The mere mention of the word ‘COMPLIANCE’ brings to mind a sense of being bound by rules and being forced to do things. That in itself is enough to push people away from this seemingly arduous activity. This is not to say that businesses do not want to comply with rules set out by authorities for their industry. It is just that complying with compliance requirements seems like a burden, takes a lot of time, and especially for promoters, seems like a distraction from the core business.
Because of it being a laborious task, the benefits of compliance tend to be forgotten. It is important to remind oneself of these benefits so that the next time a compliance exercise needs to be undertaken, the benefits help outweigh the difficulty of the task.
Count Your Benefits
The biggest benefit of compliance by far is that even though it is a costly exercise, it helps businesses avoid large penalties later on, apart from keeping them out of legal trouble. Besides, the distraction that would result from non-compliance would be much more than putting in the time to comply with regulations. Another benefit that results directly from the aforementioned is that it helps senior management carry on with their work confidently without worry.
Compliance also helps bring transparency to businesses which can be useful in making decisions later. It also makes businesses more efficient as it brings to fore duplicity in activities and helps decision-makers look at alternatives for those functions which are draining money from the business. This efficiency leads to economies to scale – something all businesses aspire to achieve.
Various Types of Compliances
For listed companies, or those intending to list, compliance forms a talking point for promoters when they are communicating to shareholders or prospective investors about their overall mission. Shareholders or prospective investors find it easier to trust those companies that talk openly about the efforts they are making towards complying with regulation. Further, companies that are timely and attentive towards compliance tend to score high marks in the minds of regulators as well.
These benefits are compelling enough for businesses to give higher emphasis on their compliance requirements. But what if businesses could make the process of compliance easier? There is a solution for that.
BA Fintech ( a joint venture between Boston Financial Advisory Group and Avanze Tech Labs has an excellent product known as COMPLIANCE iNBOX (CiB). It is a compliance management software that integrates and streamlines the approach to compliance management. It promises timely and accurate compliance without the typical cost and hassles associated with the activity. Its Dashboard provides a comprehensive view of the status of various compliances and audit activities across an entire business on a single screen. It generates dynamic reports which present information in the form of charts, tables, and data grids which greatly simplify the decision-making process for Promoters and senior personnel and lets them focus on the core business.
Why not give us a call & find more about us? We are here to help you.
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