~ Aparajitha joins 3W Consulting in addressing a major Industrial concern ~

Chennai : Aparajitha Corporate Services Private Limited, India’s no. 1 company for Compliance and 3W Consulting – one of top Srilanka’s consulting firms, organized a Global Compliance Webinar on how technology can help bridge several Compliance gaps, especially during the pandemic times when physical movements are largely restricted.

The virtual session was about understanding compliance management, the role technology can play in transforming compliance, and the importance of compliance digitisation as an integral part of any organisation’s ethics and culture.

Speaking on the importance of the session, Mr. Nagaraj Krishnan, Managing Director, Aparajitha Corporate Services Private Limited said, “With increased regulatory changes and the ‘new normal’ brought forth by COVID-19, Corporate Compliance is all set to become a little more challenging than it used to be earlier. One major trend to watch out for in 2021 will be the substantial increase in digital transformation in terms of automation and simplification of compliance-related processes. Technology in compliance management can immensely aid in keeping organizations compliant. In and after 2021, businesses will need to adopt a holistic approach by aligning the compliance strategy into the overall business strategy.”

Aparajitha   expanded its international offering of ‘Compfie’, its Global e-Governance and Compliance Platform across APAC and EMEA, in 2020 and collaborated with 3W consulting for their 1st ever country partnership in Srilanka.. Compfie is an online Compliance Management Tool on a cloud platform, designed to global standards with a combination of sector/industry-specific knowledge, compliance metrics within the legal framework & policy standards of the region. Technological insights uniquely position team Aparajitha to work with organizations to achieve end-to-end digital transformation

Compliance-related aspects discussed in the session included:

• Accommodating compliance requirements of multiple domains for multiple countries
• Identifying the critical risks and helping devise plans to mitigate compliance risks
• Capturing all amendments / new enactments as and when enforced
• Precisely determining the applicability of statutes for each industry type; and
• Streamlining the audit performing process by eliminating paper records

 “Any e-compliance architecture needs to be designed to provide complete visibility and a bird’s-eye view of the compliance status across the country, state, and unit levels. It is equally important for experts to provide round-the-clock support in updating country-wise Industry-specific laws and auto-configuring the software with an appropriate domain covering laws under Labour, Fiscal, Corporate, Commercial, EHS, and industry-specific catering to large global organisations, medium and small firms,” adds Krishnan.

Using technology, several organisations have reduced their missed compliance by over 90 percent, and penalties by over 95 percent. Digital apps have made key processes transparent, accountable, and timely. Software-based solutions have helped manage repetitive and non-value-adding activities, saving both time and money.