Each entity is subjected to compliances which can be mandated by legislation, shareholders, directors, banks, other stakeholders, internal policies etc. To ensure effective reporting and compliance by the entity, the management shall identify and implement processes within the organisation, monitor the outcome of these processes.
We help design a compliance management framework for your organisation. This includes identification of various compliances applicable to your organisation, the reporting and filing requirements required to be made, identification of the risk involved and resources required to meet compliance, design of the process to ensure timely and accurate reporting, monitoring and testing the compliance status on a periodic basis.
To understand compliance, let us first go through a little bit of History and then move forward with the topic.
In the olden days, businesses were quite easy to operate. As very fewer people were into business and so there was a controlled environment. Also, it has a reasonable legal framework (that included licensing and permits) that regulated and governed the operations of every business. Regular inspections and audits were undertaken and the media was also not much proactive.
With the advent of globalization, new opportunities started pouring in. New businesses got started drastically and the old business started expanding their horizons. However, this contributed to the increased complexity of the operations. To keep up with the challenges the regulations have undergone various changes. Media has also become super active and a powerful force that keeps a close eye on newsworthy things.
The regulatory bodies have formulated new business laws and act in order to incorporate varied business landscapes. And the very next step is to ensure the compliance of these new acts and laws. So, let us see:
Statutory means “of or related to an Act”, whereas Compliance means adherence. Thus, the term statutory in simplest term means adhering to the rules and regulations. To be aligned with the demanding regulatory environment it is necessary that the organization should understand and consider the different laws. They need to adopt various efficient ways to maintain the compliance of these laws and thus minimize the risk.
Thus, it is evident here that organizations showing a proactive approach to compliance have guaranteed efficient, trustworthy and safer organization.
Companies that do not abide by the rules and regulations set by the government authorities run the risk of non-compliance. Since 2011, Non-compliance has resulted in heavy punitive damages, failures and losses to many organizations. Similarly, the non-compliant businesses are also prone to heavy consequences like:
Today’s complex business environment make it very challenging for the monumental tasks to be in tune with the operational needs of the business. Simultaneously, if you don’t pay attention to all aspects of a business then it may result in major damage.
To protect your business from any untoward damage you need to take support from one of the best Statutory compliance experts. The main focus of these compliance experts is to help the business to remain 100% compliant with the steadily changing regulatory environment.
Compliant management companies like Diligen have an in-depth understanding of the regulatory setting. This helps the compliant management companies to provide specialized services to the businesses. Below are the tasks performed by the statutory compliance management organizations: