Doing business in India is about managing endless statutory, regulatory and compliance requirements. On an average, a medium-scale company has to deal with as many as 500 filings in a year, and must comply with at least 130 Acts. What makes things complicated is the regulatory ecosystem, which is complex, often overlapping in nature, extensive, and dynamic. Laws change every now and then, and if one had to track all compliance and regulatory updates and changes, it would mean following with over 2,000 government websites. To add to the problems, most of the compliance work is done manually, and companies often don’t have the expertise, manpower or resources to handle these requirements.
Compliance automation software, as the name hints, aims to automate compliance and make things simpler for businesses. This is more relevant than ever for businesses in India, which are consistently grappling with changing regulatory and compliance requirements. Below is an overview of the basics about having a compliance management system.
Do we really need a system for compliance management?
That’s a common question that most business managers and key personnel have in mind. Considering that poor or non-compliance has serious consequences, relying on a program designed for better compliance management is always a step forward. This is more like having a dashboard, which covers everything that is relevant for your company. These systems are designed to cover the entire ecosystem of compliance, and you can expect to get regular and timely updates, so that action can be taken in real time.
The use of a reliable compliance management system makes sense, –
- If your company has been grappling with challenges related to compliance
- When you don’t have in-house expertise
- When you need to manage operations in different states and UTs of India
- When you are dealing with international operations
- When you are unable to track compliance updates in a timely manner.
How to choose the right compliance management software?
Features must be considered for selecting a compliance management software system. At the very least, the system should be able to define and offer a fair idea of how compliance works for your business. Also, getting regular notifications and having a consolidated dashboard are critical aspects, and it is wise to review the onboarding experience, because you don’t want to spend huge on IT infrastructure just to accommodate a new app or software.
Take the step forward and automate compliance management today!