| | | | | |
| Inspired by the need to better protect investors and in | | | | Why automate compliance process and |
| response to the growing number of corporate and | | | | policies?Creating a system for a requirement as critical |
| accounting scandals in the recent past, companies are | | | | as compliance with corporate governance acts is not |
| increasingly realizing the importance to strictly comply | | | | possible with paper-based processes. |
| with legislations as laid down by acts such as Clause | | | | Automation of compliance process and policies has to |
| 49 of the 1992 SEBI ACT. | | | | consider key factors listed below to ensure maximum |
| | | | | efficiency of the system |
| These mandatory corporate governance laws require | | | | |
| complete documentation and evaluation of financial | | | | - Integrated MIS through graphs and statistical reporting |
| statements to be personally certified by CEOs and | | | | to enable managers to view compliance status and |
| CFOs. The law also calls for company top | | | | results before certification and to identify deficiencies. |
| management to accept responsibility and be | | | | - Use Business Rules to meet objectives of risk |
| accountable for establishing and maintaining internal | | | | assessment and controls effectiveness. |
| controls for financial reporting. These controls are | | | | - Collaboration of documents for easy and controlled |
| subject to internal evaluation and ultimate disclosure of | | | | access and real time activity on remedial procedures |
| any deficiencies to Audit Committees. | | | | |
| | | | | A Step Forward to making your organization |
| Role of Information Systems in ensuring | | | | compliance proof: |
| complianceCompliance with SEBI Clause 49 and | | | | |
| Sarbanes-Oxley is extremely process-intensive. It also | | | | As compliance with regulatory bodies become |
| requires seamless storage and retrieval of documents | | | | increasing concerns for organizations today, using a |
| across locations and departments. As compliance is a | | | | scalable Business Process Management platform such |
| recurring activity, manually ensuring compliance in | | | | as Skelta Compliance Accelerator allows for internal |
| mid-size to large companies is very challenging and | | | | controls to be architecturally built in; hence increasing |
| almost impossible. Ensuring compliance effectively | | | | real time activity. Skelta’s Business Rules approach, |
| requires information systems that are based on robust | | | | allows organizations to control risks, manage liabilities |
| workflows, that simultaneously provide for centralized | | | | and ensure transparency of their processes through |
| repositories for document storage and that build in | | | | clear audit trails and comfortably comply with the |
| access and permissions based on organization | | | | Clause 49 mandate. |
| hierarchy. | | | | |