Overview of Digital Compliance Management

Compliance Management in India is complex and needs expertise. India has a universe of over 1,536 Acts, 69,233 compliances and 3000 filings. The regulatory ecosystem is also extremely fluid and changes at least 15 times a day. It is not uncommon to see compliance officers operate in ad-hoc, people dependent and paper-based environment.

So, what’s the best approach to compliance management software? Experts agree that there is nothing better than digitization. In this post, we are discussing 5 reasons why every company must use compliance management software in India.

A typical organization can come on-board such a platform in 3-4 weeks. They help reduce human errors and bring greater control in day to day operations and supervision. There are compliance digital platforms available today for less than the salary of a junior compliance officer. The cost of poor compliance has escalated sharply. Enforcement agencies are raising their game and expect Corporates to comply. It is time to review your Compliance program and go-digital.

While the Companies Act, 2013 makes board and management liable for non-compliance, most organizations do not have the right tools, processes, and human capital to stay on top of their compliance program. Digitizing compliance tracking is the first important step in this journey.

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