Case Study

Compliance and audit services

Case study 1 : 

Compliance audit of staffing vendors for a large bank

Client is a large Bank which had a huge manpower on the temporary staffing mode with a few service providers.

Client engaged Mirai's services to do a climate study on compliances and the manpower framework with its vendors.

Mirai worked on a specific audit that ensured that the Client, as a Principal employer was insulated from the compliance and legal risks. It also worked on wage parity, conformity of wages to the minimum wages across geographic regions, documentation audit, associate collaterals, Associate climate survey, renewals and terminations, validating signatures of candidates ( the audit threw up a lot of grey areas that the client had not covered). The audit also covered internal processes from the Client for approvals, which had huge gaps in them.

Mirai suggested a clear framework and a need for bringing all service providers on the same page in respect of critical aspects of outsourcing. At end of the audit, the client had to re draw the engagement to two staffing vendors and give time for rectification to the third vendor.

Client has engaged Mirai to do the audits on regular intervals.