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Compliance and Risk Management

Audit services

Building a strong and successful compliance and risk management system is the main objective of many companies. Without a compliance management system, it is difficult to track or measure compliance.  So organisations need a regular audit of their compliance processes to assure the management about the compliance. Sometimes, they need specific audits on a need basis to conduct a comprehensive As-Is Compliance Assessment.

Ma Foi offers both kinds of services which include:

  • Detailed Review of the Establishment & Business compliances, including that of the Vendors engaged
  • Comprehensive assessment of applicability of Acts and Compliance under them
  • Governance under Central, State, UT, Local Government regulations
  • Industry Specific Compliances in line with the industry specific practices
  • Procurement of Licenses, Registration, Consent Orders and Permissions
  • Identify Compliance gaps and Gap Reporting.

Vendor Audit

Vendor audit and monitoring is one our specialisation areas, where we drive the vendors to render 100% compliance towards their Principal Employers. Vendors Include suppliers of critical raw material, business services, utilities and human resources among others, there are situations where we need to ensure that vendors are in compliance with various Labour laws, Tax laws and local laws. Our Vendor Audit services help you accomplish the following:

  • Identify Acts & Compliances that are due and pending by your Vendors in context of your relationship
  • Learn the specific Compliance Requirements from the Vendor in line with their services and supplies to you
  • Thorough qualitative & quantitative review and audit of all applicable compliances
  • Periodic monitoring and reporting of compliance status of vendors across locations

Contract management

Contracts are important for businesses in establishing their credibility, acting as the key tool for governance and assuring the stakeholders of fairness and transparency. For the business owners and leaders, it is critical that the contracts are developed appropriately and executed right.

This is a “lighthouse” for any business, guiding and guarding across all tides. Ma Foi helps you manage this key business process, comprising a range of activities through all the stages of the contract lifecycle. More often than not, this part is overlooked. For the fast-paced business environment, it is crucial for an organisation to engage competent experts to provide the right contract management solution and protect the business value.

This service includes

  • vetting of commercial contracts
  • drafting and negotiating contracts with the other parties involved
  • maintaining a contract management system within the company
  • managing a contract throughout the process
  • identifying the risks, closing the gaps as and when they arise
  • monitoring compliance with the contracts
  • maintenance of records of the existing and past contracts
  • improving contract management procedures on a periodic basis

We provide a well-designed compliance and risk management system depending on the size and complexity of the organisation.

Our Services

Business-Growth-and-Transformation

Ma Foi’s strategy consultants help business leaders to navigate through the complex array of strategic avenues in today’s business environment. By delivering a well-structured strategic

People-and-Culture

To keep up with the rapidly changing patterns of customer preferences, market structures and rising competition, modern businesses need to be innovative in product and service delivery,

Legal-and-Compliance

Ma Foi with its decades of extensive experience sees organisation as a combination of three elements namely Skills, Capability and Leadership.Indeed, all these three elements emerge from

STRATEGIC-ADVISORY-SERVICES

Progressive businesses are always focused on achieving growth, optimizing operational efficiencies and continual innovation. The business strategy consultants

COMPLIANCE-AND-RISK-MANAGEMENT

Building a strong and successful compliance and risk management system is the main objective of many companies. Without a compliance management system

HR-OUTSOURCING-SERVICES

Role of HR Managers in the corporate world has widened over the past decades to comprehensively cover efficient management of the entire life cycle of employees within the organization.

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Frequently Asked Questions

It is used by business firms that do not adhere to the method of compliance. This focuses on non-compliance and, later on, managing the risks that can arise due to non-compliance with certain obligations.

Every business has to face risks and especially when there is non-compliance. Traditional risk management only focuses on insurable damages, and the risks are managed one by one.

The objective of risk management is to find things beforehand that can affect the business and work towards diminishing those risks. The benefits of risk management are that it allows a firm to think about the threats. It also allows the firm to be prepared for the risk that can occur during the course of the work.

There are majorly five steps involved in risk management. They are mentioned below

  • Identify what can cause a risk for the firm
  • A thorough analysis of the risk should be done
  • Evaluate the after-effects of the risk
  • Find a solution for the risk
  • Review the risk

Risks can slow down the process of the project. So, it can be used before the commencement of the project for assessment of the risks that can have an impact on the project in its due course.

It can be implemented successfully as planned risk can be prevented and can be used for the betterment of the firm. Compliance management systems can be used to identify the risks beforehand and prevent them by proper planning.

Enterprise risk management works differently from traditional risk management. Enterprise risk management mainly focuses on non-insurable risks and multi-dimensional assessment. It is a proactive and continuous way of risk management.

Every business has its own risks. Risk management in business helps you identify the problems that can occur in a business. It focuses on methodically knowing the risks that can affect your business.

There are different types of risk management. They are

  • Tax Risk
  • Opportunity Risk
  • Longevity Risk
  • Market Risk, and
  • Liquidity Risk

Governance, risk, and compliance or GRC came into the picture around 2003. It focuses on achieving high-end goals and objectives by keeping in mind the uncertainties but working integrally to meeting the organizational goals.

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