India's Regulatory Environment is Fluid
The revised Companies Act 2013
has put the onus of ensuring adequate controls over financial controls on the senior management
team including the Board of Directors, Members of Audit Committee, Independent Directors and
Statutory Auditors.
Compliance with this statutory
requirement necessitates “Identification of associated risks coupled with the existing key /
non-key controls” and “Continuous monitoring of the effectiveness of the defined controls”. The
said exercise needs to be carried for all business processes relevant to individual legal
entities / location. Monitoring control effectiveness on an ongoing basis for all business
processes is typically a manual activity.
Additionally, it is a challenging task for large geographically spread-out organizations as they
do not follow a process and framework based approach to control design, testing, reporting and
monitoring. As a result, you can never be sure about the extent of control monitoring and
management in place, and the level of risk coverage with respect to financial reporting.
What is RuleZbook?
RuleZbook, by Teamlease Regtech is India’s leading mobile App for National, Real Time, Comprehensive and Personalised Compliance Updates. It is integrated with India’s best and most comprehensive Compliance Database.
Its universe of over 1,536 Acts, 69,233 Compliances are updated typically within 24 hours of release of an update. In 2019, RuleZbook captured 3,029 Compliance Updates across Central, State and Local Compliance Categories.
RuleZbook gets updates from over 2,200 government websites daily. A strong team of 40 lawyers analyse these changes and tag them with Location (Central / State), Industry, Category, Ministry, Act, Compliance, Government Department and Keywords.
How does it Work?
A user can visit their App Store (IOS) or Play Store (Android) and download RuleZbook. They can create a User ID by using their mobile number and self on-board themselves by selecting Central / States, Industries and Compliance Categories. The system identifies the relevant Acts & Compliances and adds them to the User’s watchlist. The user will start getting the relevant updates via notifications.
Here are the key features: