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Regulatory Compliance Services

Regulatory Compliance Services

Regulatory Compliance Services

Historically, board of director and key managerial personnel have been perceived to focus primarily on value creation for shareholders, however with multilayered regulatory environment, complex business structures and changing technology scenario, the companies are mandated to focus on accountability and governance. Large financial frauds and scams in last decade has compelled the statutory authorities to make companies streamline compliance management processes and build underlying controls to mitigate risks.

With the advent of the Companies Act, 2013 and SEBI Listing Regulations, the significance of a robust compliance framework has been re-emphasized, also establishing increased responsibility on Key Managerial Personnel and Board of Directors to devise a proper system for ensuring compliance with the provisions of all applicable laws.

Key challenges/Problem Statement

  1. Multiple legislations and regulators – Incognizance of law and compliances
  2. Tracking of regulatory changes
  3. Fragile underlying controls (Policies / SOP)
  4. Fragmented and inadequate reporting
  5. Lack of Data Centralization
  6. Ineffective Segregation of Roles and Responsibilities
  7. Increased risk of non-compliances
  8. Monitoring of compliance due-dates

How can we Help?

Key Elements of KPMG’s Compliance Framework:

Element 1 : Compliance Policy

Activities: Documentation of compliance standards with responsibility matrix across products and function

Element 2 : Compliance Organization Structure

Activities: Assist to prepare performance and reporting matrix reflecting organization structure. The structure would be as follows:

  • Central compliance function, supported by region based compliance teams
  • Central compliance function, supported by product focused compliance teams

Element 3: Linkages to Key Committees

Activities: Assisting to frame terms of reference for Board / Operational Level Committees committee emphasizing of Governance and accountability.

Element 4 : Compliance Strategy and Charters

Activities: Formulate charters comprising compliance risk, roles/ responsibilities and assisting to develop strategy for establishing “zero tolerance” culture for non-compliance.

Element 5 : Compliance Obligation Registers

Activities: 

  • Identification and documentation of general (non-core) product level (core) compliances
  • Prepare compliance obligation register

Element 6 : Compliance Testing Framework

Activities:

  • Risk based compliance testing, benchmarking with best practice.
  • Reporting Gaps and recommend remediation

Element 7 : Compliance Training & Certification

Activities:

  • Develop content, training calendars and training modules
  • Assist in monitoring of accreditation / certification requirements

Our Key Differentiators:

1. Dedicated Centre of Excellence Team :

- Comprising of Lawyers, Company Secretaries, Chartered Accountants and Engineers having an average experience of 5 years and above.

2. Proven Technology : “Compliance Reporting Assessor” an automated compliance framework

- Implemented across 150+ companies with enhanced workflow, dashboards, and reports to ensure comprehensive coverage of entire compliance process.

3. Comprehensive Compliance Database :

 - Database of compliances for more than 30 sectors, 4500 statutes and 50,000 compliances

4. Operational Efficiency :

- Extended bandwidth to cover end to end compliance framework enhancement across locations – domestically and overseas.

5. Subject Matter expertise :

- Value addition in terms of profound understanding of business operations with allied regulations and aligning the expertise to accomplish the end result.

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