Meaning: A compliance framework is a set of structured norms detailing a Company’s action plan for maintaining compliance with applicable laws, rules, regulations, policies and procedures. It outlines the standards relevant to the organization and the business processes and internal controls the organization should have in place to adhere to these standards.
Why Compliance? As laws have become myriad and regulatory policies have proliferated in recent times, it is imperative for any organization to develop comprehensive compliance framework.
For better safeguarding the interests of shareholders, creditors, employees, business partners, other stakeholders & for very survival and growth of any organization, compliance with applicable laws, rules, regulations, policies and procedures has become a bare minimum. Actions for violations can ruin the reputation and goodwill of the Company and its promotors, directors and officers. Non-compliance is unpardonable and can have far reaching implications including shut down of business. History is replete with even recent examples of businesses having been forced to close down or heavy fines/penalties levied or directors prosecuted due to non-compliances.
How can we help you to be Compliant? We understand business requirements and processes around it and enable different type of businesses to develop customized Compliance frameworks including checklists of applicable compliance requirements with timelines and actual step by step action plan, risk controls, governance practices and communication processes for maintaining compliance at all times. We also help develop policies and processes in line with legal and regulatory requirements.