Meet Tina Mithra, Founder and CEO, Genesis Risk Consulting
Tell us a little about your organization and why you got into this space.
Having spent over 20 years in the financial services industry, across the three lines of defence, (i.e., front-line business, compliance, risk management, and internal audit), I have hands-on experience in designing and implementing enterprise risk and compliance frameworks across global jurisdictions.
My vision for Genesis Risk Consulting (GRC), founded in 2020, is to be the boutique consulting firm of choice for helping senior leaders align risk and strategy through balanced, innovative solutions.
I identified this niche opportunity through my experience and that of my network. During my time as an executive at a major Canadian bank, I engaged consulting firms for targeted support to address capacity shortfalls or the need for specialized expertise. Through all the initiatives and external engagements, I frequently searched for an industry practitioner who had an appreciation for the challenges we were facing. My goal was to attain a right-sized solution for our requirements and not necessarily one that was implemented elsewhere.
I discovered that my peers at other financial institutions often shared the same goal. As such, with a strong vote of confidence from my trusted advisors and network, I set out to address this industry need.
Although running a business is by no means easy, it has already been a fulfilling experience. I have witnessed the meaningful contributions GRC has made to our clients during the early stages in our journey
Who are your clients and what types of challenges are they facing?
Our clients include banks, credit unions and insurance companies seeking to transform and strengthen their governance, risk and compliance functions. Their primary goal is to adapt to ever-increasing regulatory expectations through right-sized, innovative solutions.
What type of emerging technology do you think will have the greatest impact on your business/industry?
While some leaders may view technology as a complex and costly headache, we at GRC see it as a way to simplify, automate and strengthen processes and controls by alleviating the burden of compliance on management. There is tremendous opportunity for RegTech solution providers to partner with organizations to address multi-jurisdictional regulatory requirements to realize strategic goals and elevate client experience. The upcoming Bank Act changes impacting the Canadian retail consumer space are just one of the many compliance requirements that financial institutions are looking to address via RegTech.
Why did you join the CRTA? How do you think the CRTA will help your business (industry)?
The CRTA is an invaluable resource for the industry as it is focused on solving regulatory challenges through collaboration with key RegTech stakeholders, including regulated entities, technology vendors and regulatory bodies. We are thrilled to be a member of the CRTA and appreciate the opportunity to bring our clients’ needs and perspectives to the table and help shape the regulatory landscape.