Compliance Management Software – An indispensable tool

Einstein is quoted as having said that if he had one hour to save the world he would spend fifty-five minutes defining the problem and only five minutes finding the solution. Same theory of Einstein goes well in the corporate world we work in. Penalties and prosecutions levied under various acts can be avoided only when we are well aware of the acts applicable to the Company and understand and execute various Compliances to be done under those applicable acts on time.

In today’s competitive world the Companies operate in a dynamic environment influenced by domestic and international regulatory, business, economic, political and social changes. Hence, arises a need to for an organization to develop and maintain a sound compliance management system that is responsive to the dynamic environment, integrates the organization and enables to achieve organizational, employee, social and regulatory objective.

An Ideal compliance management system enables an institution to:

• Learn about its compliance responsibilities;
• Educate the team about the same;
• Review regulatory impact of a business decision;
• Ensure that requirements are incorporated into business processes;
• Integration of departments;
• Enables adoption to regulatory changes;
• Act as repository of statutes, forms and other relevant documents; and
• Facilitates review of operations to ensure responsibilities are carried out and requirements are met.

An effective compliance management system is commonly comprised of three interdependent elements:

• Board and management oversight
• Compliance program
• Compliance audit

When all elements are strong and working together, an institution will be successful at managing its compliance responsibilities and risks now and in the future.