Frequently Asked Questions
1. What are the compliance services?
Any and every individual is required to follow certain provisions of legal compliance, and they are binding on firms as well. These compliance services are provided by compliance consulting services and are mainly focused on anti-money laundering cases.
2. What is compliance management?
Compliance management means handling the situation by keenly monitoring and assessing systems so that they comply with all the standards of the business or industry.
3. What is the meaning of regulatory compliance?
Regulatory compliance means abiding by the rules and laws that are constituted by the governing authorities. There are several measures which have been taken by the government for the business and industries which need to be followed.
4. What is governance, risk, and compliance?
GRC or Governance, risk, and compliance need to be followed by any business that wants to flourish. It is a well-coordinated collection of all the responsibilities that need to be comply for the better functioning of an organisation.
5. Why is there a need for a compliance audit?
Compliance audit is required for checking the licenses, registrations, and remittances. There are different types of audit services provided by the compliance services. The compliance audit can either be focused on Labour compliance to check on payroll and filing of returns. It can also audit social security compliance audits for EPF, insurance etcetera.
6. How does non-compliance impact companies?
These are legal compliances that are legally binding. If the firm chooses non-compliance, it is unnecessarily digging a grave for itself. The non-compliance may invite unnecessary audits and can portray a bad reputation for the said firm.
7. Why is compliance so important for organisations?
Choosing the path that is best for the firm would be a favourable decision. Adhering to compliance makes a firm more reliable in the public eye. Compliance also helps organisations from any violations of rules and protects them from lawsuits.