Page 33 - ITLN May June 2023 Magazine

(Regulation) Rules, 1993, registration In addition to tracking compliance
as a packer under the Legal Metrology technology helps streamline the entire
(Packaged Commodities) Rules, 2011, compliance program. It assimilates
and approvals related to labour safety all paperwork containing digital,
and health among others. verified, and tamper-proof copies of
The aforementioned compliances each document. The digital document
give us a peek into the complex and repository serves as a one-stop
dynamic regulatory environment for destination for arranging and accessing
such businesses. Over 4,000 regulatory paperwork. Digitally integrated
updates are published by more than document management saves valuable
2,000 websites every year which gives time, energy, and resources for
fluidity to the compliance ecosystem. employers, allowing them to shift their
This makes it impossible for a focus to priority tasks. It can track
compliance officer to keep track of all regulatory changes across thousands of
ongoing compliances let alone worry government websites in real time and
about any updates or amendments deliver relevant updates within 24 hours.
that come through. Compliance It enables employers to tackle critical
management for these organisations is updates in a timely manner.
complex and as these With increasing
companies grow their regulatory scrutiny
geographical footprint, on every aspect of a
ad-hoc, paper-based, business, from finance
and people-dependent and secretarial to
processes fail to labour and environment,
scale. They need Compliance safety, and health,
digital processes that management for the responsibility
create a transparent, these organisations for compliance is
accountable, and is complex and as no longer confined
timely compliance these companies to the compliance
ecosystem. Companies grow their department. To this
need to adopt end, the key managerial
these processes in geographical personnel should
their compliance footprint, ad-hoc, establish clear roles
management that paper-based, and and responsibilities for
will allow them people-dependent compliance across all
to stay on top of processes fail levels and among all
regulatory updates to scale. departments. Enforcing
and compliance internal processes
requirements. for inter-level and
Technology-driven inter-department
culture of compliance will go a long coordination is equally important for
way in ensuring that the company stays effective compliance management. Other
on the right side of the law. measures such as period assessments,
At the outset, businesses must risk evaluations, and corrective
shift towards smart and automated interventions should become an integral
compliance solutions that enhance part of the compliance agenda.
their control and visibility over The logistics and supply chain
compliance functions. These industry can gain further momentum
solutions can enable businesses to only when the regulatory bottlenecks
warehouse, and operating a physical stay alert, aware, and ahead of the are addressed. India’s aspiration of
analysis laboratory in the warehouse curve at all times while providing becoming a US$ 5 trillion economy
if agricultural commodities/goods are effective safeguards against lapses, by 2025 with exports crossing US$ 2
being stored among others. delays, and defaults. With a variety of trillion requires a relook at the ease of
There are also one-time industry- unique features such as customized doing business for logistics and supply
specific approvals that an enterprise checklists, integrated databases, chain companies.
must acquire. These include the Import and real-time regulatory updates,
Export Code (IEC) Certificate under regulatory technology platforms have Rishi Agrawal is the co-founder and CEO of
the Foreign Trade (Development and become indispensable for growing the Indian regulatory technology (RegTech)
Regulation) Act, 1992 & Foreign Trade businesses today. solutions company TeamLease Regtech.
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