Phase 2 - Compliance Applicability Assessment
TeamLease Regtech identified several Boilers, Pressure Vessels, Hoists and Lifts, Lifting
tools and tackles, Gas Cylinders, Static and Mobile Pressure Vessels, Petroleum Storage
Tanks, Chemical tanks, ETP (Effluent Treatment plant) & STP(Sewage Treatment Plant)
among others. This equipment were located in various plants based in 8 locations leading to
applicability of different Acts and Compliances.
The team identified over 140 applicable Acts with over 5,275 applicable
compliances including time based and on-going compliances.
Phase 3 - Implementation
TeamLease Regtech assigned a 4 member team of subject matter experts to work with the
client. The client was keen to implement the product in phases. Our team worked
collaboratively with the client and developed a 3 month long implementation plan. The
plan included physical visits to 6 states and 8 cities. Here are the key activities
undertaken during the implementation phase:
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Map the Client Organisation (Group, Entities, Sub-Entities, Locations, Departments)
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Review of identified applicable Acts and Compliances with respective department heads
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Discuss identified gaps with department heads and compliance head
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Map Compliances to specific users based on their roles
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Hands on training sessions with user groups based on their locations and roles
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Activation of system for a predetermined go-live date
A total of 263 users were mapped and trained over a period of 12 weeks for
Performer, Reviewer, Approver and Management Roles.
In Conclusion
It has been over a year since the client has been on the system.
The client has reported a significant maturity in their organisational compliance program.
They have seen over 50% reduction in missed compliances. In addition, the Compliance officer
now has access to real time status of over 5,000 compliances without spending any
non-productive time in follow ups. The assurance provided to the board has become more
transparent and credible. There is a tangible reduction in their penalties and interest
expenses arising out of delays. Our client is now on top of all the legal and regulatory
changes within 24 hours of the release of the notification.
Our client has successfully migrated to a predictable, process oriented and digital
compliance management environment.