GDPR: WE ARE READY, ARE YOU?

Europe is a bounteous marketplace for the ITeS, BPO and pharmaceutical industry in India. The size of the IT industry in France and Germany is estimated to be around 250 billion USD. Thus, for the Indian industries to continue their business in Europe, they need to be GDPR compliant.

What is GDPR?

The General Data Protection Regulation Act, in effect from 25th May, 2018 is a new data privacy law introduced by the European Union – and it is a bit of game changer.

It affects people across the world and not just in Europe.

Five basics you must know about GDPR.

• It applies to everyone who processes “personal data”: most obviously, credentials like names, email, contact and other types of “personally identifiable information”.

• Creates significant new responsibilities: If you process any personal data, you are now truly responsible and accountable for its security and way it is used.

• Global Outreach: It might be an EU law, but it can apply to anyone.

• Doesn’t just apply to traditional businesses: The principles are concerned with what you do with other people’s data, no matter who you are or why you do it.

• Risks to non- compliance: Up to 20 million pounds ($24 million) or 4% of global revenue, whichever is higher.

• Being GDPR compliant is not an option.

The data in any form is increasing per day, same are the compliances. The compliances applicable to your organization are changing on a regular basis. In this regard having Governance, Risk and Compliance System or Compliance Management Software helps strengthen an organization’s compliance framework and puts it on auto pilot.

COMPLINITY is a Governance, Risk and Compliance Software helps you to manage legal and compliance risks for your Company. COMPLINITY helps you to track and monitor your compliances, manage your contracts, track litigation, map risks & controls and establish a world class compliance framework.

• Complinity tracks over 600+ laws on a real time basis and helps in monitoring of compliances by the Company under all applicable laws.

• Complinity provides applicable legal updates on a real time basis so that you are always aware of the latest changes in the law and its implications.

• Complinity acts as a repository or record management of all documents / challans which can uploaded to the software for easy retrieval.

• Complinity sends alerts and reminders to the users and escalations to senior management.

• Complinity provides real- time detailed dashboards and reports. It tracks and monitors the regulatory, statutory and internal compliances and eases the work of stakeholders.

You can safely forget your clumsy excel sheets and folders and migrate to a seamless system.

Why Compliance Management is Inevitable for your Organization?

Governance, Risk and Compliance also known as GRC, is an umbrella term for the way organization to deal with three areas that help them achieve their objectives. Also, risk is a driving force in all business activities. The world is investing in such digital technologies to access more innovative business models, making them more effective, profitable and risk- free. Many organizations do not comply with their safety at a regular basis. These gaps pose consequences to revenue, brand reputation and customer loyalty.

To meet these needs, it is unavoidable that any proactive organization makes the decision to find the silver lining. We need fresh approaches towards risk and compliances to understand the digital era of threats. First, we need to understand the terms to be on the same page.

1. Governance: This indicates the way companies are managed at the highest levels, including the mechanisms, processes, etc and understanding of the rights and responsibilities of various stakeholders within the organization.

2. Risk Management: Risk is omnipresent. Every aspect of every business has the potential for risking your market value and reputation. Risk management is the set of processes that identify, analyze and respond appropriately to each potential risk.

3. Compliance: There are a certain set of laws, compliances, standards, regulations etc that every organization needs to comply with to avoid the penalties or imprisonments that results from non-compliance.

COMPLINITY Compliance Software helps you to meet the needs of all the three areas for your company. COMPLINITY is Governance, Risk and Compliance management software which helps you to track and monitor your compliances.

• COMPLINITY tracks over 600+ laws on a real time basis and helps in monitoring of all applicable laws.

• Complinity acts as a repository or record management of all documents / challans which can upload to the software for easy retrieval.

• Complinity sends alerts and reminders to the users and escalations to senior management.

• Complinity provides real- time detailed dashboards and reports. It tracks and monitors the regulatory, statutory and internal compliances and eases the work of stakeholders.

                         

Fix your roof while the sun is still shining.

As a Director or Key Managerial Personnel how are you managing the risk of penalties, damages or imprisonment on account of Non Compliance, Contract breaches or Control failures?

Here’s a quick self assessment checklist for you to decide:

• Do you have a framework to monitor Compliances across all entities, locations and departments?
• Do you have a centralized repository of your key documents like Contracts, Registrations, Assessments, IPR etc?
• Are you able to track expiry dates of all your contracts?
• Are you able to easily manage Litigation dates, documents and orders?
• Are you confident of compliance with documented Policies and Processes?
• Are you managing your Enterprise Risks efficiently?
• Are your Internal Controls operating effectively as per defined Risk and Control Matrices?

If the answer to some or all of the above questions is “No”, then it’s high time that you looked at establishing a comprehensive Governance, Risk and Compliance .

Why companies need Compliance Services?

With India being one of the fastest growing economies, every company is being haunted by the compliances within the Legal Compliance framework of India. Compliance services are designed to help companies to ensure that they are compliant to various frameworks within this context. COMPLINITY  is one of the best Governance, Risk and Compliance Management Software which helps to track and monitor all your risks and compliances. It makes sure that you never miss compliance by providing the following features:

• The software to track and monitor all your compliances.
• A comprehensive checklist covering 6000+ compliances across 600+ central, state and industry specific laws applicable to your organization.
• Get real time updates and checklists for changes in laws.
• Assign accountability for each compliance.
• Get email alerts and escalations for compliance due dates.
• Maker-checker control.
• Gain real time visibility on compliance status for all offices, branches, factories, etc.
• Generate dashboards and compliance certificates for Board Reporting.
• Get repository of all compliance challans, forms, returns and other documents submitted.
• Conduct Secretarial or Compliance audit through virtual data room.
• Track Assessments, Registrations, Licenses, IPR and much more.