Why Compliance Calendars are Important?
IMPORTANCE OF COMPLIANCE CALENDAR
With the growing complexities and ever-growing areas getting under regularized phenomenon, it is always wise to have compliance calendar, whether offline or online, as the requirements are getting changes every now and then and cost of compliance is way more than cost of non-compliance.
For the organization with professionals on Board, it is easy for them to remember compliance items related to different areas but for Start-up, Micro and Small Organization, it is quite challenging for them to understand, first of applicable Acts, then compliance items so it is always advisable to have some compliance calendar in place.
IMPORTANCE BULLETIZED
- Security of data
- Timely planning to collate data
- Helps to avoid non compliance
- Clear Compliance History
- Helps at the time of Audit
- Easy Reporting
- Satisfied Clients
POINTS TO PONDER
- Regular Review of Calendar in order to have applicability analysis
- Vetting from Professionals for different areas
- Back up of data on regular basis so that chances of missing are NIL
- Compliance Certificate from each Compliance Champion to ensure adherence
HEAVY AREAS
- Human Resource Function
- Finance Function
- Secretarial Function
- Labour Laws Function
- Information Technology Function
Disclaimer : This is an effort by Lexcomply.com to contribute towards improving compliance management regime. User is advised not to construe this service as legal opinion and is advisable to take a view of subject experts.