Compliance Management in India

Lack of Expertise

India’s regulatory universe consists of 1,536 laws involving 69,233 compliances that span across the union, state and municipal governments, which proves to be a challenge for any organization to be up to task daily. Around 90% of the organizations in India do not have a comprehensive list of all applicable laws and compliances for their business.

Resource Challenge​

Most organizations in India have an internal team of no more than 2-3 people dedicated to compliance management. In mid-sized organizations, this number stands at just 1-2 people. Mostly these people are managing other activities, with compliance as an additional charge. Hence, its common to see multiple failures in adhering to compliance

Awareness​

In over 80% of organizations, we have noticed key managerial personnel such as Directors, Board Members and CXOs have a poor understanding of organizational compliances. This results in their inability to use the right tone within the organization. Hence, compliance discussions are given the lowest priority unless any case or escalation arises

Latest Updates​

India’s regulatory environment is highly dynamic, which adds to the compliance uncertainty. In 2021, there were 3,577 regulatory changes, translating to roughly 10 regulatory changes per day. These regulatory changes are published on over 2,000 government websites. They often pertain to crucial changes in procedures, dates, penalties, calculations and applicable duties, among others. There is no simple way for a typical organization to obtain the relevant compliance notifications.

Digitization​

Over 95% of Indian organizations operate on an ad-hoc, paper-based and people-dependent process. Compliance is managed in Excel sheets with emails as a trail for any issues. They manage compliance status in spreadsheets and use emails and phone calls for following up. This leads to frequent instances of missed compliances and the consequent fallout of statutory notices and penalties. As a result, key managerial personnel are often seen operating under stress and fire fighting mode.

We assist organisations in all their compliance matters and payroll management of their workforce. This allows you to save your resources to focus on your business without any worries

We at Knighthood have documented all aspects of Employee Compliance Management that we adopt for our customers. You can visit our resources section to read more

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