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Struggling to find the right Compliance Solution?
Compliance Solutions are crucial for businesses across various sectors to mitigate risks, avoid penalties, and maintain trust with customers, stakeholders, and regulatory authorities. Find the right compliance solution at Complinity Technologies, that meets your regulatory requirements and helps streamline your compliance processes more effectively. The ever-changing regulatory environment, strong focus on corporate governance and various business complexities, etc., have increased the need for organizations to have a robust compliance management system and solutions.
Compliance Management burden on businesses
Compliance burden in India is generally considered to be high compared to many other countries. There are more than 2000+ Central, State, Municipal, and Industry Specific Laws in India. This is due to a complex regulatory environment and frequent changes to laws and regulations.
Compliance solutions are important for businesses operating in any country to ensure they meet their legal, social and ethical obligations. Complinity houses a battery of Lawyers, Company Secretaries and Chartered Accountants who come with rich expertise across different industries to help you identify all applicable laws and various statutory and regulatory compliances to keep you fully compliant.
A Compliance Management System in India is a structured approach adopted by organizations to ensure adherence to legal and regulatory requirements governing their operations. This system encompasses policies, procedures, and practices designed to identify, assess, monitor, and mitigate compliance risks effectively.
Complex Laws
Complexity in Laws is attributed to a variety of historical, cultural, and political factors. India has a federal system of government, with separate laws and regulations at the national, state, and local levels. Also, legal system in India has been influenced by various colonial and indigenous legal traditions, leading to a complex and diverse body of laws. Finally, frequent changes to laws and regulations, as well as inconsistent enforcement, further adds to the complexity of the legal landscape in India.
All this creates a fragmented regulatory environment that can be difficult for businesses to navigate. Complinity, a Compliance Management solution, helps you track and monitor compliances across multiple entities, locations and departments on a single integrated platform.
Frequent Amendments
The pace of change in the laws now has increased at an ever increasing rate. Gone are the days when laws used to be amended once in every 10-15 years or not even that much. Not only the laws are now changing every year, every month and every day but so is the governance and compliance. Every month there are hundreds of legal updates across 2000+ Laws and it is a difficult for any professional to keep tab on all of them on a real time basis. It is also difficult for businesses to identify the impact of these laws on them.
To address this challenge Complinity developed a Compliance Management Platform so that it’s users get near real time updates on any changes in compliances like due date changes, penalty changes etc.
High Penalties
Earlier there were legislative changes and miniscule penalties for non-compliances and where compliances could be “easily managed”. Today laws are updated on a daily basis, with strict penalties of non-compliances or control failures, bringing forth the need of an integrated approach to “Compliance Management”. For instance, the penalties under Companies Act, 2013 are up from a few thousand rupees to a range of Rs. 1 Lacs to 1 Crore or more; for FEMA contraventions you may have to cough up over 300% penalty of the amount involved; TDS and GST non-deposits carry huge interest and penalties; Every law that is amended/replaced with a new one, increases the penalties from a few hundred rupees to a few lacs rupees or even more. Many non-compliances carry imprisonment provisions for Directors and Key-Managerial Personnel and also threaten cancellation of business license.
Complinity Compliance Management Tool will help you track medium and high risk compliances with constant alerts, reminders and escalations to eliminate these risks such that you can never miss a Compliance.
Strict Enforcement
In recent years, there has been a significant shift towards digitization and automation in tax administration and other laws in India. This has led to heightened scrutiny and vigilance through e-assessments, online show-cause notices, and other digital channels. The use of technology has made the process more efficient, transparent, and convenient for taxpayers. However, it has also increased the scope for scrutiny and the likelihood of non-compliance detection. Ministry of Corporate Affairs (MCA), Income Tax Dept, GST Dept, RBI, SEBI, Trademarks, PF, ESI and many more government departments are completely on digital platforms and the remaining ones are following soon. The digitization and e-Governance is fast changing the job profile of the regulators and government officers from managing manual files and records to an effective and stricter scrutiny and oversight, enabled by Robotics and Artificial intelligence. With a click of the button, thousands of show-cause notices are issued and e-assessments are convened. The recent pandemic has taught us that even virtual hearings are also possible.
Complinity Compliance Platform helps company maintain accurate records and ensure full compliance with laws to avoid penalties and legal action from regulators. You can build regular audit processes around your compliance management so that you can face any scrutiny or reply to show-cause notices, confidently.
Inadequate Processes
Despite the increasing importance of compliance management system, many companies in India still lack adequate processes and systems to manage their compliance obligations. Most companies use excel or manual process for managing compliances, contracts & risk controls that are limiting and do not provide the necessary automation, tracking, and reporting capabilities. This can lead to errors, delays, and inefficiencies in compliance management which can further lead to penalties, legal action, and damage to reputation.
