system auditor comes to picture to assess the system and its parts in order to verify either the inbuilt platform is in consonance with required law and regulation, safe, secure and trustable or not. Precisely provides the certification on efficiency and effectiveness of inbuilt technology in various parameter.

Computer Emergency Response Team – India (Cert-In) is the primary central team which is responsible for any computer security related issued in India. Further this is again act as licensing authority to professional system auditor for onboarding, empanelled and valid them to act as licensed agency to conduct system audit. Cert-In is empanelling agency of India to various system audit professional to carry the audit of technology and its sphere. Therefore, it is prudent to note whenever technology is required to make audit, do it from Cert-In empanelled auditor or any other agency as prescribed by regulator on this segment.

Read Our Blog: Fintech Startups and NBFC License: Is There a Link?

Why Technology Audit?

Technology audit is sometimes upfront requirement of Regulator of business or sometime need of business invoke by Management of Organization. Subject to complexity of business organization and involvement of system in process, required reasonable assurance and effectiveness measure of it to calculate the return on investment and business process. But either of case irrespective of who is instructing to do audit, prefer to conduct the audit from empanelled or licensed auditor in this segment as it do involve substantial importance on business process. Under this audit, precisely conduct the security audit of web applications, mobile applications, API & Network. Data security is crucial aspects of any organization and same has to be stored, retrieve, manage, operate, share in secured system and port only to mitigate the risk factor on data damage and corrupt.

Technology need to be assessed in various form either its application security, network security, Governance, Risk Management and Compliance, Red teaming, Vulnerability assessment and penetration testing in order to safeguards the platform from various threats. Technology possess risk as well as gain the outrage risk of outsiders in platform which has to be manage, controlled and protect accordingly.

Information security audit, Cyber security, and compliance audit are major technological audit part requirements by regulator and 3rd party too.

Example

If you are planning to run your business via API integration then as per the requirement of integrating policy, the business required you to get your platform to be audited in terms of compliance, application security and network audit in addition to Cyber security. One thing is clear either you want to improvise your business process via automation or enter into finance business with technology involvement then sooner or later, the platform needs to go with system audit in order to safeguard the data and process. In fact, in some cases regulator ask upfront to get your platform or process get audited before commencement of business. In some case, it is management call either to do system audit or not.

Enterprise on Mandatory System Audit

Any web page accepting the payment need to do PCI-DSS audit and certification in order to compliance the data security law of land. Beside that any entity whomsoever is planning to operate the Non-Banking Financial Company (NBFC)-Peer to Peer (P2P), Non-Banking Finance Company (NBFC)-Account Aggregator (AA), Insurance Web Aggregator, Broker, Prepaid Payment Instrument (PPIs), Payment Aggregators (PAs), Payment Gateway (PGs), SEBI security Audit to its license entity, National Payment Corporation of India (NPCI) associated business required to get the process, system and platform audited upfront before the commencement of business. Then after again on reasonable interval has to conduct the system audit and submit the audited report to regulator on the given time frame.

Over and above, out of many few minimum requirements of technology audit are

  • ISO Audit
  • PCI-DSS Compliance Audit
  • Third Party Risk Management 
  • GAP Assessment Service
  • Cloud Security Solutions
  • SOC Solutions
  • Managed Firewall Services
  • Endpoint Security Solutions
  • IoT Device Testing
  • Vulnerability Assessment
  • Configuration and Hardening Security
  • Forensic Analysis


Conclusion:

It is noteworthy to reiterate the prospects of Technology in Human Life as well as Business Cycle. The Business are now been mandated to automation, few are in technology-based business, and public at large are been technology friendly in comparison to earlier stage. Entire automation for each and every prospectus of business process now needs of an organization due to various factors. Moreover, the technology itself threat, risk and challenge to adopt, established, and run due to its complexity involved in process. Therefore, it is most needed and required to process the safe, secure and transparent third-party inspection, audit or analysis in order to get the actual status of inbuilt system, software and technology at all.

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Author
Vinay Singh
Vinay Thakur is Managing Partner in Corpseed. He focused on payments, digital transformation, and financial technology for over 15 years and holds strong expertise on fintech startups, banking innovation, and investors with a keen understanding of the trends and activities of startups, banks, and investors in the space.