Statutory and Regulatory Compliance
About Statutory and Regulatory Compliance
Statutory and regulatory compliance refers to the rules, guidelines, and standards organizations are legally obligated to follow to ensure they operate lawfully and ethically. These requirements may be imposed by governments, industry bodies, or other regulatory agencies, and they can vary depending on the organization’s location, industry, and other factors.
Implementing effective compliance programs can help organizations to meet their legal obligations, minimize risk, and ensure ethical conduct. This may involve conducting regular audits and risk assessments, implementing policies and procedures to address compliance issues, providing training and support to employees, and monitoring compliance activities to ensure they are practical and current.
Does your company need it?
All companies, regardless of their size and business nature, must ensure compliance with statutory and regulatory requirements. Compliance helps companies avoid legal and financial penalties, reputational damage, and loss of business opportunities. Companies in highly regulated industries like healthcare, finance, and energy may have more stringent compliance requirements. All companies must adhere to basic legal and regulatory requirements such as tax laws, labor laws, and data protection regulations.
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How can Univate help?
At Univate Support, we offer comprehensive assistance to ensure your operations comply with Statutory and Regulatory Compliance requirements. Our services include training, documentation, and implementing policies, procedures, processes, templates, checklists, guidelines, and other necessary controls. We provide end-to-end support until your organization completes a compliance audit, meeting all control requirements.
Our Implementation Approach:
Univate uses a 5-phase approach for GAP analysis, risk assessment, and implementation support.
Salient features of our engagement approach are:
- Unique and Proven engagement approach
- End-to-end documentation
- Training on the control implementation and sustenance.
- Complex client implementation experience in different countries
- Cost arbitrage
- Reduce management time required
- Reduce the cost of sustenance
- Reduce cycle time of end-to-end implementation process
- Our unique automation tool automates managing the system
Our assessment and implementation support methodology addresses the critical areas like:
- Conduct a Gap Assessment of the existing controls.
- Assess risks and opportunities.
- Define, review and update Policies, procedures, processes, templates, guidelines, and checklists.
- Active support for effective implementation of controls
- Internal audit for compliance
- Corrective and remediation/ preventive actions
- Conduct/support the final compliance audit process
Implementation benefits:
- Avoiding legal and financial penalties
- Enhancing reputation
- Improving risk management
- Boosting efficiency
- Ensuring safety
- Fostering innovation
