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The need for managing Regulatory Risks
The Companies Act, 2013 , SEBI Listing Regulations and now The Code of Ethics by ICAI; all have re-emphasised the significance of adopting industry’s best Governance practices by implementing a robust Statutory Compliance Management framework.
It's the responsibility of Key Managerial Personnel (KPMs), Board of Directors, CFOs, Chartered Accountants, Company Secretaries, General Counsels, Auditors to devise an effective system to ensure adherence with all provisions of applicable laws and clearly established responsibility matrix.
It is a daunting task for any Compliance Officer to give assurance to the board as number of applicable laws and compliance could be anywhere between 50 to 1,000+ and 2,000 to 50,000+ respectively; basis no. of entities, locations as part of the group.
Multiple legislations and regulators
Understanding of Legal Obligations
Increasing Risks & Legal complexities
Data Consolidation & Management
Segregation of Roles & Responsibilities
Fragmented and inadequate reporting
THE SOLUTION
Lawrbit Regulatory Compliance Management System (GCMS-India) seamlessly integrates Technology with Laws, Compliances and has been created with decades of experience of its founding team in building technology solutions, consulting MNCs, industry leaders, SMEs & start-ups in strengthening their Risk & Compliance Framework.
Lawrbit GCMS - India is an Industry-leading Regulatory Compliance Management Software; trusted by 1,000s of legal users across industries and geographies. Our clients have experienced a positive shift of attitude towards compliance management, improved adherence & employee satisfaction and reduction in overall cost and time in managing compliance.
COMPLIANCE SOLUTION ADVANTAGES
Explore the key benefits of our compliance solution
REGULATORY COVERAGE
We provide comprehensive covering across all laws applicable on the business
50+
(Acts)
Corporate & Secretarial
100+
(Acts)
Finance & Taxation
400+
(Acts)
HR, Labour & Employment
100+
(Acts)
Commercial & Administrative
40+
(Acts)
IT / Data & Others
50+
(Acts)
Health & Safety (EHS)
10+
(Acts)
Anti Trust, Corruption ++
300+
(Acts)
Industry Specific
COMPLIANCE CATEGORIES
Laws suggests varied type of obligations on business; we have intelligently bifurcated them to ensure you don’t miss any
60+ Parameters covering various compliance aspects are captured
- Compliance Description - Section, Para & Rule, Frequency, Filing Requirements, Filing Type, Form Copy, PenaltyType, Estimated Penalty Amount, Risk Categorisation, Events, Compliance Type, Category, Additional Information & More..
- Key Terminologies as defined in act & rules with Section reference
- Act Documents - Copy of Bare Act, Rules, Forms & Formats, etc
- Regulatory Updates - Circulars, Clarifications, Notifications, Press Releases, Amendments, Schedules, Ordinance, Guidelines, etc
COMPLIANCE CATEGORIES
Basis type of action required, compliance across categories are further bifurcated in 4 modules
ONE TIME
Licenses, Approvals, Registrations, etc
- Licenses, Approvals, Registrations & Certifications required during commencement of business, office, service, product line, etc
- Appears in loop basis date and duration of approval granted
RECURRING
Monthly, Quarterly, Bi-Annual, Annual Filings
- Biggest worry of any CXO are filings under various laws; not having a consolidated, vetted, calendar covering all obligations adds to concerns
- Designed to be auto triggered on due date in owner’s calendar
EVENT BASED
Secretarial & Non Secretarial Corporate Actions
- Intelligently identifies obligations from all applicable laws across locations for 500+ Corporate Events; auto assign to relevant user
- Descriptive notes Events, procedures on 130+ Companies Act Events
ONGOING
Registers, Procedures, Displays, Provisions, etc
- Usually hidden in finer prints on laws and are understood either by SME’s; to be followed throughout the business operations
- Self assessment surveys triggered on pre-set frequency
TECHNOLOGY FEATURES
Build on most advanced platform & hosted on AWS, our solution is feature rich, intuitive and easy to use
Workflow Management
- 5 layers of defence - Performer, Approver, Group Owner, CXO & Auditor
- Compliance Organogram inline with reporting structures, cross functional collaborations
- Role based access at each level
- Approve, Reject, Reallocate compliance tasks
- Integrate 3rd parties (Vendors & Service providers) for compliance reporting
- Track expenses, interest, penalty, service fee
- For event base compliance, restrict trigger rights, define if approver required & approver
Auto Populated Calendars
- Gets Auto populated for entire fiscal in January; enables effort planning & budgeting
- Real time auto updation basis legal changes
- Colour coding on lines of heat map for each date basis compliance status and criticality
- Compliance Surveys are auto triggered on last date of the period; configure periodicity basis criticality and maturity of the function
- Define Pre & Post compliance dependencies along with target dates for different user
- Intuitive calendar with list view options
Document Management
- Define type of documents and maximum size of documents allowed to be uploaded
- Configure evidence policy for performer & approver across 14 compliance categories
- Advance search for download basis multiple parameters; download multiple documents
- User can upload multiple documents, tag them as Evidence, Supporting doc & Working Sheet
- Add Confidentiality tag for each document
- Temper proofing of document - Once uploaded, deletion, modification not allowed
Intuitive Reports & Dashboards
- Interactive dashboards with drill down, trend charts, location & function wise heat maps
- Global Heat Map with drill down to country and state levels
- 5x5 Risk chart basis custom risk categorisation
- “Matrix Report”, an innovative report builder.
