5 Most Common Roadblocks in Implementing Compliance Management Software
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The document outlines the complexities and challenges of compliance management across various levels and categories in India. It emphasizes the role of technology in improving compliance processes through features like smart dashboards, integrated document management, and personalized legal updates. The content further highlights specific compliance types, key challenges, and the advantages of a comprehensive compliance framework offered by Avantis Regtech.
5 Most Common Roadblocks in Implementing Compliance Management Software
- 3. Compliance is Complex www.avantis.co.in Compliance is Complex Levels Central | State | Local Categories Labour | Finance & Taxation | Commercial | Secretarial | EHS | Industry Specific | General Type Time Based | Event Based | Check listed
- 4. Fluid Regulatory Environment www.avantis.co.in 2018 2019 Last Quarter (Oct-Dec 2019) Last Month (Jan 2020) Current Month (Feb 2020 ) 3,063 671 243 1031,936
- 5. Labour Finance & Taxation Secretarial EHS Commercial Industry specific General 416 Acts 1,400 Filings 27,000+ Compliances 103 Acts 692 Filings 9,000+Compliances 102 Acts 301 Filings 4,000+Compliances 54 Acts 86 Filings 2,000+Compliances 61 Acts 98 Filings 2,000+ Compliances 49 Acts 107 Filings 1,600+Compliances 274 Acts 385 Filings 12,000+Compliances Cover All Compliance Categories www.avantis.co.in
- 6. Compliance Burden in India www.avantis.co.in Above table is actual Compliance data of Pvt. Ltd. clients of Avantis RegTech in manufacturing
- 7. Challans Registrations Returns RemittancesPayments Licenses Permissions Consent Orders Registers Renewals Key Compliance Types www.avantis.co.in
- 9. Lack In-house Expertise www.avantis.co.in Lack of Expertise Applicable Acts & Compliances Lack of Resources
- 10. Manual Tracking & Management www.avantis.co.in
- 12. TRANSPARENCY • What is applicable? • Who is responsible? • When is it due? • Has it been Complete? • If not, what is the issue? ACCOUNTABILITY • Who is responsible? • Who is the reviewer? TIMELINESS Location wise, Risk wise, User wise Aging of all overdue Compliances TRACEABILITY Detailed audit logs & activity reports 01 02 03 04 What does Technology do? www.avantis.co.in
- 13. - Smart Dashboards Native Mobile Apps Legal Update Notifications Comprehensive Compliance Database Integrated Document Management System 1 2 3 4 5 Key Features www.avantis.co.in
- 14. Time Based Compliance • One-time / Daily / Weekly / Monthly / Quarterly / Half- Yearly / Annual Frequencies • Statutory & Internal Compliances Event Based Compliance • Secretarial Events Non-Secretarial Events Ongoing Compliance • Actionable and Informational Checklists Cover All Compliance Types www.avantis.co.in
- 15. National 28 states, 9 Union Territories & Local laws Comprehensive Across 7 Compliance Categories & Industries Real Time Within 24 hours of the notification Personalised Configurable by industry, category, frequency, regulator, states/UT, ministry, keyword Provides Personalised & Real Time Legal Updates? www.avantis.co.in
- 16. Monthly Compliance Calendars • Current & Previous months Views by Specific days • Color coded status by day/date Organized by compliance types • Statutory Compliances • Internal Compliances • On-going (Actionable information & checklists) Integrated with mail clients • Outlook Client / Office 365 • Google for Business Calendars • Available on Mobile Apps Auto generated Compliance Calendar www.avantis.co.in
- 17. ROLE BASED SYSTEM WITH MULTIPLE LAYERS OF FUNCTIONS ADMIN ROLE FOR SELF ADMINISTRATION STANDARD AND CUSTOM WORKFLOW OPTIONS ONE OR MORE TASKS OPTIONS FOR A COMPLIANCE ITEM Flexible Workflow Engine www.avantis.co.in
- 18. Version Management Manage any number of versions for a given compliance document / working file Universal Document Viewer Should not need applications on your local to view documents Mandatory Review Ensures review by Supervisor before approval Bulk Uploads & Downloads Download Capability to local / Network drive Secure with Encryption Encryption standard - AES 256 Tamper Proof Does not allow deletion or modification of any uploaded document www.avantis.co.in Integrated Document Management System
- 19. COMPREHENSIVE GRAPHICAL STANDARD REPORTS Aging Reports, Status by Entity, Sub-Entity, Location, Risk, Period, Financial Year & User AUTO DELIVERED ON MAIL & MOBILE ON-DEMAND REPORTS Capability to generate on demand reports 10+parameters such as entity, location, user, risk, category, period among others Automatically Delivered based on pre- configured schedule on email & Mobile app Advanced Analytics & Reporting Capabilities www.avantis.co.in
- 20. Full Feature apps on iOS and Android Platforms Secure with PIN and Biometric options Optimized for 3G and 4G Networks Real time alerts Reminders & Escalations Legal Updates Native Mobile Apps www.avantis.co.in
- 23. Contact us Avantis Regtech Pvt. Ltd. 9th floor, Amar Avinash Corporate Plaza, 11 Bund Garden Road, Near Inox Theatre, Ghorpadi, Pune 411001, India Pune, Bangalore, Mumbai, Kolkata, Hyderabad, Delhi, Chennai, Ahmedabad +91 8893594595 sales@avantis.co.in www.avantis.co.in Follow us on
- 24. THANKS