Complinity Compliance Management Software India can streamline compliance processes and ensure full compliance with applicable laws and regulations in India. Embrace digitization or automation to eliminate any human error leading to financial and non-financial risks. This is where Complinity comes in as it not only helps you setup an intelligent process but also helps you Establish a Centralized Compliance Monitoring Framework; Create a centralized Document Repository of important documents; Get real-time visibility with automated alerts, escalations, dashboards and reports; Manage Risk exposure to monetary penalties, interest, license cancellation, prosecution etc.; Drive efficiencies with automation and real-time access to information and much more.
Compliance Management Modules
Legal updates
There are 100s of changes being made to existing statutory and regulatory laws on a monthly basis. These may include changes like Due Date changes or penalty amount etc. Also there are many new laws being introduced by the Central and State Governments.
Complinity Compliance System helps in sharing these legal updates on a near real time basis so that the users are up to date with the latest compliance changes.
Also, Complinity Compliance System offers a dynamic solution for organizations seeking to stay abreast of the latest legal updates and compliance changes. By leveraging its near real-time capabilities, Complinity ensures that users are promptly informed of any regulatory amendments or legal developments relevant to their industry.
Assessments
Various central and state government send assessment notices like Income Tax, Professional Tax, Employee State Insurance etc. This information in most cases is lying in some file or on a particular email id. Not responding to assessment notices in India can have serious consequences for taxpayers. The Income Tax Department can initiate penalty proceedings, tax recovery proceedings, and even prosecution proceedings against non-compliant taxpayers. Companies may also lose the opportunity to provide explanations, evidence, and other submissions that could help reduce their tax liabilities. It is crucial for taxpayers to respond to assessment notices in a timely and appropriate manner, seeking professional advice, if necessary, to avoid adverse consequences.
With the help of , Complinity Compliance Management Tool in India, organizations can capture all such notices in one place along with the scanned or soft copies of actual notices. The dashboard will help users know exactly how many open and closed notices are there with relevant alerts like next date of hearing etc. goes to the owner of the assessment notices.
Registration
Registration and licensing requirements vary across industries and sectors. Businesses may need to obtain multiple licenses and registrations at different levels of government, such as the central government, state governments, and local authorities. There are several Registrations and Licenses applicable to an organization having multiple business locations and the number increases proportionately. The most basic is the factory license for manufacturing units or Shops and Establishment License for normal offices. Also, there could be Fire License, Lift License, GST registrations and many others depending on the location and type of business. Compliance with these requirements is essential to operate legally and avoid penalties or legal action.
Complinity Compliance Management System India helps you to digitize all the registrations and licenses, storing soft copy backups of these important documents and also sending email alerts for their expiries and renewal.
Insurance
Based on the industry, size and operations, a business may require many type of insurances like Group Health Insurance, Group Life Insurance, Group Personal Accident Insurance, General liability insurance like Property insurance, Workers’ compensation insurance, Professional liability insurance, Cyber liability insurance, Directors and officers (D&O) insurance. In most cases it is very difficult for business to keep track of the renewal dates or at best Companies rely on insurance agents to remind them of the expiries and renewals. Moreover, at the time of renewals, CFOs may need to look at the claim history to do the cost benefit analysis of premiums paid vs. benefits to the organization or its employees.
The insurance module in Complinity Compliance Management Software helps you capture the key clauses in an insurance policy including the policy document and sends renewal alerts to owners of these policies. In addition to this the users can also track the Claim information against a particular policy.
Document
Complinity Compliance Management System has a in-built Documents module which is an all-in-one solution that helps businesses store, organize, and track their electronic documents with ease. It provides a centralized repository for all your documents, ensuring that they are secure, and easily accessible to authorized personnel. Although these documents can be stored in specialized Complinity modules like Registration and Licenses, Assessments or Contracts, they are automatically made available in the Document module. This module also allows upload of other documents that may not have been uploaded as a part of other modules. The Document module in the Complinity Compliance Management Platform allows users to search for documents based on categories, making it easier to find information efficiently. Selective mapping allows administrators to assign specific documents to specific users, ensuring that only authorized personnel can access sensitive information. Complinity Compliance system sends reminders to users or administrators before the expiration date, ensuring that documents are renewed on time and avoiding costly penalties. Overall, the Document module in Complinity Compliance Management tool helps company manage large volume of electronic data in a centralized repository with efficient access and access control.
Tasks
Task management system is critical to organization in tracking tasks and ensuring deadlines are met. Miscommunications can occur between team members, leading to missed deadlines and wasted resources. Moreover, it can lead to a lack of accountability and transparency, making it difficult to identify who is responsible for specific tasks or the progress of the project. Task module in Complinity Compliance Management Solution helps in bringing all users on a single platform and manage tasks efficiently. Single / Multiple tasks can be assigned to the users with Target Dates. There will be intelligent alerts from the system to all stakeholders mapped to the task. Tasks can be updated with comments and attachments and be reviewed on a smart dashboard based on Owner and Status of the task.
