Poor compliance can have serious consequences. Indian government has been trying it’s best to support businesses in India, but defaults are being charged heavily. Under Companies Act, 2013, board and management can be held liable for non-compliance, and the consequences extend beyond fines and penalties. Unfortunately, for a lot of companies, compliance is a hassle, more so because there are over 1,000 Acts, 58,000+ compliances, and 3,000 filings that govern different businesses. To add to the woes, the regulatory ecosystem is prone to changes and is extremely dynamic. Laws can change many times in a day, and there are 2,000+ government websites that offer these updates. In fact, many companies don’t even have access to a comprehensive compliance checklist in India.
The role of compliance automation and digitization
There is no denying that a considerable part of the compliance work is paper-based and must be done manually. However, the biggest challenge is all about managing these requirements and keeping up with statutory, regulatory and legal updates. More often than not, businesses have suffered due to lack of awareness. With compliance management software, all aspects can be consolidated on a single platform. Businesses can actually get timely and regular updates, and that makes the process of compliance really easy for the long run. Risk management further reduces the work of the core team considerably.
What to expect from compliance management software?
Not every system aimed at simplifying compliance works in the same way, and it is necessary to evaluate what a particular system offers. At the very least, it should be able to cover compliance extensively for your company and must to be able to automate some of the tracking tasks. Also, having a comprehensive system for document management is also essential. The best systems also send regular updates and details to key personnel and relevant management people via email notifications. Systems with android and iOS apps are handy for compliance management on the go.
Deploying compliance management systems
This is one of the key aspects that need attention, because it is impossible to stall operations or regular tasks for installing compliance management systems. Find products that are SAAS-based and will not impact your company’s IT budgets. The support offered for deployment and onboarding is critical, and you need to know if the product is easy to use and has a user-friendly interface.
Check for software programs dedicated to compliance management in India and review the features to get started.