Karma Management has always been in top gear to handle third party risk hazards which are posing top priority compliance encounters for principal employers
Businesses of Principal Employers go along with third party vendors in its endeavor to reach its business goals set for the year.
From facilities’ suppliers to IT software and resourcing requirements , all types of Businesses usually go in tying up with vendor partners offering all types of non core services like housekeeping, electrical, maintenance, gardening, concierges help desks, IT, manpower, transport, logistics, car rentals, food and catering, sports and events, plumbing, heating and cooling, security, fire systems, landscaping and property management, waste management, mail room, document management, laundry, space design and so on.
The Principal Enterprises rely trustfully on a large network of third-party vendors to provide them with organizational value and competitive advantage.
Services outsourcing to India started in the 1980s and rapidly accelerated in the ’90s and in today’s world , information technology has become critical to business over the past five years and use of third-party vendors has therefore increased exponentially. Therefore , in this context, not only the non core services but some Medium and Big Enterprises have even outsourced their core functions to derive efficiencies and savings.
Yes, in a way, there is a lot of benefit for these Enterprises in reaching out to third party vendor partners by which means, it helps these Enterprises to devote their time, money, energy and resources, all and all into their core business activities which fosters in achieving their set goals and objectives.
However, at the same time, these large scale Enterprises are constantly under the shadow of exposing themselves to high-profile risks like never before. The biggest challenge going forward , for these principal organizations is to always checkmate their vendor partners with a high take on the strategy of conducting a diligent vendor compliance management process so as to keep a constant tab on the vendor partners fulfilling their respective compliance obligations before it is too late to redeem or condone the breaches lawfully required to be complied with, under the various enactments of the Government.
Businesses of Principal Employers go along with third party vendors – Karma Management’s helping hand on compliances
In this respect, it can be said that Karma Management Global Consulting Solutions , is the most ablest consulting agency for managing vendor compliances of third party suppliers. Karma has been in the forefront of vendor audit right from the year of inception in 2004 and since last 17 years, has been carrying out vendor audits of third parties , wholeheartedly supporting the principal enterprises , in achieving their goals , year after year, by stringently high lighting non compliances of these vendors with high level of auditing and monitoring system in place.
Risk and compliance management, in recent times, has gathered enormous momentum within the corporate sector, especially so, with the changing laws and reforms overtaking the archaic laws introduced many decades ago.
India being a country with a significant labour force, one of the major challenges of any company in the corporate sector is with respect to labour compliance. As labour law is considered a ‘specialised area’, non-compliance of labour laws carries with it considerable legal implications and risks.
To keep up with the emerging needs with regard to corporate risk and compliance management, it is the skills and expertise of Karma Management which is profoundly able to deal with all kinds of compliance risks by mitigating the breaches and ensuring that the vendor partners of these enterprises are at the level of full compliances, without the least of the breaches in the vendors contract management with their employees and any other related third parties as per the provisions of the Indian Contracts Act 1872 and Contract Labour Management Act of 1970.
Businesses of Principal Employers go along with third party vendors – Karma Management’s addresses plethora of labour and statutory laws
Keeping in mind the plethora of laws with regard to labour, financial and corporate laws in India, which a company is required to be compliant with, below are certain laws and regulations that we believe are required to be complied with on the highest priority with respect to each sector.
Labour law
There are specific central acts that are required to be strictly adhered to by a company, which are mentioned below, but are not limited to:
- the Industrial Disputes Act 1947;
- the Employees State Insurance Act 1948;
- the Employees’ Provident Funds and Miscellaneous Provisions Act 1952;
- the Payment of Bonus Act 1965;
- the Factories Act 1948;
- the Contract Labour (Regulation and Abolition) Act 1970;
- the Child Labour (Prohibition and Regulation) Act 1986;
- the Maternity Benefit Act 1961;
- the Payment of Gratuity Act 1972; and
- the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013.
As well as , over and above the said acts, there are certain state-specific acts that are required to be adhered to by companies, such as the Professional Tax Act and the Shops and Establishment Act that are applicable to a particular state.
Businesses of Principal Employers go along with third party vendors – Karma Management’s all powerful web tool “WeChecked” for compliance management
WeChecked is a tool with in-built AI capabilities. We will discuss more about this tool in our next blog.’’
Reach Us For More Information: 📲 +91-
9223192906 / 📩 enquiry@karmamgmt.com /
🌐www.karmamgmt.com