With more than one thousand Acts, over 58,000 compliance matters, and 3,000+ filings, launching and running a company in India is anything but easy. Let’s face it – The entire process of ensuring and keeping up with regulatory compliance is a complicated one. Majority of companies don’t have the necessary expertise to manage compliance aspects in-house, and most of them don’t have resources to hire in-house professionals for the job. The obvious and most viable solution is compliance management software. From getting legal updates in India to keeping a tab on various applicable regulatory matters, such software solutions can do it all.
So, what should you really expect from the best is compliance management software? We take a look at the basics below.
- An effective interface: It goes without saying that an effective interface is more than necessary to make regulatory compliance an easy job. The software needs to have a simplified dashboard, which can help clients in using the capabilities.
- Compliance on the go: You have to check if the concerned software has iOS and Android apps, because for most professionals and management people, compliance is a regular thing and must be always checked for.
- Adaptable. This is probably one of the most critical aspects that businesses often ignore. While automation of compliance seems like a viable thing, it must be adaptable. In other words, it should work for your industry and must be a useful solution for your company.
- An update system. Getting regular updates and notifications on compliance and legal matters is critical and probably one of the foremost things you can expect from such software. Check if you can actually choose to get email notifications, so timely action can be taken.
- If a software system can actually get you the advantage of analytics, you can have a better idea of risks and other liabilities that are related to non-compliance. This also, in turn, makes reporting an easy task.
- Management of compliance documents. Check if the software allows you to handle and manage compliance documents on the cloud and on your computer. That way, you can prevent many manual errors.
- Onboarding experience. What does it take to install and use compliance management software? The developers are expected to make onboarding a rather simple and effortless experience.
Not to forget, do consider the aspect related to security when it comes to compliance matters or any software that automates the tasks.