Finteglaw has designed and developed eGavel SME to be a total e-solution to the management of painful legal and regulatory compliance specifically with Small and Medium corporate enterprises in mind. Resulting in transparent audit trails in compliance, it gives total comfort to the top management and the Board of Directors. Apart from obviating regulatory risks it also inculcates a culture of corporate governance within the organisation.
The Companies Act, 2013 has adopted a Governance based approach in conducting the affairs of the company. Under Section 134 (5)(e) in the case of a listed company, the Directors Responsibility Statement shall include a declaration from Director that Internal Financial Controls (IFC) to be followed by the company and that such IFCs are adequate and were operating effectively. Section 143 (3) (i) requires the auditor’s report to state whether the company has adequate internal financial control system in place and the operating effectiveness of such controls. According to Section 177 (4) (vii), the Audit Committee shall act in accordance with the terms of reference specified in writing by the Board pertaining to evaluation of IFC. Section 177(5) requires the Audit Committee to call for the comments of the Auditors about the IFC before submission to the Board. Section 149(8) read with Schedule IV of the Companies Act 2013, puts the onus on Independent Directors to ensure that the financial controls and risk management systems are robust and defensible.
This software can be used by SMEs on a log-in basis. The designated employees of the organisation will get the compliance alerts and they need to execute the compliance deliverable. The CEO/MD of the company will get the complete MIS with regard to the entire compliance of the organisation.
A combination of eGavel SME and eGavel Board when put to use in tandem, becomes a total Governance Platform for the SMEs. Finteglaw also offers execution service through eGavel SME.
Advantage eGavel SME
Business Criticality:Each compliance requirement is graded and colour coded.
Risk Tolerance: While it is highly recommended to have a zero tolerance policy towards regulatory compliance, the risk tolerance levels adopted by the enterprise can be embedded in eGavel SME, based on the business criticality of each compliance requirement.
Compliance Dashboard: Enables the Management to evaluate the compliance levels at each department and provides statistical data to identify chronic defaulters within the organisation.
Charting:eGavel SME generates charts and reports (current and historical) to suit organisational MIS and reporting requirements, evaluation and process re-engineering.
Audit Trails: Complete audit trails in respect of compliance are available on fingertips on eGavel SME and are accessible centrally by the auditor / regulatory authorities / top management. No need for the auditee to run from pillar to post to collect proof of compliance.
Compliance Repository: eGavel SME stores all the evidences uploaded as part of compliance deliverables by each department, and are available centrally for retrieval in a scientifically indexed manner at any point of time. Mountains of paper work and storage obviated.
Zero Cost of Non Compliance: Statistics across the globe have proved that the cost of compliance is always cheaper than the cost of non compliance. An effective, organised and systematic monitoring of compliance de-risks the enterprise from all foreseeable vulnerabilities.