Need and Practices of Continued Statutory Compliance In India

Statutory and regulatory compliance

You have to be well versed with the labor laws and the regular changes in it so that you can continue to do smooth business. All big and small business follows and strictly adheres to the laws to stay away from all legal hassles and penalties due to non-compliance. So, it is very challenging from your part to stay up to the mark. It needs a lot of time and manpower to do so. There are many service providers who are ready to help you out from such a situation. It is better to spend on a safe source than to spend a lot of money as well as time trying to do it all by yourself.

Collaborate and Communicate

To have success continually, it is essential that all the departments in your company work in tandem. This can only happen if you communicate with each other frequently. This will help you to know whether all the compliance requirements are met with your business and all its processes. As there are various departments, specialized and segregated to do their job perfectly, it calls for some effort to make them all work in tandem. Proper statutory compliance services can facilitate such collaboration and communication which will be holistic and well-coordinated and keep you compliant at all times.

Evaluate the Security

You can brainstorm along with all your departments to find hypothetical ways in which security and information about your company can be compromised. Then find remedial measures to continue to be compliant. Document your security procedures so that you can review them from time to time. Now, this is just one single example for compromise in security. There are other fields as well like access to different files, misrepresentation of figures, time and attendance management, and much more and all of these statutory compliance management needs time, knowledge and manpower.

Examine Privacy and Compliance    

Privacy is probably another word for security when it comes to statutory compliance in India. Breach of it can jeopardize your company’s secret information, leakage of data and much more. You cannot achieve total privacy and security based on paper based systems. You must use systems which have significant and fool proof protection and encryption capabilities. Also you must identify all the internal controls in your company which are weak. Automating them is best as it eliminates chances of any human error. You can also use automation process in deciding which documents to retain and what to destroy.

Document and Manage

All the duties and responsibilities allotted to the employees must be categorically documented instructing that ethical practices are followed during the work and implementation of any process at all times. Irrespective of your compliance system is paper based or electronic, you must have access and control over whole of it for proper and efficient management. It is necessary for two things. One is that, it will enable transparency and all the departments will be collectively or separately accountable to the management for any loss of documents. On the other hand it presents a very impressive picture to outside auditors.

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