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.