Phase 2 - Compliance Applicability Assessment
TeamLease Regtech identified several hoists, lifts, weighing equipment, cranes, racks among others. These equipment required proper safety assurance and compliance requirements thereby leading to applicability of different Acts and Compliances.
Our Client was a private limited company and a number of secretarial events and other non secretarial events were also applicable. They had 200 branches across 7 states, hence Factories Act and various other Acts under EHS also became applicable.
The team identified over 62 applicable Acts with over 2,300 applicable compliances including time based and on-going compliances. An additional 750 event-based compliances were also found applicable.
Over a hundred licenses, registrations, permissions, consent to operate orders, approvals were identified. A gap assessment was done and it uncovered several critical gaps between statutory requirement and actual requirements which were to be met by the company.
Phase 3 - Implementation
This phase is the longest and the most critical phase of the project. During this phase, TeamLease Regtech assigned a 4 member team of subject matter experts to work with the client’s project team. This phase lasted about 4 weeks during which the following items were accomplished:
-
Map the Client Organisation (Group, Entities, Sub-Entities, Locations, Departments)
-
Review of identified applicable Acts and Compliances with respective department heads
-
Discussion on identified gaps with department heads and compliance head
-
Mapping of Compliances to specific users along with their roles
-
Hands on training sessions with user groups based on their locations and roles
-
Activation of system for a predetermined go-live date
In Conclusion
At TeamLease Regtech, We conducted analysis of client business activities. Since this industry has grown rapidly, so has the compliance requirements.Often, there is no dedicated compliance officer for mid-size companies in the logistics industry. The CXO plays role of a compliance officer as well. As a result, the understanding of applicability of Acts and Compliance is low and they need greater support and assistance in a timely and accurate compliance.
We identify employees who would be the users of this system and play various roles such as Performer, Reviewer, Approver and Management. All the user receive automated reminders, alerts and escalations for the respective compliance allotted to them before the due date. TeamLease Regtech provided internal compliance facility to capture internal compliances relating to renewal of various agreements with various vendors. It helps our client to streamline internal compliance & client migrated from ad-hoc, people dependent and paper based process to Automated programmatic compliance approach.