avantisregtech

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There is nothing more that can work better than automation and digitization for compliance management. There are companies that have come up with software systems and SaaS options, which allow clients to keep a tab on the compliance environment in real-time, and all relevant updates from government websites and other sources will be updated. Companies can also have a proper document management system, and it is easy to guess why most of the mistakes, errors, and complications related to compliance management can be avoided.

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Despite a good move towards digital India and the efforts with regards to the ‘Make in India’ initiative, doing business in the country is anything but straightforward. The entire process of setting up a company and getting necessary licenses, permissions, and orders, can take huge time, which often comes off as a huge loss for businesses because schedules are hard to maintain.

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In this article we are discussing about the compliance management software and its need for Indian entrepreneurs. Delayed in filling the compliances causes penalties and fines, Indian entrepreneurs seeking for solutions to track and manage the applicable compliances for their businesses. Avantis RegTech has developed the SaaS based compliance automation software for managing the automation purposes.

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Legal updates in India is the need for compliance software is more than necessary for companies operating in India, especially for those that do not have the resources to hire in-house teams. Also, this is a great choice for businesses that have international operations or operate in more than one state. Indian government is pushing for digitization, and with compliance management software, your company can take the step ahead!

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Get the latest legal updates in India, other legal issues and breaking news in the legal era, and the latest compliance updates. Latest legal news, latest amendment, notification, and resolutions. Regulatory & statutory compliance is complicated at best. In India, despite the shift towards digitization, compliance remains mostly about manual paperwork, and businesses have often paid for the consequences of not filing papers on time and not adhering to the norms as per requirements.

[avantisregtech]

Get the latest legal updates in India, other legal issues and breaking news at legal era and latest compliance updates. Latest legal news, latest amendment, notifications and resolutions. Regulatory & statutory compliance is complicated at best. In India, despite the shift towards digitization, compliance remains mostly about manual paperwork, and businesses have often paid for the consequences of not filing papers on time and not adhering to the norms as per requirements.

[avantisregtech]

A statutory compliance management system may vary greatly from one organization to the next, as it should be designed based on the size and complexity of the organization. The first component of a compliance management system is for a financial institution to establish formal policies and procedures that are designed to mitigate the risk of violations of compliance rules and regulations.

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In this article we are focusing on one of the requirements of a statutory compliance program, which is an element of a compliance management system, which is to designate an individual responsible for managing the compliance program. This individual is often designated the “Compliance Officer” and should have appropriate authority and resources to ensure an effective compliance program in the organization.

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Avantis RegTech has a compliance management system. Let us discuss how the enterprises can manage the compliance risks associated with doing business in India, as we know that there are lot many penalties and fines faces by compliance officers due to late fillings.

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Regulatory and statutory compliance is complicated at best. In India, despite the shift towards digitization, compliance remains mostly about manual paperwork, and businesses have often paid for the consequences of not filing papers on time and not adhering to the norms as per requirements. Since statutory requirements and regulatory norms change very frequently, often many times in the same day, businesses have no choice but to keep a tab on these changes, which again is not an easy job.

[avantisregtech]

Regulatory and statutory compliance is complicated at best. In India, despite the shift towards digitization, compliance remains mostly about manual paperwork, and businesses have often paid for the consequences of not filing papers on time and not adhering to the norms as per requirements.

[avantisregtech]

Compliance management software provides a powerful software solution for compliance managers to handle a wide variety of regulatory and compliance processes and ensure accountability throughout organizations of all sizes. The software delivers key features to monitor pertinent regulations and other requirements, organize compliance documentation, run risk assessments, and demonstrate proof of compliance through robust reporting.

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The software can be integrated as required within the existing framework of the business, and as a result, there will be no lapses or misses whatsoever. In the era of digitization and automation of regulatory compliance using software solutions, companies can manage all the requirements by getting real-time updates.

It is time the industry readies itself to embrace the power of digitization and migrate to the C&C 2.0 framework of predictable, process-oriented, and digital compliance management. Digitization presents a huge opportunity and brings tremendous improvements in efficiency, productivity, and control. It enables an organization to scale.

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The virus and the lock-down is affecting our families, colleagues, and businesses. It also exposes some of our vulnerabilities that we didn’t know existed.

While most of the workforce is working remotely from home, compliance management becomes a complex task during the lock-down. More and more organizations are today realizing that their current compliance processes through spreadsheets & emails do not work anymore and the entire compliance management needs a fresh start.

At Avantis, we believe that the Role of Technology in Managing Compliance during the current scenario has become more important than ever before. Using technology, organizations have reduced their missed compliance by over 90% and penalties by over 95%. Digital apps have made key processes transparent, accountable, and timely. Software-based solutions have helped manage repetitive and non-value-adding activities; saving both time and money.

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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.

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This basically refers to software applications and solutions that rely on specific features and technologies to simplify compliance. Depending on the software, businesses can get regular updates, can follow a checklist, find ways to reduce mistakes and omissions, and work with testing. With compliance automation software, it is also easy to keep a track of new changes, so that security and regulatory requirements can be managed effortlessly.

[avantisregtech]

It is time the industry readies itself to embrace the power of digitization and migrate to C&C 2.0 framework of predictable, process oriented and digital compliance management. Digitization presents a huge opportunity and brings tremendous improvements in efficiency, productivity and control. It enables an organization to scale.