Interesting Facts about Regulatory Compliance Management in India
In this post, we are discussing more on the concerns of regulatory compliance, and a brief of automation and its advantages. As far as “EODB – Ease of Doing Business” concerned, India is not the most favorable country for investors and entrepreneurs. A set of reforms are required to simplify regulatory compliance, but businesses can choose to take the step forward with new-age compliance management software in India.
The problems faced by the officers discussed briefly as follows,
How companies are managing regulatory compliance is itself an eye-opener of sorts?
- Most of the compliance concerns are being handled manually, and the whole work depends on paperwork and spreadsheets is anything but simple.
- They’re also practically no single way of getting legal updates.
- The outcomes of non-compliance – many documents are missed, not filing documents in time, not completing necessary procedures – It can be huge, and this may eventually have an impact on people managing the company.
- In fact, the lack of a comprehensive regulatory compliance database is the biggest challenge for most businesses. Many companies only know requirements when they get a notice.
- Most businesses do not have the expertise to handle regulatory compliance in the first place, and smaller companies do not have the scope to allocate resources for having an in-house team.
- Updating the regulatory landscape does not help much either.
- Occasionally, concerns related to filings change many times within the same day, and there is no way to get real-time updates for the same.
How software automation can help to resolve this issue?
Paper integration procedure can further keep the paperwork in check, so manual errors can be avoided considerably. Also, there are more than 2,000 government websites out there at the central, state, and territorial level, so the software will get real-time updates automatically, so some of the losses can be minimized and Check online now to find more on regulatory compliance automation, and don’t shy away from reviewing the features in detail, because such software needs to be useful enough for your company in the long run.
Subscribe for legal updates in India! Visit us now at https://www.avantis.co.in/legalupdates/ or call us at 8893594595 to schedule a demo.