The Operational Compliance Checklist Every BFSI Company Needs

NBFCs, insurers and broking firms put a great deal of effort into regulatory compliance. The operational side, meaning the offices and branches themselves, often gets less attention until an inspection, an audit or an incident exposes a gap. This checklist covers the operational basics for every office and branch.

1. Premises and registrations

• The lease or leave-and-licence agreement is stamped and registered, with a copy at the branch.
• Shops and Establishments registration, or intimation, is done for each branch. In Maharashtra this falls under the Maharashtra Shops and Establishments Act, 2017.
• A trade licence is held where the local authority requires one.
• Signboard permissions are in place where required.
• Required statutory notices and registration certificates are displayed.

2. Fire and life safety

• The right extinguishers are installed and serviced as per IS 2190, with tags up to date.
• The building's fire NOC is on file, and your fit-out hasn't blocked sprinklers, detectors or exits.
• In Maharashtra, the Form B certificate is submitted in January and July.
• Exits are clear and unlocked during working hours; emergency lighting works.
• Evacuation drills are held and recorded, and fire wardens are named and trained.

3. Security for cash, valuables and documents

• CCTV covers entrances, cash and customer areas, with recordings kept for the period your policy requires.
• Intrusion alarms and access control are tested regularly.
• Branches holding cash or gold have safes or strong rooms suited to the value held.
• Your security agency holds a valid licence under the Private Security Agencies (Regulation) Act, 2005.

4. Records rooms and documents

BFSI branches hold physical KYC files, loan documents and agreements that must be kept safe for years. Paper attracts termites and rodents, and damp ruins it.

• Records rooms are dry and ventilated, with files off the floor.
• Termite and rodent control covers records rooms specifically, with treatment certificates on file.
• Fire protection suits paper storage, and access is restricted and logged.
• Documents due for destruction are shredded, with records of what was destroyed.

5. Contract staff

• Housekeeping, security and pantry staff are paid at least the applicable minimum wages.
• PF and ESIC contributions are paid, and you hold proof each month.
• Contract labour licences and registers are maintained where required.
• Background verification is done for staff with access to sensitive areas.

As the principal employer, your company shares liability if a contractor cuts corners.

6. Insurance

• Property cover reflects the current value of the fit-out, furniture and equipment.
• Money insurance covers cash in safes and in transit.
• Fidelity or crime cover protects against employee dishonesty.
• Electronic equipment, public liability and group employee covers are in place and current.
• All branch addresses are listed correctly on the policies.

7. IT, power and business continuity

• Server and network rooms have suitable cooling and fire protection, such as clean-agent or CO2 extinguishers rather than dry powder.
• UPS and generator maintenance is up to date.
• There is a plan for working from an alternate site if a branch is unusable.
• Emergency contacts are displayed and current.

8. Hygiene and pest control

• Pantries and washrooms are on a regular cleaning schedule with checklists.
• Pest control covers pantries, records rooms and the premises perimeter, with a certificate after every visit.
• Drinking water is tested, and water tanks are cleaned on schedule.

How often to check

• Monthly: the branch manager completes a short self-check covering exits, extinguishers, CCTV, cleanliness and pest activity.
• Quarterly: the central administration team reviews certificates, contract staff compliance and open issues across the network.
• Annually: an independent audit of a sample of branches, or all of them, using the same checklist everywhere, so results can be compared.