Monday, 21 May 2018

How compliance management helps organisations manage their compliances?

Compliance Management System, (CMS) provides an essential foundation of any organization as it develops the execution plan for rolling out, monitoring, and communicate on several vital aspects of the company.

A good Compliance Software can address the risks while meeting multiple regulatory requirements. It also shed new light on problems and can fix those issues before they turn fatal for the organization.

An effective Compliance Software is comprised of three interdependent elements. Board and management oversight, compliance program and compliance audit.

For various organizations, regulatory compliance management software systems are irreplaceable tools for managing internal or external regulatory inspections of quality processes.

Compliances can be statutory compliances covering tasks required under different laws to be abide by the organisation or they can be administrative or an internal compliance of the organisation.

The web solution apart from compliance management helps in task management, document management & is an apt reminder program. Further, it aids the customer in managing risks and generating awareness with regard to new legislation.

Therefore an effective Compliance Management Systems ensures compliances with applicable laws, regulations, and guidelines while also detecting instances of non-compliances and facilities taking corrective measures.

A compliance management helps organisations manage their compliances which are very necessary for smooth functioning and growth of the organisation.

Tuesday, 15 May 2018

Concepts of Compliance Management

All the organisations are adherent to laws of the land. They are obliged to follow statutory and internal laws along with regulations, acts, circulars, compliance, tasks etc.

There are various software programme like the one from Compliance Mantra available which smoothen this process. These web-based programmes give a global way of compliances, by way of task & document management, timely reminders, notifications, alerts etc. these software are designed to periodically review, schedule, allocate  & complete various compliance practices prevalent world over.

Different laws need compatible & statutory compliance by Regulatory Compliance Software Companies. Complianceis both country-specific or internal or administrative of a particular firm. Further, additional benefits of web-basedRegulatory Compliance Software Solutionsare about task management, document management as also it acts as a periodical reminder of various pre-set tasks. Risk management and follow up regarding new legislation are other significant roles of the program.

Therefore, Regulatory Compliance Management Software program from Compliance Mantra takes care of compliance in respect of various applicable laws, regulations and variousguidelines, simultaneously pointing out or detecting issues of non-compliance along with undertaking appropriate corrective actions.

Various laws to be complied with by the firms are:

  • General laws,i.e.Corporate, Taxation, Industrial & Labour laws, Environment laws, Factories act
  • Event-based laws are Intellectual Property Laws, custom & foreign exchange laws
  • Sector-specific laws 
  • Segment wise laws consist of various industry-specificlaws such as in FMCG, Engineering, construction, hotels, drugs, textiles and numerous other industries
  • State wise laws – Labour Welfare, Shops and commercial establishment Act, etc.

Monday, 7 May 2018

Regulatory Compliance: The Biggest Challenge

India has been steadily growing on the economic front for the past few decades. Though we are pacing towards development but still the development rate seems to be a tad bit lagging behind but what as to could be the reasons accountable for the same? What are the probable aspects of easing out business practices? How can things be put up on a well-planned, systematic front? How could things be more accountable? Well, undoubtedly these are important questions in today’s scenario given the corruption rate in India and the unaccountability of a well-planned system that deciphers out the same.

The Way Ahead
The technical jargon to all the questions above is a Regulatory Compliance Management Software, which is challenging in itself as it is an ever-evolving process found at all business levels- be it big or small and compliance needs to be addressed at both strategic and tactical levels because an insight into these problems and thereby adopting preventive measures saves money, time as well as ensures a system that is future-complaint.

The Need of Compliance Software
Regulatory Compliance Software Solutions offers great value in tracking and monitoring all statutory and internal compliance-related issues and the same can be said about Compliance Management Software, the CMS Tool offering seamless integration by providing a central platform empowering business on a systematic basis with full accountability and in turn expanding new business horizons.

A Clear and targeted approach to Compliance Policies
Regulatory Compliance software, like the CMS Tool has a precise reach ensuring compliances with applicable laws, regulations, and guidelines while also detecting instances of non-compliances and facilities taking corrective measures. Compliances can be statutory covering tasks required under different laws to be abdicable by the organization or they can be administrative or an internal compliance of the organization so that efficacy of management is never compromised, giving a statistical comprehensive report analysis, having such a feature that is readily accessible anywhere with full tractability of compliance requirements so that productivity is never compromised based on the above metrics.

Calculated Business Costs
This Regulatory Compliance Management Software Solutions is effective as a compliance program that it has a regulatory requirement that its use could control unexpected additional costs as well as reduces non productive time of responsible teams, fulfilling the targets of the organization as well as maintaining a track record of all activities with regular alerts and updates of tasks as well thereby cutting the unexpected and incalculable revenue losses suffered by organizations.

Consolidated, Centralized Reports
For a Compliance Solution it is very necessary to evaluate the right software for reporting and monitoring needs so that smart reports give you real-time information about the progress or the lacunae of your organization as well as creating a backup data which could be retrievable anytime and anywhere by the person having access to all the logs and this feature is readily supported by this Compliance Management Software that helps in increasing productivity and efficiency of the organization thus aiding the customer in managing risks and generating awareness with regard to new legislation.

Monday, 26 May 2014

Comprehensive Solution for Companies in your Industry

ComplianceMantra is a unique and comprehensive solution for companies in your Industry. It offers great value in tracking and monitoring all your statutory and internal compliance related issues.

