Thursday, 27 March 2014

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


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.

Monday, 10 March 2014

Why Compliance Software is Important ?

In today's world, the need to follow laws and regulations is getting stricter and the authorities are keeping a watchful eye over every legal and statutory issue. The Government is looking for any and every opportunity to grasp on any wrong doings or non-compliance. There is vast number of legal and statutory norms and compliance s that need to be followed by every organization, in order to smoothly perform theory business operations. Violations of any compliance will lead to penalties of different sorts, harassment and in extreme case, legal prosecution of the key personnel.

Compliance software is a powerful tool to track and monitor the status of every compliance applicable to a company. Such software gives the management a holistic view of the status of all compliance, can know which are pending which are overdue and which are done. Having a centralized database for all nature of compliance gives better internal coordination and communication. There is effective management of teams at different locations based on availability of uniform format and centralized control.It also has strong MIS system for the senior management to control the task in its entirety throughout the organization irrespective of the physical location and department.

In order to avoid any kind of unknown delays and avoid our self from last minute hassles, we need a compliance software in place which tracks and monitors our statutory norms and compliances and notify us whenever we are nearing the designated dates of such regulations. We need software that would help to manage all our legal, statutory and internal compliances and would act as a central monitoring system, thus enabling a common platform across the whole company and creating a standard monitoring system.

Most companies are adopting some internal systems in place, but these systems are often still disconnected from one another and cannot effectively support a holistic compliance management. The requirement to have a comprehensive and integrated compliance software in place is the need of the hour.

At the end of the month, the owners of the company are interested in having detailed reports of the total work done and the exceptional cases of non-compliances. The compliance software is a comprehensive solution to manage and monitor compliances and give the owners a peace of mind, as it is them who have to face wrath of the regulatory authorities for not following norms and regulations. An On Demand Compliance software is the need of hour for every company to fluently and effectively operate their business operations.

Monday, 3 March 2014

Compliance Management Software – Need Of The Hour

Corporations and government companies are constantly seeking ways to improve their compliance management system. The pursuit for better performance is leading to a change from reactive management toward proactive management. This transition of the management is not easy and requires a methodical, well-organized approach.

Difficulties can hit businesses from many sides, be it irregular financial disclosures, forged data etc. These issues, combined with greater scrutiny from all authorities – regulators, ratings agencies, shareholders and customers – fortify the need to implement a legal compliance management software.

Compliance management means tracking and maintaining a repository of legal and other requirements, which is a time-consuming exercise that increases the non-productive time of employees. Every company begin documenting all its requirements but then relinquishes the effort. The information collected will be residing on someone's table or computer, inaccesble on public domain. The requirements inventory never receives the required attention it requires because there is no effective system in place.The extensive features in the software helps in avoiding incorret promises and saving time and money.

Due to the size of the company, the number of compliances run into thousands. It is quite a tme taking task for the management to make sure that they are fully complied. Even after every detailing and ensuring that all statutory and internal tasks have been done, there might still be a case which the managment might have overlooked. This also happen if the organization is multi-location.

In this scenario, tracking the various compliances and gaining business intelligence to make informed decision becomes a top priority for most companies.
Most companies are adopting some internal systems in place, but these systems are often still disconnected from one another and cannot effectively support a holistic compliance management. The requirement to have a comprehenive and integrated system in place is the need of the hour.

An integrated, automated system will allow you to set up automated workflows and processes that promote standardization across departments and automate notifications and reminders to ensure that requirements are satisfied in a timely and complete manner.

Compliance management software is in high demand and is being rapidly adopted by many firms. The Government laws are getting stricter and tougher day by day. And it is imperative for every organization to get a compliacnce management system. This also gives the management peace of mind, as it is them who have have to face wrath of the regulatory authorities.