Digitization in Compliance and Governance
Posted Date: 6th November 2022
Type: Compliance and Governance – News Update
Pertains to employers and employees
Relevance of this news: Karma Management Global Consulting Solutions Pvt. Ltd has been in the business of Payroll, Outsourcing, and Regulatory Compliances from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing On-boarding, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
Karma Global maintains the establishment and vendor compliances including payroll compliances on a regular basis, month after month, which is diligently executed by well-trained staff on its rolls and towards the services rendered, it raises the service bill on the clients for payment within 30 days from the date of receipt of the bill but in most of the times, the payments are delayed sometimes by even 3 to 6 months and the outstanding amounts hamper the funds flow for internal work as well as payment of staff salaries. Of course, there are some who regularly pay on time without reminders and this is much appreciated.
Subject: Digitization in Compliance and Governance
Digitization in Compliance and Governance
In February 2020, The Ministry of Labour and Employment took the digital route to bring services related to labour and employment by launching a new online portal ‘Santust’. This was done to push and promote transparency, accountability, effective delivery of public services, and implementation of policies, and schemes of the Ministry of Labour and Employment at the grassroots level through constant monitoring. They have also started Centralized Public Grievance Redressal and Monitoring System (CPGRAM) portal to address public grievances.
Like every other aspect of this modern world, governance of various laws has also gone digital. With the current pandemic and the social distancing norms, digitization has increased in scale.
The Labour departments of various states have gone digital wherein registration, renewals as well as and inspection can be done online. The website also includes the status and schedule of each process. For example, the Delhi government is asking contractors to upload their registers with payment details to check before they issue licenses.
Audit for most companies has also gone online. There are various software and tools to make this possible and easier. This software run audits at any time with any desired frequency. Audits are scheduled across different departments simultaneously without having any conflicts. They also remind auditors when an audit is due. Most of them are equipped with advanced capabilities like built-in remediation, email-based notification, risk assessing methodologies, and various such functionalities to implement the best audit functioning and integration. They allow organizations to tackle all the complex challenges in an easy manner. They can provide solutions like responsible sourcing, security, asset management, and product stewardship. A few of them come with the competence tool that makes it easier to tailor, extend, and integrate the process as per the scheduled demand. A few of them also allow you to resync with your enterprise even from remote most location that lacks network connectivity. These audit software ensure the quality and safety of audits and data.
Artificial Intelligence or AI has been around for about 30 years now. People are still understanding and learning more about the potential benefits of AI. Businesses have started implementing AI tools to increase business efficiencies and to add a further layer of customer protection to their processes. This is a clear move forward in technology and ease. Certain AI tools are being used for compliance and governance in all sectors.
Checkr
Background check compliance violations and litigation can cost companies millions. Checkr’s compliance engine helps keep up with evolving regional compliance laws to stay ahead of the curve. While other consumer reporting agencies are forced to process every record manually, Checkr’s machine learning tools categorize data clearly and consistently. Checkr’s platform is constantly learning, giving customers greater clarity and control.
Advantages of Checkr
The platform uses artificial intelligence to help hire quickly without sacrificing accuracy or compliance. It increases efficiency by reducing the time spent on manual review. It increases accuracy with identity-matching technology. It helps reduce risk with dynamic compliance safeguards.