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Clause 49 compliance: Crisil, MS develop tool
Our Bureau
Mumbai
,
Feb. 10
CRISIL Investment and Risk Management Services has launched a corporate risk evaluation solution for Clause 49 compliance.
This solution has been developed in technical collaboration with Microsoft and is called the Corporate Risk Evaluation Framework (CORE).
CORE will assist corporates in implementing the directives of Clause 49 as well as putting up an Enterprise-wise Risk Management framework, said a statement from Crisil.
Clause 49 makes CEOs and CFOs accountable for putting in place risk management and internal control systems in critical areas of operations, with market regulator SEBI having imposed stringent provisions similar to that of the Sarbanes Oxley Act of the US.
This mandate came into force on January 1 with the first compliance status report due on April 15.
Crisil Investment & Risk Management Services is a leading risk solution provider in the banking and financial sector; CORE would be an important addition in its portfolio of products for regulatory compliance, corporate risk management and beyond, said Mr R. Ravimohan, Managing Director and CEO, Crisil.
CORE has been developed on the Microsoft platform using Microsoft .NET technologies.
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