India doesn’t have a great reputation when it comes to “ease of operations”. With more than a thousand Acts, over 58,000 compliances and 3,000 filings, businesses often have a hard time keeping up with the compliance needs. However, this is anything but a choice. Ensuring that your company is compliant with relevant rules, laws and regulations is not just about fines and penalties, but it also about reputation. The risks of non-compliance can be huge, more so because digitization has enabled varied government bodies to keep a check on companies and businesses. Today, you can choose to automate compliance tracking and management. There are compliance tracking tools and software, which promise to simplify things for businesses.
What to expect from compliance tracking?
Well, every software is unique and different, and to be fair, there are only a few that deserve mention. At the very least, you want to have a dashboard that offers an overview of your compliance needs and environment in real time. Most compliance tracking software that have this feature have different branches and segments, so you can actually keep a check on departments, specific risks and aspects that need attention. The software is also expected to have a repository of all documents that are essential for compliance, so there is no reason to rely on manual paper work. In fact, you can be assured none of the compliance papers will be misplaced.
Simplify your reporting
Regulatory norms and environment in the country is dynamic, where laws change at least a few times every other week, or often on the same day. With compliance tracking and management software, you can actually get notifications immediately and can work on creating reports in an automated way. Legal updates on time matched with timely reporting will not reduce the risks that are typically associated with non-compliance, but also keep your business on the forefront in terms of industry reputation. Such software systems are also handy for top managers and board of directors, who must take the tough decisions but don’t have the time to keep up with frequently-changing regulatory, statutory and compliance needs.
Automation of compliance tracking and management is the need of the hour, and if your company hasn’t decided on using a software system as yet, there is no better time to start. Don’t shy away from checking the features and in-depth details before making an investment for your enterprise.