Under the compelling new Government rules and the New Companies Act2013 being enforced in recent times, there are wide range of compliances, related to
  • MCA & RoC related laws
  • Labour related laws (EPF, ESI, Wages etc)
  • Environment, Air, Water Protection laws
  • Income, Sales, Service, VAT Tax related obligations to both State and Central Govt
  • Also, it is mandatory for a company to implement a Compliance Management Software for such purposes
And many more....

Through ComplianceMantra, you get the MIS reports, thus enabling you to have accurate and real-time status of every compliance. Some key reports are -
  • Compliance Control Report - Ensure all compliances are defined & none is missed.
  • Company Wise Report - Location Wise Pending due and Overdue compliances.
  • Act Wise Report - Statutory Act wise Compliance Task reports.
  • Department Wise Report - Task Status - Pending due and Overdue Department wise.
  • User Wise Report - Employee wise Pending due and Overdue compliances.
  • Monthly Compliance Report - Monthly status of your compliances.

Thursday, 17 April 2014

Compliance Management Software Helps to Your Business........


Compliance Mantra provides a platform whereby user can define the compliance requirement as per their business or operations. He can schedule the compliance submission targets for decades to come. The software provides the feature to allocate the responsibility of the compliance issue. The best part of the software is that it organizes your submissions and generates alerts for the due and overdue compliance's.

The common issues that businesses face, is to, meet the deadlines at the specified date, to ensure no penalty. Organizations with various companies and agencies have too much compliance to meet.

Monitoring and tracking compliance against their target dates is at time unmanageable. To sort the problem, Compliance Mantra is designed, which will give the user the discretion to track their due dates and actual compliance.

The user can enter the compliance by assigning the responsibility, target date and due date of submission. The software very easily throws alerts of its submissions, pending or dues etc. The user can also upload compliance documents and the acknowledgments for future reference and records.

It gives reporting on various parameters like; agency wise compliance report; company wise compliance report; responsibility wise compliance reports; department wise compliance reports etc.

The software works on team collaboration concept, where management/users can view compliance done by other and can suggest remarks and comments. The software throws alerts for any pending job. The user can actually create a library of files (database), which may be required at any point of time in the operational work as proof. People can access the documents attached. Monitoring and tracking of the compliance, is one of the stand alone feature that sets Compliance Mantra aside of the others and giving automation to the current working systems.

Thursday, 27 March 2014

Are You Worried About the Challenges for Compliance Tracking & Monitoring?

Challenges

Solutions
Multi location compliance monitoring is a challenge


How if, sitting at any location, you can monitor compliance for all locations
Multiple people handling different compliance issue – how to ensure timely submission is a challenge


What if you could track all responsible person’s compliance status at one go
No mechanism to give alerts to meet the deadline is a challenge, need to maintain files
How if, you could see your own alerts and other employees compliance alerts at one single click


Defining requirements every time increases manual work


What if, a solution, gives you an option to define compliance only single time for years to come
Documents submitted is lost some times in files
How if, if you can upload your file into a system for future references


Not able to see compliance MIS company wise, location wise and person wise
What if a system gives you MIS on all the combinations of your choice like company wise, location wise, agency wise etc.


Timely check of the compliance issues done on time could not be possible, as it involves lot of manual and paper work
What if a solution gives you a chance to control all the compliance to done on time without any loss of information and ensure no penalty of late doing



For all Challenges One Solution

Compliance Mantra

Friday, 21 March 2014

Raising The Bar Of Corporate Governance

In today's competitive world , every company is growing at a very fast pace. Everybody is thinking of about diversification and growth, how to make their business better and bigger. But in the race of becoming the number one, they forget to consider all the laws and regulations that have been setup for them to work properly and in orderly manner. People tend to forget about these statutory norms and often it leads to them facing harassment and unknown penalties.

Compliance Management software is one of the major tasks in a company. The organization, in order to perform its business operations smoothly, must comply with every legal and statutory compliance. Delay or non-compliance of even one issue can result in heavy losses and penalties. To make sure that such event do not occur, companies need a compliance tracking and Compliance Management software.A compliance tracking software is an effective tool to monitor the status of every compliance, make sure that each compliance is being done on time, and if not, the employee responsible can be contacted for the tardiness.

The Statutory Compliance Management becomes a herculean task for the public listed companies. As per the statutory requirements of the Listing Agreement, every Indian listed Company have to submit a quarterly compliance report with a detailed compliance report on Corporate Governance as per the prescribed format to the stock exchanges. Any non-compliance of mandatory requirement of this clause with reasons should be specifically highlighted in the report.

For a multi-location company, the no. of compliances increases exponentially. Such norms and regulations are diversified on the basis of their department, responsible employee, Compliance Act etc. For the top management, keeping a track of such vast no. of compliance is a bit daunting task. At this point, it is imperative to have a Compliance Tracking software. We need a software that would help to manage all our legal, statutory and internal compliance's and would act as a central monitoring system, thus enabling a common platform across the whole company and creating a standard monitoring system.

Top management can access any report which generated in the Compliance management tool from any geographical area, at any time. Main feature of this tool is to save non productive time of responsible team by gathering information at the time of audit or at any specific time.There are many services available in the market keeping in mind the need of Compliance Management software for the compliance's. But, in order to be successful, the companies must be open to adopt the change that the system will bring about. The organization must be willing to invest in IT infrastructure and applications to standardize it s business operations and inculcate best management practices among its employees.