Compliance is a critical aspect for businesses operating in India. While the country has been maintaining an aggressive stance towards development of businesses and industries, the ecosystem of compliance remains convoluted to a large extent. There are more than 3,000 filings, over a thousand Acts, and close to 58,000 compliances. To make things more complicated, regulations, laws and statutory requirements change time and again, often a dozen times in the same day. To make things simple, it is wise to digitize and automate compliance to the best possible extent. If you have decided to use compliance automation software in India, below are some of the features and aspects that definitely need your attention.
The onboarding process is critical
Keep in mind that you already have an IT framework, and there is no way that you can expect or introduce a complete rehaul in operations. In short, if you are investing in compliance automation software, it has to be a smooth onboarding process. One of the first steps that matter is the deployment, and ideally, it is best to select an application that’s SAAS based, so that additional IT investment can be curtained. You need to also check if the app is available for mobile use. A comprehensive dashboard is also expected, so that managing compliance aspects gets easier for the managers.
A good compliance automation software application is the one that can offer legal and compliance updates in a timely and comprehensive manner. Some apps can be integrated with office email, so that managers and important personnel can get notified about compliance. Keep in mind that everyone who is associated with compliance in some form or the other should know about these updates, and therefore, being elaborate is the way to go.
Other features worth noting
Analytics and Reporting are two critical components of compliance automation. You need to have a database, so that all compliance related matters related to the law of the land are within reach, and the accessible data can be used for risk management. Security is another aspect that needs attention. You should be able to ensure that all the data related to compliance and data stored on servers are secure from all possible cyber threats. Automation has to be backed by security, for which the software needs to be well-designed.
Check online now to find more on compliance management software in India.