Phase 1 - Business Discovery
This phase of the project focussed on understanding their business to establish the applicability of Acts and Compliances. Comprehensive information was collected via in-person interviews / meetings / discussions with the Board & Management, individual department heads, and other representatives in the company. The following items were collated:
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Business Set up (Group, Entities, Locations, number and nature of establishments, Industry, export)
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Customer Base - Domestic and International
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Product Range - Kitchenware, Storage containers, Laundry Ware, Chopping Boards etc
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Equipment & Machines
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Establishment Types
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Mandatory repeatable items driven from their global headquarters
Phase 2 - Compliance Applicability Assessment
TeamLease Regtech identified several Boilers, Pressure Vessels, Hoists and Lifts, Lifting tools and tackles, Gas Cylinders, Chemical tanks, HI-Tech Machines, among others. These equipment were located in various plants based in all 3 locations leading to applicability of different Acts, guidelines and Compliances.
Our Client being one of the leading exporters of plastic products also has to comply with global standards which were different for different countries. In addition, there were client specific requirements of processes and quality standards as well.
Phase 3 - Implementation
TeamLease Regtech assigned a 4 member team of SMEs to work with the client in their respective manufacturing plants. Some of the key activities in this phase are as given below:
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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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Discussion on identified gaps with MD, CFO and compliance head
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Comprehensive audit by a team of researchers to obtain recent regulations by the central or state government to meet their proper compliance
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Mapping of Compliances to specific users along with their roles
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Hands on training sessions with user groups based on their locations and roles
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Dashboards were created and provided to the users, having automated reminders, alerts
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Assists in implementation of risk assessment process to stratify risk based on impact and likelihood of occurrence
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Provides compliance program advisory and compliance work plan supplementation
A total of 22 users across all the locations were identified and grouped into Performer, Reviewer, Approver and Management Roles. The project was completed in 5 weeks. A total of 1,890 Compliances were identified and mapped across the users.
In Conclusion
Companies in Plastic Industry have to grapple with a complex compliance environment. If the company serves international markets, the requirements increase exponentially due to additional standards.
Compliance Management becomes a critical roadblock to scale. Missed or delayed compliance are a serious drag on top line and bottom line. It leads to anxiety, lack of predictability and undue stress on people and financial resources of the company.
Our client went digital in their Compliance Management. They migrated from an ad-hoc, people dependent and paper based to predictable, process based digital compliance program. The Compliance officer now has access to real time dashboards. This has enabled him to improve on time compliance dramatically. The penalties have gone down across the company. Missed compliances have almost disappeared. They are much better prepared for their periodic customer audits. The culture has seen a serious shift towards greater accountability and transparency.