Compliance Monitoring System :
The risks for any organization could be political, operational, compliance, or even market risks. Companies need to create a framework within which all business units take responsibility for detecting obstacles to achieving performance objectives. Real-time automation allows the management to continually monitor their internal and external environments within that framework to identify potential sources of risk early, assess those risks, and respond based on the organization's risk tolerance.
Compliances covered :
Compliance needs to be managed completely independent of the rest of the firm. But it is equally certain that Compliance can deliver and demonstrate value. International standards enforced through SOX and similar compliance are well known and adequately dealt with by standard GRC suites on offer. On the other hand, India-specific regulations require public and listed companies under the Indian Company Law to strictly monitor compliances both from point of view of Legal Provisions and as part of their Internal Standards and Control. In fulfilling these needs, e-Forms are submitted to the "Registrar of Companies" for private companies and to "SEBI" under Clause 49 for the listed companies.
Auditor Access :
The companiesí auditors can be provided access on the system so they can review the status of the compliance and the documentation submitted thereof. They can ask for more detail from the compliance owners in case of exceptions or just provide observations. In addition, the dashboards help the Company management to assess the Auditorís performance.
Access owner's customised checklist
Provision for both legal provisions & internal controlsí checklists
Provision for Maker-Checker
Generates Compliance Certificates
Provides a Dashboard for Management
Provision for auto-reminders
Escalation process for non-compliance
Links with the companies HR database
Able to extract data from a company's ERP
Provision for access to Auditors