A week ago Finance Minister Nirmala Sitharaman requested chartered accountants (CAs) to familiarize themselves with new-age concepts and areas of accounting and compliance including carbon accounting, CSR accounting and auditing as well as due diligence related to ESG to be at par with their counterparts in other nations amid changing global practices and compliance needs.
The recent policy changes and diverse compliance needs have become a concern among corporate India. LiveMint spoke with TeamLease RegTech CEO Rishi Agrawal on certain issues related to compliance. Here are excerpts:
1) What are the key compliance regulations and standards must corporate India adhere to?
Rishi Agrawal: The actual applicability of compliance depends on the nature of the business. As part of the client onboarding process, TLRegTech conducts a Compliance Applicability Assessment of the organization. There are different specific regulatory requirements and standards for enterprises from other sectors and industries.
ALSO READ: Sitharaman urges CAs to adopt carbon, CSR, ESG practices
2) How do Indian businesses leverage technology to simplify compliance procedures?
Rishi Agrawal: Digital compliance management solutions come equipped with functionalities such as tracking and managing compliance obligations and automatic collection, generation, and storage of compliance records and documents in the prescribed format. The tracking functionality allows the enterprise to monitor compliances applicable to the enterprise, its contractors, and third-party vendors. The automation layers enable the automatic generation of compliance documents in the required formats, enabling firms to make a seamless shift from ‘reactive’ compliance to ‘dynamic’ compliance.
3) What sets TeamLease RegTech apart from other compliance solution providers?
Rishi Agrawal: TeamLease RegTech has a digitized compliance database that covers 1,536 acts and rules and 69,233 compliances across 28 states and 8 Union Territories. These compliances can be sorted based on acts, rules, risk levels, penalty type, industry, and compliance Category, amongst others.
TeamLease RegTech is ahead in keeping track of the fluid nature of the compliance ecosystem by tracking over 2200 government websites that publish regulatory updates and delivering the relevant updates typically within 24 hours of notification.
ALSO READ: ‘Our goal is to simplify finance processes’: Clear CEO Archit Gupta
4) What Products does TeamLease RegTech offer?
Rishi Agrawal: The product offerings can be classified into two main categories: Track and Automate.
Track: Under this category, TLRegTech offers products including Avacom, Contractor Compliance, and Structured Digital Database (SDD).
Avacom helps track and manage the entire lifecycle of employer compliances, Contractor Compliance helps corporates create a digital process to facilitate the effective management of compliances related to their contractors and SDD meets the SEBIs list of required features and more — from time stamping to the maintenance of historical data to customized report generation.
Automate: Under this category, TLRegTech offers products including Avasec and Avacom Labour.
Avasec is exclusively designed for company secretaries and digitizes the entire secretarial function, while Avacom Labour is an end-to-end automated solution for preparing all regulatory returns, registers, and challans.
5) How TeamLease RegTech is empowering Indian corporates for ease of doing business?
Rishi Agrawal: TLRegTech, through its products, helps corporations find it easier to stay on the right side of the law. The offerings consist of two layers – the tracking layer and the automation layer – described earlier.
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Updated: 25 Aug 2023, 04:25 PM IST
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