Compliance Risk Audit
Who Needs Compliance Risk Audit Services?
Any business or industry that handles sensitive information, provides critical services, or is subject to regulatory oversight requires Compliance Risk Audit Services. This includes financial institutions, healthcare organizations, manufacturers, technology companies, and retailers. Our services are vital for:
- Business start-ups
- Mergers & acquisitions
- Closure of business, legal entity, factories, offices, mines, etc.
- Varied business models
- Businesses with a presence across different locations
Our Comprehensive Services
Consultation on Applicability of Labour & Industrial Laws
- Detailed analysis of relevant laws applicable to your industry and business operations.
- Guidance on compliance requirements, including updates and amendments, through thorough regulatory due diligence.
Consultation on Employee Benefits and Liabilities:
- Advice on minimum wage, employee compensations, gratuity, ESI (Employee State Insurance), EPF (Employee Provident Fund), and bonus liabilities.
- Ensuring accurate calculation and adherence to statutory obligations, utilizing a compliance due diligence checklist.
Expert Consultation
- Expert advice for strategic decision-making related to labour and industrial law compliance
- Recommendations for course correction to enhance compliance and mitigate risks effectively through compliance due diligence
Compliance Risk Audit & Assessment
- Criticality assessment of Financial, Prosecution & Reputational Risks for the company on Labour & Industrial laws
- Compliance risk assessment for the Company, Board of Directors, Independent Directors, Shareholders, and Investors on Labour & Industrial Laws
Governance, Risk, and Compliance (GRC) Consulting
- Provides expertise and guidance to organisations on effectively managing their overall governance, risk, and compliance programs as a GRC consultant
Why Do You Need Compliance Risk Audit Services?
- Identify and Mitigate Risks
- Ensure Compliance
- Avoid Penalties and Fines
- Build Trust with Customers
- Improve Operations
Mitigate Compliance Risks through Simpliance’s GRC platform
Our services include Simpliance’s Compliance Risk Audit & Due Diligence Product suite, designed to
Track and monitor compliance tasks
Gain real-time insights through reports and dashboards
Standardize compliance processes
Track and monitor compliance tasks
Gain real-time insights through reports and dashboards
Standardize compliance processes
Manage regulatory changes effortlessly
Eliminate compliance deviations
With Simpliance, you can ensure your organization remains compliant effortlessly while gaining a comprehensive overview of your compliance status at all times.
Book a demo today to see how Simpliance can transform your Compliance, Governance, Risk, and Compliance management through comprehensive compliance due diligence and due diligence audits!
Frequently asked questions
A compliance audit is a systematic examination of an organization’s practices, policies, and procedures to determine its adherence to labour laws and regulations. It involves identifying all the applicable compliances, assessing the effectiveness of existing processes and identifying areas of non-compliance.
Compliance risks can be identified through various methods, including:
- Risk Assessment: Conducting a thorough evaluation of the organization’s current operations, regulatory environment, and potential threats.
- Internal Controls Assessment: Assessing the effectiveness of internal controls designed to mitigate compliance risks.
- Regulatory Analysis: Staying updated on relevant laws and regulations and understanding their implications for the organization.
- Third-Party Assessments: Evaluating the compliance practices of third-party vendors and contractors, including their payroll related compliances like PF and ESI.
- Detailed reporting: (Please elaborate)
A comprehensive compliance risk audit can uncover these risks, helping organizations take corrective measures.
Compliance risks can be identified through various methods, including:
- Risk Assessment: Conducting a thorough evaluation of the organization’s current operations, regulatory environment, and potential threats.
- Internal Controls Assessment: Assessing the effectiveness of internal controls designed to mitigate compliance risks.
- Regulatory Analysis: Staying updated on relevant laws and regulations and understanding their implications for the organization.
- Third-Party Assessments: Evaluating the compliance practices of third-party vendors and contractors, including their payroll related compliances like PF and ESI.
- Detailed reporting: Communicating audit findings to management and the board of directors through a detailed report
A comprehensive compliance risk audit can uncover these risks, helping organizations take corrective measures.
A compliance auditor is responsible for:
- Conducting Compliance Audits: Assessing an organization’s adherence to labour laws, regulations, and internal standards through an exhaustive checklist of complaince tasks.
- Identifying Non-Compliance: Spotting areas where the organization is not in compliance with applicable requirements.
- Assessing Internal Controls: Evaluating the effectiveness of internal controls designed to mitigate compliance risks.
- Recommending Improvements: Providing recommendations to address identified non-compliance issues and strengthen the organization’s compliance posture.
- Reporting Findings: Communicating audit findings to management and the board of directors.
