COMPLIANCE SERVICES
-- company is subject to comply with regulations, shareholders, directors, banks, other stakeholders, internal policies, etc. To ensure efficient reporting and agency compliance, management can identify and enforce processes within the company, track the outcome of these processes.
We help develop the organisation's enforcement management system. This involves defining different compliances relevant to the company, the reporting and filing requirements to be made, defining the risk involved and the resources needed to comply, developing the mechanism to ensure prompt and accurate reporting, tracking and periodic compliance status checking.
To understand enforcement, let's first go through some history and then move on with the subject.
INDIA-HISTORY BUSINESS:
Businesses were easy to manage in the old days. As very fewer people joined business, there was a regulated climate. It also has a fair legal system (including licencing and permits) that regulates and governs every company. Daily checks and audits were conducted, and the media was not very involved.
NOW BUSINESS
With the rise of globalisation, new prospects emerged. New companies began dramatically, and the old company began widening its horizons. This, however, led to increased operations complexity. To address the challenges, the regulations have undergone numerous changes. Media has now become super-active and strong, keeping a close eye on newsworthy stuff.
Regulatory bodies have introduced new business legislation and act to integrate diverse market environments. And the very next move is to enact these new acts and rules. Let us see:
What Regulatory COMPLIANCE?
Statutory means "of a rule," while enforcement means obedience. Simplifying the term legislative means adhering to the rules and regulations. To comply with the complex regulatory environment , the company must recognise and accept various rules. They need to follow numerous effective ways to maintain compliance with these rules, thus mitigating risk.
COMPLIANCE ADVANTAGES:
Compliance understanding helps you to reduce non-compliance threats and remove any setbacks.
Complying completely, the company enjoys a competitive advantage resulting in goodwill and strong credibility.
The probability of injuries is reduced. If any untoward events arise, the situation's gravity reduces as the enforcement mechanism is in place.
The regulations also cover employee and customer personal data protection, contributing to customer and employee loyalty.
Thus, it is evident here that organisations showing constructive enforcement approach have guaranteed effective, trustworthy and safer organisation.
RISKS NON-COMPLIANCE:
Companies that do not comply with government authorities' rules and regulations face non-compliance. After 2011, non-compliance has caused several companies significant punitive fines, delays and losses. Similarly, non-compliant companies are vulnerable to serious consequences like:
Today's dynamic market world makes the monumental tasks very difficult to meet the market' operational needs. Simultaneously, if you don't pay attention to all aspects of a company, it can cause significant harm.
To protect your company from unfair harm, one of the best statutory enforcement experts must help you. These enforcement experts' key priority is to help the company stay 100% compliant with the ever-changing regulatory climate.
Compliant managers like Diligen have an in-depth understanding of regulatory environment. This helps compliant management firms offer advanced business services. These are legislative enforcement control organisations' tasks:
OUR Strategies INCLUDED MANAGEMENT:
We help develop the organisation's enforcement management system. This involves defining different compliances relevant to the company, the reporting and filing requirements to be made, defining the risk involved and the resources needed to comply, developing the mechanism to ensure prompt and accurate reporting, tracking and periodic compliance status checking.
To understand enforcement, let's first go through some history and then move on with the subject.
INDIA-HISTORY BUSINESS:
Businesses were easy to manage in the old days. As very fewer people joined business, there was a regulated climate. It also has a fair legal system (including licencing and permits) that regulates and governs every company. Daily checks and audits were conducted, and the media was not very involved.
NOW BUSINESS
With the rise of globalisation, new prospects emerged. New companies began dramatically, and the old company began widening its horizons. This, however, led to increased operations complexity. To address the challenges, the regulations have undergone numerous changes. Media has now become super-active and strong, keeping a close eye on newsworthy stuff.
Regulatory bodies have introduced new business legislation and act to integrate diverse market environments. And the very next move is to enact these new acts and rules. Let us see:
What Regulatory COMPLIANCE?
Statutory means "of a rule," while enforcement means obedience. Simplifying the term legislative means adhering to the rules and regulations. To comply with the complex regulatory environment , the company must recognise and accept various rules. They need to follow numerous effective ways to maintain compliance with these rules, thus mitigating risk.
COMPLIANCE ADVANTAGES:
Compliance understanding helps you to reduce non-compliance threats and remove any setbacks.
Complying completely, the company enjoys a competitive advantage resulting in goodwill and strong credibility.
The probability of injuries is reduced. If any untoward events arise, the situation's gravity reduces as the enforcement mechanism is in place.
The regulations also cover employee and customer personal data protection, contributing to customer and employee loyalty.
Thus, it is evident here that organisations showing constructive enforcement approach have guaranteed effective, trustworthy and safer organisation.
RISKS NON-COMPLIANCE:
Companies that do not comply with government authorities' rules and regulations face non-compliance. After 2011, non-compliance has caused several companies significant punitive fines, delays and losses. Similarly, non-compliant companies are vulnerable to serious consequences like:
- Criminal actions and financial damages to company.
- Loss credibility and honesty
- Customer loyalty effect
Today's dynamic market world makes the monumental tasks very difficult to meet the market' operational needs. Simultaneously, if you don't pay attention to all aspects of a company, it can cause significant harm.
To protect your company from unfair harm, one of the best statutory enforcement experts must help you. These enforcement experts' key priority is to help the company stay 100% compliant with the ever-changing regulatory climate.
Compliant managers like Diligen have an in-depth understanding of regulatory environment. This helps compliant management firms offer advanced business services. These are legislative enforcement control organisations' tasks:
OUR Strategies INCLUDED MANAGEMENT:
- Creating successful corporate compliance reporting systems.
- Monthly / quarterly / annual reporting assistance
- Registration and liaison with different authorities such as income tax, GST, PF, ESI PT, Labor licence etc.
