A certification that your business meets up with all required and accepted practices, legislation, prescribed rules and regulations, specified standards, or terms of a contract is necessary to make your company business compliant. Anyone employed by a company makes sure that you need to be in compliance with all policies and procedures, at all times.
In India, compliance regulations span across three echelons – Central, State, and Local regulations. Financial organizations and foreign funds require central regulation. Compliance regulations often vary between industry segments as also from geographical locations. Most regulations diverge between economic, public interest, and environmental regulation. India suffers from poor compliance with around 65% of companies not following compliance norms.
All businesses need to follow varied compliances to obey the legal laws and regulations with regards to how they manage business, staff, and even customers. The concept of compliance ensures that business houses act responsibly. Compliance management is therefore the process that ensures that a given corporate set up is following the given set of rules.
These norms are actually the compliance standards or compliance benchmark and the process is what actually manages their compliance. Compliance is thus being in accordance with established guidelines or specifications, or being in the process of being so. The definition of compliance includes encompassing all efforts that ensure your organization is abiding by requisite regulations.
HERD Group of Companies is also in the process of following the needed regulatory compliances that we need to adhere to. Presently we are in the process of understanding the regulations, guidelines and specifications relevant to our businesses. Well aware that violations of regulatory compliances could result in legal reprisal we are therefore attempting to conform to the business laws. In this regard we are making sure of taking steps to comply with relevant laws, polices, and regulations.
Due to the increased number of regulations and need for operational transparency, we are going about the process with help from a professional agency. This will help us to adopt tried and tested measures that will harmonize the sets of compliance controls we may be in need of. This approach would ensure that all necessary governance requirements would be met without the unnecessary duplication of effort and activity.
For starters we are following suggestions made by the professional agency and attempting to achieve the corporate compliance aims for our varied business units. By collaborating and coordinating amongst ourselves we will be helped to evaluate and examine measures that would help us automate the compliance measures that need to be put in place. Herein it would be essential to document and manage all the information to be compliant ready.