Regulatory & Statutory Compliance Tracking System
Creating Compliance Consciousness
“My Compliance” takes a 360º view of all Compliance related activities. This tool encompasses the key work areas of the Compliance function of any organization. Features include receipt of regulatory communication, its analysis and broadcast, action item identification, taking Periodic Compliance Certification from the business units, ensuring timeliness of regulatory reporting, Compliance reviews, monitoring closure of action items and recording breaches/exceptions/deviations and ensuring their timely remediation. Review of Advertisements Material, Compliance Advisory and Compliance Self Assessment Quizzes are also available.
- Regulatory Communications Tracker: Any communication from the regulator is captured in this module, broadcasted to the relevant audience after detailed analysis; action items (ad-hoc actions, Compliance Certification Checkpoints and Regulatory Reporting) are recorded and tracked for closure. Organization-wide, users can view and download the regulatory communications (of course, with access control defined).
- Periodic Compliance Certifications: Periodic (typically, quarterly) self certification is taken from the business units (SPOCs, Unit Heads and Function Heads). A detailed checklist is filled up by the SPOCs confirming adherence to various sections of different acts/regulations/circulars/guidelines/notifications. Deviations, if any, are recorded along with the root cause and the remediation action plan. Non-compliant line items and the deviations are monitored for timely remediation.
- Regulatory Reporting Tracker: All periodic reports / returns / forms, be it fixed date or event based, are maintained and tracked in this module. Business Units submit the reporting data and Compliance team verifies and closes the reporting. Timely and frequent notifications, reminders and escalations are generated to ensure compliance.
- Material/Product Literature Review: Any marketing material/product literature needs to be reviewed and approved by Compliance function prior to being released in the public domain. The workflow encompasses the entire journey right from the request creation by marketing/product teams, an approval process including different functions, approval by Compliance, capturing the release details of the material and filing of the material with the regulator. Any further communication/clarification from the Regulator can also be recorded here.
- Compliance Advisory: The business teams can connect with the Compliance function seeking its advisory on various Compliance topics. Features include auto-allocation of queries to the relevant SMEs (Subject Matter Experts), TAT monitoring for query resolution, dashboards highlighting the support provided by the Compliance function to the business.
- Compliance Training & Quizzes: Carefully drafted Training Programs and Quizzes can be rolled out across the organization thereby promoting a compliance culture across the organization. MIS and Analytics are available to deep-dive into the statistics of these training programs.
- Compliance Reviews: Reviews pertaining to organizational compliance to a regulation can be planned & executed through this module. The journey includes planning, execution of these reviews, Issuance of Final Report, Observation closure and ensuring compliance to the specific regulation.
- Reports & Dashboards: Graphical dashboard, heat maps, reports are available for business units, Senior Management and the Compliance function to get clear insights into the organizational compliance status.