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COMPLIANCE AND TECHNOLOGY

COMPLIANCE AND TECHNOLOGY. Presented by: Sharad Jain Managing Director FSL Software Technologies Limited. COMPLIANCE - MEANING.

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COMPLIANCE AND TECHNOLOGY

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  1. COMPLIANCE AND TECHNOLOGY Presented by: Sharad Jain Managing Director FSL Software Technologies Limited Private & Confidential

  2. COMPLIANCE - MEANING • COMPLIANCE is nothing but the certification / confirmation of the task which was defined in the prescribed legislation, laws, rules & regulation, specified standards, or the terms of a contract. • It can be following types: • STATUTORY / LEGAL COMPLIANCE which are defined under various statutory laws by the various statutory bodies like Companies Act by ROC, FEMA by RBI etc. • ADMINISTRATIVE COMPLIANCE which are to be compiled w.r.t to certain contracts entered like with banks, insurance, various agreements etc. • INTERNAL COMPLIANCE which are defined by the department of different companies like submission of various MIS, fundflow, region sales report etc. Private & Confidential FSL SOFTWARE TECHNOLOGIES LTD

  3. WHAT IS TECHNOLOGY TECHNOLOGY • Equipments & Tools like computers, Webcam etc • Communication Mechanism like Internet, Data on Cloud etc • Equipments & Applications like Antivirus, security certification etc • Software Applications • For Business Control like ERP • For Operations Control like CRM , Compliance, PSA (Professional Service Automation) Private & Confidential FSL SOFTWARE TECHNOLOGIES LTD

  4. POWER OF TECHNOLOGY Expansion Beyond a point without Technology is “IMMPOSSIBLE” Private & Confidential FSL SOFTWARE TECHNOLOGIES LTD

  5. ROLE OF TECHNOLOGY IN COMPLIANCE • A. TECHNOLOGY HELPS IN LEARNING • Search Engine / Knowledge Base • Web based Tutorials • Cd’s rather than Books • Various softwares which provides upgraded forms etc for filing • B. TECHNOLOGY HELPS IN EXECUTION • Facilities for filing returns • Auto Check & Duplication check • Ease of operations • Various facilities like offline returns of service tax, income tax etc Private & Confidential FSL SOFTWARE TECHNOLOGIES LTD

  6. ROLE OF TECHNOLOGY IN COMPLIANCE • C . TECHNOLOGY HELPS IN CONTROL & REVIEW • Reports available on one click • Exceptions reports are there to alarm well in advance • Reports of person wise, location wise, priority wise etc are available to review a particular person or company/location or high risk compliances • IMPORTANCE OF CONTROL & REVIEW • Compliance are done by the executors who are at the junior level of the organization at different locations / departments BUT the Accountability are vested on the Directors or the Key management person who are at the Top level of the organisation Private & Confidential FSL SOFTWARE TECHNOLOGIES LTD

  7. CURRENT SCENERIO • HOW MOST OF THE ORGANISATION ARE MAINTAINING THE COMPLIANCES • A. (i)SINGLE LOCATION MULTIPLE EXECUTORS • (ii) MULITI LOCATION MULTIPLE EXECUTORS • B. HO - CFO/ CS/ DIRECTORS • Dedicated one senior person for Compliances • Seek mails/ certificates from the executors every month compiled status report from all location & all executors to strong follow-up for missing information • No access to physical records • And generally one & two people & some fully booked for this excersice • C. USERS • Have their own list of Compliances on Excel • Information to superior about Compliances through phone/ mails • INSPITE OF ALL THE ABOVE THE SYSTEM ARE NOT FULL PROOF Private & Confidential FSL SOFTWARE TECHNOLOGIES LTD

  8. NEED TO AUTOMATE THE COMPLIANCE SYSTEM As per the Sec 134 (5) ( f) of New Companies Act 2013 the director has been vested with the responsibility of “devising proper systems to ensure COMPLIANCE with the provisions of all applicable laws and that such systems were adequate and operating effectively” Consequences: Fine Rs. 50k to Rs. 25 lac AND OFFICER INCHARGE shall be punishable with IMPRISONMENT for a term maximum to Three years. Based on the above Industry needs a tool / system to manage all the compliances where director can rely & ensure on a click of button that all the compliances are timely complied on the basis of which he can sign the DIRECTOR RESPONSIBILITY STATEMENT without any fear. Private & Confidential

  9. CHALLENGES OF CONTROL & REVIEWS OF COMPLIANCES Let’s analyze the Challenges facing by the Industries in the Control & Reviews of Compliances Private & Confidential

  10. CHALLENGES OF CONTROL & REVIEWS OF COMPLIANCES High number of compliances spread across multi-locations and multi-people having there own inconsistent practices. • MUMBAI - INDIA • DUBAI- UAE • NEWYORK – USA • LONDON- UK One system which integrates all Compliances of all different locations under single platform Private & Confidential

  11. CHALLENGES OF CONTROL & REVIEWS OF COMPLIANCES System of getting the Compliance reports & time spend in report writing by the employees • Through couriers • Through faxes • Through phones • Through E-mails • All Saturdays • One day a week • ½ a day everyday • Once a fortnight An Automated system where no couriers, mails were required to be sent and you could see Compliance reports sitting on your place Private & Confidential

  12. CHALLENGES OF CONTROL & REVIEWS OF COMPLIANCES Compliances data being maintained by various peoples in various departments • Everyone has his own account • Person specific way of maintaining / updating Centralized system having standard process/format across the organization Private & Confidential

  13. CHALLENGES OF CONTROL & REVIEWS OF COMPLIANCES 80% of the time of the compliance team is going in maintaining & searching the huge compliance data 20% of the time is going on doing the actual compliance With the effective compliance tool the figures can be reversed i.e. 20% in maintaining & searching and 80% on actual compliances Private & Confidential

  14. CHALLENGES OF CONTROL & REVIEWS OF COMPLIANCES Too much time spent on compiling and generating MIS reports of all the regions and presenting to the management • One day a week • One full department working • A person working exclusively through the year • No time as not compiled A System where all this available at the click of a mouse duly compiled and an MIS as of now Private & Confidential

  15. CHALLENGES OF CONTROL & REVIEWS OF COMPLIANCES Surety of the report compiling done by responsible user • Fairly sure • Not to sure • Not compiled System generated MIS Report with no manual intervention and should be available on demand any where, any time and any place. Private & Confidential

  16. CHALLENGES OF CONTROL & REVIEWS OF COMPLIANCES Old Compliance reports / any compliance and will take time to reach you after they are compiled How Old Time taken to reach that report/compliance • 1 day 24 hrs • 1 week 48 hrs • 1 fortnight do not reach • 1 month do not reach A System where all this available at the click of a mouse duly compiled and an up to date MIS Private & Confidential

  17. CHALLENGES OF CONTROL & REVIEWS OF COMPLIANCES Skipping of a compliance required to be submitted for a specific period / month OR delay in adhering to the compliance on a particular due date. Centralized Library and the system will remind you the due date and target date of the compliances Private & Confidential

  18. CHALLENGES OF CONTROL & REVIEWS OF COMPLIANCES If Employee quits his job • Do not know the status of his compliances With the system anyone can keep a track of each and every compliance and could conveniently switch responsibilities to someone else to take them forward Private & Confidential

  19. The list would go on & on... OR Use Technology to safeguard your business from the "COST & FEAR OF NON COMPLIANCE" THANK YOUSHARAD JAINMANAGING DIRECTORFSL Software Technologies LtdSharad@fsltechnologies.com9871796611, 0120-2534066/67/68 Private & Confidential

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