What is Pushing Indian Companies Towards Compliance Management Solution

What is Pushing Indian Companies Towards Compliance Management Solution

The corporate and compliance requirements for companies operating in the Indian private sector are growing in quantity, and along with that these requirements are also become more and more complex with each passing year. Compliance management solutions are therefore a much sort after automation product. Due to the severe consequences that companies face from the authorities and regulators, when they fail to comply with the regulations, the popularity of this product has grown over the past two decades. The speed of automation and the governmental push towards digitization has played an instrumental role in the growth in demand for solution of compliance management products. Another important reason behind the spike in demand are the consequences of non-compliance. The punishments include heavy penalties on the company, heavy fine on individual Directors and CXO’s, disqualification of Directors, embargo on Directors from occupying directorial or other important positions, jail term for the personnel and even revoking of the company’s licence to operate. With Indian corporate compliance environment turning more dynamic and complex with each passing year, if the companies operating in this environment fail to achieve one hundred percent compliance to the rules and regulations then they are subject to face the above mentioned consequences. Finding solution for compliance management has becomes the natural preference for companies in order to insure themselves from possible crisis situation. Such a product insures and protects the company as well as its personnel against penalties and disqualifications. The companies are finding it prudent to install a third party compliance management solution software that ensures that the companies achieve complete compliance through the automation system. They never fail in compliance or never miss any compliance deadline. The capability of this management software making it possible for companies to successfully and efficiently manage all their compliance requirement is adding to its popularity amongst corporates. Axar Digital’s LegiLens is a very reliable software that has gained lot of popularity amongst corporate business houses in many cities of the country. The customizable software is installed on the client’s server, thereby making it absolutely immune to external data theft possibility. The authorised personnel are given access to the system through authorised login credentials.