Gone are the days when businesses were relatively easy to operate. In the presence of a controlled environment and practical legal framework, governing and regulating the operations for various kinds of businesses weren’t much of a trouble task. For smooth operations, regular audits and inspections were enough. But globalization has changed the way we do business now. No doubt it has opened up a lot of opportunities for businesses to expand their horizons but with that it has given rise to complexity of operations. The regulations also have undergone a sea change to keep up with the new challenges. These days the regulatory bodies constantly frame new laws, amend existing laws or acts to incorporate the varying business landscapes. The other important task is to ensure compliance to these new laws. Thus in this present business scenario, a lot of companies have started to pay good attention to compliance management and have recognized the risk as well as the rewards of being fully compliant. But, most compliance initiatives usually begin as projects to meet compliance deadlines for a specific regulation. That approach needs to change as compliance is not a one-time event. Organizations need to thoroughly understand the need for statutory compliance services for a business. This post will provide you some insights on statutory compliance services.
STATUTORY COMPLIANCE AND ITS ADVANTAGES
In simple terms, statutory compliance means adhering to rules and regulations. In order to cope with the ever growing and demanding regulatory environment, it is important for businesses and companies to pay close attention to different laws. They need to devise efficient and effective ways to maintain compliance to these laws and minimize their risk.
Some of the advantages of having compliance as one of the focuses of the management:
- Allows the management to mitigate risks involved in non-compliance which in turn helps to minimize business risk and prevent any setbacks
- A proactive approach to compliance programs makes ways for efficient and effective business management, letting the companies concentrate on their core offerings
- With a proven track record of being fully compliant, the company can easily gain goodwill and good reputation
- The risk of adverse incidents is lowered
- Security of personal data of customers and employees are addressed in the regulations and if addressed properly, give rise to employee and customer loyalty
RISK INVOLVED IN NON-COMPLIANCE
Companies that do not follow the rules and regulations specified by the authorities run the risk of non-compliance and this may have heavy implications on the bottom line of the business.
Some risks of non-compliance involve:
- Penal actions and financial losses
- Loss of reputation and business integrity
- Customer loyalty is heavily impacted
Taking a methodical approach to compliance with rules and regulations is more likely to ensure risk of non-compliance is managed successfully. Plus, enhanced compliance will help improve customer service, reduce costly errors and increase cash flow.
STATUTORY COMPLIANCE MANAGEMENT AND ITS RESPONSIBILITIES
The complexity of business environments is making business operations more difficult and challenging. So, not paying attention to the difficulties or meeting the challenges may result in a lot of damages to the concern. To prevent this and to provide adequate support, an organization can seek the help of Statutory compliance experts, whose main focus is to help organization remain 100% compliant with the ever – changing regulatory environment.
Statutory compliance service providers certainly take the load off your back by offering their expertise on the rules and regulations required for a business to follow. This enables the company to achieve their goals smoothly.
Following are some of the tasks performed by statutory compliance service providers:
- Licensing and Registration
- Maintenance and upkeep of requisite registers
- Calculation of liability and payment
- Preparation and Submission of Periodical Statutory Reports
- Attendance of Periodical Statutory inspections held by the Govt. Officials when ever required
We at DKM, have a much deeper understanding of the regulatory setting and thus we provide specialised services to organizations. We streamline the process right from day to day maintenance of prescribed registers and documents to year end calculations and filings along with reports. So, don’t waste your time and resources in complex and time consuming issues. Avail the services of DKM today and keep your business ahead!