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Compliances – In Brief

  • Legal compliance is the process or procedure to ensure that an organization follows relevant laws, regulations and business rules.
  • Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure that they are aware of and take steps to comply with relevant laws, policies, and regulations.
  • There are two requirements for an enterprise to be compliant with the law, first its policies need to be consistent with the law. Second, its policies need to be complete with respect to the law. The role of legal compliance has also been expanded to include self-monitoring the non-governed behavior with industries and corporations that could lead to workplace indiscretions.

In the context of general services businesses compliance operates at two levels.

 

Level 1 – compliance with the external rules that are imposed upon an organization as a whole

 

Level 2 – compliance with internal systems of control that are imposed to achieve compliance with the externally imposed rules.

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Laws/ Compliance across Enterprise

Around 300+ types of different compliances, any enterprise has to follow on Monthly/Quarterly/Yearly basis. Failing in complying any, in stipulated timeline, may lead to major Penalty or Legal/Court Notice resulted into imprisonment. This can directly impact Financial loss and can damage brand image of the organization. Below are the common law applicable to most of the enterprises.

Why Compliance Management?

Today the complexity of compliances with various authorities under various corporate and other laws requires for setting up of a proper compliance management system. Such a system will help the organization in achieving its business goals without much legal hurdles or risks. Legal risk if not properly looked into will pinch the organization financially and also damage the brand image.


Further, Management team may even be banned in appointment to the Board of various Companies. Shareholders always look for 100% Complied as it affects to company P&L and B/S.


Mechsoft Technologies offers the Compliance solution – CoMaT which not just suffice the basic tracking facility but allows top management to work towards their vision without any legal complications and risk. It also allows Auditor to raise the query and resolve.
This Solution is developed in SAP FIORI.

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