Understanding regulatory ecosystem in India can be perplexing. With more than 1,000 governing acts, and over 58,000 compliances, businesses have a hard time managing their compliance needs. A medium-scale company in India has to complete as many as 500 filings in a year, and to add to the woes, rules and regulations change multiple times in a day. Businesses do not have solid compliance tracking tools, and if one had to track all changes and updates manually, it would mean following and finding details from 2,000+ government websites. In this post, we are discussing more on why compliance management systems have become so relevant in recent years.
Decoding the types of compliance
There are statutory and internal compliance requirements, which must be filed periodically, often daily or weekly, while other filings are annual or monthly. Some industries are obviously more regulated than others because of obvious reasons. There is also event-based compliance and ongoing checklists, with regards to taxation, finances, labour, industrial and beyond. Your company will have to keep up with these aspects, because non-compliance has consequences. In fact, beyond the fines, penalties and subsequent work, poor compliance can impact operations and damage the repute of your business.
How can compliance management systems help?
While considerable work is still done manually, there is no denying that one of the biggest challenges is to manage updates and keep up with requirements. A compliance management system basically brings all the things that businesses need to know to keep up with compliance. From tracking government websites for updates to offer a comprehensive compliance database, such software programs ensure that some of the work is automated. Many systems also have a feature for easy document management, and everything from dedicated access, to management of various processes and compliance procedures, can be controlled as required.
Onboarding experience must be considered
Before you make way for adopting compliance management system, it is absolutely necessary to understand how it fits into your business framework. The onboarding experience needs to be smooth and must not impact your IT budget in any way. It is also a wise idea to understand if the product can be deployed easily and whether it can be used easily for those concerned. A well-thought interface and a comprehensive easy-to-use dashboard is an absolute must.
Review a few options before selecting a compliance management system for your company, and do consider the pricing.