Buland Investments Ltd, is a Jaipur-based Non-Banking Finance Company (NBFC) and has more than 300 branches/customer service points (CSP) across India. Company mainly offers housing loans, loans against property, and per

Buland Investments Ltd, is a Jaipur-based Non-Banking Finance Company (NBFC) and has more than 300 branches/customer service points (CSP) across India. Company mainly offers housing loans, loans against property, and personal loans to all segments of society including salaried employees, professionals and businessmen. The Company has a paid-up capital of ₹ 100 crore, public deposits of ₹ 250 crore and borrowings of ₹ 80 crore (₹ 40 crore each from public and private sector banks). Most of its operations in online mode with customers applying online and uploading their KYC and other financial documents through a secured web portal. Though the Company is on a growth trajectory, it still does not have robust policies and procedures which guide its operations. Recoverability from the customers, loan defaulters is a challenge on operational front. From a corporate perspective, adhering to Reserve Bank of India (RBI) Digital Lending norms and Cyber Security Frameworks are key challenges for the Company. It has hired few IT professionals to develop an inhouse IT security team. However, despite these efforts, the Company suffered a major cyber-attack recently, leading to theft of sensitive KYC data of large number of customers. RBI has imposed huge penalties and suspended the Company's operations. The media coverage of the incident has further damaged the Company's reputation, causing panic among customers, depositors and investors. In this context, answer the following questions: Describe compliance risks and the mitigation strategy which the Company should adopt.