Assuring Compliances and Solutions - Beyond Challenge

As specialists in areas of corporate governance, we provide customized services to business entities. Our experienced team of experts assist business entities in strengthening the policies, building capabilities of their Board of Directors and Senior Management teams, mapping and structuring monitoring mechanisms and creating metrics which can act as warning signs requiring corrective actions to minimize adequacy of compliance and indicate risks of non-compliance so that the burden of penalties and fines can be reduced for the governing organs of the entities.

An enterprise faces risks from various factors. Five Major Factors creating / posing risks are the following:

• Industry, Business and Operational Risks.
• Financial Risks.
• Risks coming from Lack of Governance Systems.
• Compliance Risks.
• Risks arising from Contracts and Arrangements and Disputes and Litigations.

Of the above, we undertake studying, mapping and recommending ways and means of reducing risks arising from the following three Major Factors:

• Risks emanating from Lack of Governance Systems.
• Risks emanating from non-compliances.
• Risks emanating from contracts, arrangements, disputes and litigations.

Governance Scope

• Board Structure.
• Board Process & Governance Systems.
• Policies & Codes.
• Succession Plans.
• Management Structure.
• Owners of Responsibilities.
• Reporting Systems and Procedures.
• Study of Governance structure of the organization and determine the organs of management.
• Studying Roles & Responsibilities.
• Studying responsibilities / ownership levels / reporting systems / monitoring systems of every organ forming part of the management including KMPs / SMPs / Department / Plant Heads.
• Analyzing the coverage, studying the gaps, finding out omissions and suggesting measures for improvement.
• Study and establish Self Regulation, Ethical Standards and Stakeholder Relations.
• 360 Degree View of all functions and activities.
• Identification of material / critical aspects of functions and activities of the management.
• Study of responsibility allocation and reporting requirements and systems.
• MIS process mapping and dashboard / alerts.

Board’s Coach

• Training sessions for directors and independent directors, Key Managerial Personnel and Senior management on regulatory risk assessment, internal controls, compliance and remedial measures.

Compliance Scope

• Compliances of Applicable Central and State Laws, Rules and Regulations, Policies and Codes, Internal Regulations, Articles, Contractual Covenants.

Coverage

• Level of Compliance Monitoring / Carrying out Compliances / Studying the Reporting Systems and Action Taken and Omissions and Commissions and Consequences thereof and reporting the same from time to time including the submission of exceptional report to the Board of Directors and Generating and submitting Score Cards.
• Assessing applicability of Laws & Regulations and developing a compliance platform.
• Comprehensive coverage of compliance risks.
• Near total elimination of risks arising from defaults in regulatory compliances.
• Document controls to ensure that changes in compliance standards are implemented.
• Ensure that appropriate resources are allocated to address higher risk compliance issues.
• Establish a compliance monitoring program and audit plan.
• Generate dashboards, alerts, and reports for management, board members on defaults, defects, deficiencies and delays.
• Caution on Omissions and Commissions.
• Caution on Consequences and Recommend Remedial Actions.

Contracts and Arrangements

• Study & asses applicability,
• arrangement & controls of Contracts & Agreements:

1. Mapping Compliance Architecture with Policies.
2. Study of Related Party transactions & categorizing on the basis of Materiality / Criticality.
3. SOW / SLA and Performance Monitoring Systems.
4. Transfer Pricing Issues – domestic and international and Advance Pricing Agreements.
5. NDAs/ Confidentiality Undertakings.

• Vendor Management Risk Assessment

1. Availability of valid Contract agreement for Supply or Service.
2. SOW, SLA, KPI are clearly specified and available.
3. Periodic monitoring of vendor statutory compliances.
4. Establish a compliance monitoring program and audit plan.

Disputes and Litigations

• Management & settlement of Disputes and Litigations .