Suma | Bizprout Expert Systems Pvt. Ltd
Why You Need a Structured Compliance Framework to Grow Your Business
22 Sep, 2022
Growing your business may be your primary concern. However, without a structured compliance framework, this might not be possible. Mitigating compliance risk is of paramount importance. Statutory governance, risk management, and corporate governance are the three major elements of a modern business.
There are multiple labour and employment rules and laws in India. Statutory compliance is mandatory for all enterprises. Non-compliance with such regulations might result in penalties or imprisonment.
Ensuring corporate governance helps entrepreneurs eliminate penalties associated with non-compliance. This translates into savings. Outsourcing the HR services and compliance process can help organizations get timely and reliable solutions.
How to get business compliance right?
The first step is to list all relevant regulatory and legislative requirements wherein your business operates. You would also require to complete a due diligence questionnaire, or have employees complete their own due diligence checklists as part of the pre-hire process.
The second step is to assess the current state – what is available, what controls are in place, are there any existing undertaking, or obligations to report regularly to the regulator. The third step is all about developing systems and processes to fill the gaps.
Compliance officers must consider what technology they can use to coordinate their frameworks and remediation steps. Those tools can map regulatory requirements to specific policies, procedures, and controls. Then you can prioritize remediation work, assign tasks, monitor progress, and report your program’s compliance posture to senior executives.
Controls, by contrast, are specific checks or gateways intended to prevent improper transactions from happening. They’re usually administered by accounting or compliance personnel—or, even better, are automated parts of your IT systems—to help assure that policies and procedures aren’t subverted.
That’s the rigor and structure that an effective compliance program needs. That’s what compliance frameworks provide.
Hiring a compliance services provider is the best option
As you can probably tell, without a professional team handling your compliance efforts, you are most likely to slip and pay the price. So, it has become normal to shift all compliance and regulatory processes to external teams that specialize in such departments.
Iif you are planning to hire a service provider for creating a compliance framework for your organization, here are some asepcts to look out for:
- Experience of the compliance service provider
- Particular industries and segments they work for
- Additional services they provide such as payrolling and tax services
Bizproutx has been providing champion compliance services to businesses of all shapes and sizes for years. Our experience and personlized approach always ensure that you stay on top of your backend proccesses.
Credit: Photo by Smartworks Coworking on Unsplash
Publisher: Suma | Bizprout Expert Systems Pvt. Ltd