- Allow users to create & save multiple report templates with 10 filers and ~40 columns
- Download report in Excel, CSV, Pdf
- Schedule report for auto mailing on defined date and time every week / month
Value Added Innovative Features
- Integrated Ticket Centre allowing users to raise support tickets, get resolution, rate responses
- Manuals, Videos to help user learn the system
- User can customise Notification, Reminder settings; define frequency & periodicity
- Internal chat Application: Users can chat with other active users, leave offline messages
- Audit Trails for every change in compliance status by user & User rights, setting by Admin
- Contact Directory with user details
- Regulatory Update mailer frequency
SYSTEM & DATA SECURITY
We noticed that Legal Compliance Management tools become unreliable within a few years as Compliance updates are manual and faulty. With our SaaS offering, we overcame this challenge of infrequent & non-standard updates on previous-gen solutions.
DR, Back Up & Network Controls
- Daily / Monthly data backup; accessed by IT
- Backups on AWS cloud with secured access
- Backup jobs are tested on 6 monthly intervals
- Data Encryption using AES 256
- A secondary DB is created on AWS - RDS on real time basis (0.02 seconds)
- Disaster Recovery option enabled
- Corporate Wi-Fi & VPN for access controls
- Network logs are maintained & assessed
- Identity Management controlled with MFA
Design & Process Controls
- 2 Factor Authentication to protect identity
- Role Based Access Controls (RBAC)
- Software Development level Security protocols
- Strong Password Policy with age limit
- Risk/Vulnerability Assessment and Remediation
- Automated & Manual Software Testing
- Periodic Internal and 3rd party audits
- Change Management Process
- Process in place mitigate Security Incidents Security Training for Employees
Hosting & Infrastructure
- Hosted on AWS DC in Mumbai in accordance with Data Localisation requirements in India
- DC certified with security protocols ISO27001, ISO27017, ISO27018, SOC1/SOC2, PCI-DSS
- Using Full Stack of Services by AWS to ensure data security & application performance - CloudTrail, Elastic Compute Cloud, Simple Storage Service, Relational Database Service , Identity and Access Management, Multi-Factor Authentication Config, CodeCommit, CloudFront & Many More
LIFETIME SUSTENANCE SUPPORT
Offered as SaaS; solution comes with our warranty to keep it updated & upgraded without client involvement
Technology Upgrades
Underlying technology & app are upgraded frequently to keep with changing needs & evolving tech landscape
Research & Development
Substantial portion of revenue is ear marked for R&D to build new features & functionalities to ease end user work
Domain & Tech Support
Team of Lawyers, Chartered Accountant, Company Secretaries & Engineers can be available on call
Support Services
Compliance Health Checks, Business Impact Analysis, Configuration & Operation Support Services on Demand
The voice of confidence
Bhawani Jhanwar
Chief Financial Officer - Credit Saison India (NBFC- Middle Layer)Lawrbit GCMS compliance tool effectively facilitates listing, managing and tracking all compliances under one umbrella. Dashboards have helped us to check that all compliances are completed on a timely basis, and non-compliances are easily identified. The support team has been truly exceptional in providing prompt assistance and support whenever needed.
MANOJ BHARGAVA
Sr. Vice President - Legal & Secretarial, IndiamartEstablishing a comprehensive compliance tool in a group spanned across 6 legal entities, having offices across the country is not easy without clear vision, consistent approach & agility to maneuver; Lawrbit could achieve this with our consistent support.
Having worked on many compliance & litigation solutions in the past, what I liked is their easy user interface, seamless integration with Regulatory Intelligence & real-time updates, and analytical dashboards for the management.
The holistic approach of Lawrbit GCMS towards compliance; bucketing them in types, categories gives a comfort that we have control on compliance across the group. The team is proactive, helpful, and has a positive attitude towards our requests.
Arvind Kishor
Head – Legal & Compliance, Maersk GSC – India, China & PhilippinesWe spent almost 1 year evaluating every possible option available, including Big 4s; found Lawrbit’s delivery model & technology most compelling. They have gone in every detail around compliance nuances. We signed up during the Covid period, my worries doubled, but their implementation team (Global & Indian) did a phenomenal job & went live within set timelines. Our teams across India, China & Philippines are happy with the roll-out and support provided during & post Go-Live.
Kavita Gupta
General Manager - Head for IPR & Legal (MyLab)Demonstrating the highest calibre of professionalism, we at Mylab are thrilled to share that the Lawrbit Team has been among our finest collaborating parties. The diverse team of legal, secretarial, and a proactive support staff has been instrumental in facilitating Mylab's implementation of an all-encompassing legal compliance initiative in our organization.
GCMS is a robust tool that facilitates a user-friendly experience. It's interesting that a non-legal person is quite easily engrossed in the programme, indicating that the GCMS can serve as a company's one-stop shop for all its statutory compliance obligations.