Finteglaw has designed and developed a total Compliance ERP solution for the management of painful legal and regulatory compliance. Implementation of this enterprise wide automated statutory and regulatory compliance software ensures compliance with all applicable laws. 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.
Stage 1: Finteglaw analyses and enlists the compliance requirements of your company, based on all applicable laws, rules, regulations and guidelines. A master checklist is prepared and sorted department wise.
Stage 2: Compliance Test Report (CTR) is prepared for each department and circulated for evaluation and educative purposes.
Stage 3: The final department wise CTRs along with tutorials are populated into eGavel ERP, and become accessible to all concerned departments.
Stage 4: Automatic email alerts are generated by eGavel ERP to the respective department. The departments can address the CTR pertaining to them, and attach audit evidence (wherever applicable) as to the compliance deliverables. An authentication process is also made part of the reporting.
Advantage eGavel ERP
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 ERP, 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 ERP 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 ERP 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 ERP 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.
Scalability: eGavel ERP also enables the enterprise to address various enterprise risk issues, apart from compliance.
Compliance Standardisation: eGavel ERP works in tandem with the enterprise standardisations, including ISO. The processes and outputs can be customised to suit inviolable standards
Enterprise Valuation: eGavel ERP causes the enterprise to be governance oriented, clean and free from regulatory issues. This eventually enhances the enterprise valuation.
A Gavel is a typically fashioned small ceremonial mallet made of hardwood. The gavel is used in courts of law and represents the entire legal system, especially of judgeship. It is also a symbol of the authority and right to act officially in the capacity of a chair or presiding officer.