If you think compliance is expensive, try non-compliance!

The Companies Act 2013, had added many responsibilities on the Board of directors to enhance the overall governance in companies.  One such responsibility requires directors to confirm that the Company has devised proper system to ensure compliance will the provisions of all applicable laws and asset that such systems are adequate and operating effectively.  This would effectively require a company to have a comprehensive compliance framework, that enumerates compliance requirements of all laws and regulations, as applicable to the company.  A well-defined process is also needed by the Company to ensure that provisions of applicable laws and regulations are updated on a timely basis, with defined escalation protocol for non-compliance.

Considering the complexities prevailing in India due to variety of central, state and local laws across the 29 Indian States and 7 Union Territories; and to help minimize the incidence of non-compliance, I am delighted to share that our Governance, Risk & Compliance Services team has developed a Compliance Framework solution that is enabled by a robust IT tool, titled Vision 360°.  Some of the key highlights of our solution include: 

• The solution is being run by a dedicated Center of Excellence (CoE) team of lawyers and company secretaries, with pan India presence
• The CoE team has summarized over 3,000 statutes applicable across geographies in India
• For over 1,000 statutes, compliance's are mapped to the last level of governing authority - Gram Panchayat, Zila Parishad, etc.
• The team has proven credentials with the solution deployed across 50+ companies in 10+ varied sectors.

You can get in touch with me in case you want to be part of this solution or want to know about this solution.