Compliance framework

Compliance Framework Presented by CA Manoj Agarwal January 19, 2013, Institute of Internal Auditors, India-Bombay Chapter

Disclaimer • All the contents of the presentation constitute the opinion of

the speaker, and the speaker alone; they do not represent the views and opinions of the speaker’s employers, supervisors, nor do they represent the view of organizations, businesses or institutions the speaker is, or has been a part of.

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Agenda • Framework

• Framework for Compliance

• Q&A

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Definitions

frame·work

/`frām, wərk`/ Noun

1. An essential supporting structure of a building, vehicle, or object.

2. A basic structure underlying a system, concept, or text: "the theoretical framework of political sociology".

Synonyms • frame - skeleton - structure - carcass - cadre – shell

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What do you see here?

Components of a Framework Components Policy Process People

Input Tone at the top Laws Organization Policies Industry best practices

Org Charts.

Process What are our values and principles What do we want to do Why we want to do

How we will do what we want to do When we will do Where we will do Who will do it

Do we know what we are supposed to do?

Output Policy Compliance Checklist Compliance Calendar Compliance Manual Records and decisions

Role-Responsibility-Authority-Accountability Training

PDCA Update Policy Update processes Provide Training

Policy • What are our values

• What is our principles

Equal Opportunity

Follows the laws of the

land

Treat workers fairly

Share the fruit of enterprise Anti Discrimination

Minimum wages Standard Salary Structure Payment of Bonus Act Shop and establishment Acts PF ESIC/ WCA/Mediclaim

Process - Compliance Manual

Sr No. Act/ Rules/ Regulations/ Scheme

Category Reference (Sections/

Rules/ Regulation

s)

Legal Provisions

Statutory Filings

Frequency/ Time Limit

Effect of contravent

ion/ default

Sl. No Acts/ Regulations covered Category Overall responsibility

Index

Act wise compliances

Process - Compliance Checklist

Sr. no.

Activities Responsibility

Sections/ Rules/ Regulations)

Act/ Rules/ Regulations/ Scheme

Compliance Due Date

Authority Date of compliance

Compliance for the month of______________

Sr No. Act/Rules/Regulations/Scheme

Category Reference (Sections/Rules/Regulations)

Legal Provisions

Statutory Filings

Frequency/Time Limit

Effect of contravention/default

Process - Compliance Checklist Compliance for the month of______

Are we Compliant

Gap Analysis

Corrective Measure

Preventive Measures

PDCA Cycle

People • Role-Responsibility-Authority-Accountability Matrix

• Segregation of Duty

• Training

Principles of Internal Controls

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Process

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People

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Tools

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Issues

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• Business vs compliance

• Common Definition – lack of

Recap

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Q&A

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Contact details

Manoj Agarwal

manojbagarwal@gmail.com

+91 9820392252

http://in.linkedin.com/in/manojbagarwal/

http://www.slideshare.net/manojbagarwal/presentations

@amanojca

Resources

https://www.unifiedcompliance.com/