due process clause
Compliance Proof Your Company - the Way to Tackle Clause 49
Inspired by the need to better protect investors and in response to the growing number of corporate and accounting scandals in the recent past, companies are increasingly realizing the importance to strictly comply with legislations as laid down by acts such as Clause 49 of the 1992 SEBI ACT.
These mandatory corporate governance laws require complete documentation and evaluation of financial statements to be personally certified by CEOs and CFOs. The law also calls for company top management to accept responsibility and be accountable for establishing and maintaining internal controls for financial reporting. These controls are subject to internal evaluation and ultimate disclosure of any deficiencies to Audit Committees.
Role of Information Systems in ensuring compliance
Compliance with SEBI Clause 49 and Sarbanes-Oxley is extremely process-intensive. It also requires seamless storage and retrieval of documents across locations and departments. As compliance is a recurring activity, manually ensuring compliance in mid-size to large companies is very challenging and almost impossible. Ensuring compliance effectively requires information systems that are based on robust workflows, that simultaneously provide for centralized repositories for document storage and that build in access and permissions based on organization hierarchy.
Why automate compliance process and policies?
Creating a system for a requirement as critical as compliance with corporate governance acts is not possible with paper-based processes.
Automation of compliance process and policies has to consider key factors listed below to ensure maximum efficiency of the system
- Integrated MIS through graphs and statistical reporting to enable managers to view compliance status and results before certification and to identify deficiencies.
- Use Business Rules to meet objectives of risk assessment and controls effectiveness.
- Collaboration of documents for easy and controlled access and real time activity on remedial procedures
A Step Forward to making your organization compliance proof:
As compliance with regulatory bodies become increasing concerns for organizations today, using a scalable Business Process Management platform such as Skelta Compliance Accelerator allows for internal controls to be architecturally built in; hence increasing real time activity. Skelta’s Business Rules approach, allows organizations to control risks, manage liabilities and ensure transparency of their processes through clear audit trails and comfortably comply with the Clause 49 mandate.
About the Author
Skelta is an innovative software product company specializing in enterprise-wide Business Process Management (BPM) and Advanced Workflow solutions for small to large-sized businesses worldwide. Its flagship product, Skelta BPM.NET is a BPM workflow software that is built on cutting-edge Microsoft .NET, XML, and Web services technologies. It is also the world's first embeddable workflow engine. Skelta enables business users and developers to design and deploy workflow applications using software tools with which they are already familiar. In addition, Skelta enables businesses to leverage on their existing investments in Microsoft technologies such as InfoPath, BizTalk Server, and SharePoint.
Skelta, a recent recipient of the 2008 American Business Awards Finalist and CODiE Awards Finalist, has also won several other awards at industry forums such as Microsoft 2006 Regional Winning Customer Award, Microsoft Tech-Ed 2007 Attendee Choice Award, Finalist in 2007 International Business Awards (Stevie Awards), Best of Tech Ed award in the Software Components category and NASSCOM IT Innovation 2005 Award. Skelta has also been named one of Asia’s top 100 companies by Red Herring magazine and acknowledged twice as one of the fastest growing technology companies in India and Asia Pacific region by winning Deloitte Technology Fast 50 India & Deloitte Technology Fast 500 Asia Pacific Awards for 2006 and 2007.
For more information on Skelta and its products, visit www.skelta.com. Skelta may also be contacted on phone at +1 678 306 4110 and on email at sales(at)skelta.com.
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