Every organization needs to conform to various statutes. These assess the propriety of business functions with respect to relevant legal frameworks. As the turnover and operational ambit of your business expand, you may need to exhibit compliance with different laws and regulations.
Ensuring adequate compliance with all governing laws manually can be a challenge. This process is streamlined by legal compliance management software. Such software compliance to all legal stipulations infallibly in a comprehensive and highly customized manner.
Need for Legal Compliance Management Software
With IT-enabled legal compliance management, you can steer clear of the flaws and inefficiencies that characterize the manual process. Some of the main advantages that you can avail of with intervention of legal compliance software are discussed below.
Avoid Legal Hassles Through Proper Interpretation
Each law is complex and can have multiple implications. It has to be interpreted in the right context and business perspective. When legal compliance management software is implemented:
Each relevant legal statute as applicable to business is listed.
The proper interpretation is provided in layman term to avoid confusion.
Professionals need to focus only on selected statutes without bothering about other details.
As the compliance process is expedited, prospects of violating any law inadvertently become a remote possibility.
Responsibilities Can Be Assigned Clearly
Legal compliance software in India can eliminate any ambiguity in defining the process owner for each statutory compliance to be exhibited.
Responsibility is assigned to each concerned professional.
Timelines for showcasing conformance are mentioned clearly.
Scope for uploading documents exhibiting compliance is provided.
Reporting of compliance to auditing government officials can be done efficiently.
Reminder mail is triggered to superior if the process owner forgets to close task in the system.
Cost and Productivity Optimisation Can Be Achieved
Legal compliance software can spell significant cost benefits for your organization. These monetary advantages are realized in the following manner.
The software can be installed over intranet which eliminates the need for multiple workstation licenses.
Dedicated legal compliance department can be done away with as each professional is responsible for his own area.
Need for hiring auditors at regular intervals at high fees is obviated.
Auditing can be done periodically by a departmental manager for all concerned employees.
All proofs of compliance can be maintained in digital mode or overcloud.
Additional physical infrastructure is not required for storing evidence.
Any change in statute is updated quickly.
Proper Risk Mitigation Is Assured
Legal compliance software in India can be used for classifying risks associated with non-compliance for a wide range of tasks. Based on your organization’s risk appetite, the database can be compiled.
Risk categorization can be done at multiple levels.
Penalty for non-compliance in terms of imprisonment or fine is clearly defined for each task.
Mitigation and risk management plans can be detailed out.
Potential hazards of not complying with statutes deliberately are stated.
A legal compliance management software can categorize and mitigate risks of non-compliance, assign responsibilities to key stakeholders, do compliance monitoring digitally, eliminate the cost of hiring dedicated compliance officers, and help you avoid expenses on procuring additional infrastructure. In today’s day and age, it is imperative that your organization has a legal compliance software in place to ensure that complexities of the law do not take its toll on operational processes.