The Indian economy has incredible potential, and the government is doing all it can to support businesses and industries. However, one aspect that remains a concern for companies across different sectors is regulatory and statutory compliance. The regulatory ecosystem is complicated, and many companies don’t even have access to a comprehensive statutory compliance checklist in India. There are over 2,000 government websites that offer legal and regulatory updates, and with laws changing many times every other day, it is hard to track things manually. In this country, businesses need the power of compliance management systems, because automation and digitization are answers for the long term.
Can we really automate compliance in India?
While a considerable part of compliance processes and requirements require paper-based work, it is still possible to reduce the work of your core team as far as management of compliance is concerned. With compliance management systems, it is possible to get real-time and regular updates, which can be handy in preventing some of the common omissions, delays, mistakes and other issues that arise time and again. Of course, the requirements vary for each business, but considering that an average medium-scale company in India has to deal with more than 500 filings annually, this is a great way of reducing the pressure.
What to expect in terms of features?
Every compliance management system has its own features, but at the very least, you can expect the following –
- An elaborate dashboard that offers complete look at compliance needs
- Timely and regular updates on regulatory, statutory and legal compliance
- Mobile apps for management on the go
- Easy deployment and a user-friendly interface
- Some form of Integrated Document Management System
- Updates and notifications on Office email
- Support for data Analytics and Reporting
- Flexible workflows to suit business processes
- SAAS-based secure onboarding experience
- Access to a well-documented and updated Compliance Database
Your company can do better with compliance management with a dedicated software program, and the good news is these systems can be customized as required. If you haven’t considered compliance management software programs as yet, it is never too late to start. In fact, this could offer a good competitive advantage and allow your company to have a better and more proactive stance to compliance, which will also impact your reputation in the right away. Check online to know on the best options and review features to get started.