The compliance landscape, especially the labour law compliance for Indian businesses, is extremely complex. It includes a variety of requirements such as payroll compliance, factory compliances, contractor compliance, contractor audits, etc. The constantly changing federal and state laws add to the complexity. Ensuring compliance is time-consuming, costly, and carries a heavy risk.
Traditionally, companies have been relying on designated compliance officers and internal staff to support their compliance function. However, with the increasing complexities in the compliance landscape and to address the growing demands of various stakeholders, companies have started relying on external experts to manage their compliance functions.
Here are the various benefits of outsourcing compliance to experts –
With outsourcing compliance, you’re just a call away from a professional team of skilled experts who are always updated with the latest compliance laws and government regulations. While the changing rules could make it difficult for most companies to ensure compliance, the outsourcing team does it in a jiffy, as it’s their only job. They can provide your strategic inputs as well as expert opinions. With their help, you can focus on other core areas of your business, while they handle the compliance management for you.
Right from assessment to action, the entire process is regulated seamlessly by subject matter experts, thus eliminating the need for going through a rigorous hiring and training process. All you have to do is provide the outsourcing company with all the information about your business and help them understand the critical areas of compliance management. The skilled professionals will leave no stone unturned to ensure your needs, as well as that of the government, are met.
If you plan to handle the compliance management by yourself, you may have to hire a team of internal experts to do the work. In manual execution of the compliance-related tasks, the chances of errors may increase due to insufficient knowledge, inefficiencies, or lack of communication between teams. It may also be difficult for you to oversee the entire matter, as a business owner, you have several other responsibilities to fulfil and deadlines to meet. Outsourcing the task will not only relieve you of the micromanaging duties but also assure you that your compliance management is being handled by experts in the field. The experts can ensure timely reminders and notifications and make sure that the critical compliance deadlines are not missed.
When you don’t have a dedicated in-house team of compliance management experts, you don’t need to hold extensive training sessions, seminars, and develop webinars to train them and update them about the latest rules and regulations. This will not only save you a lot of money but also huge time and efforts that would have otherwise been spent in training initiatives.
Many a time, companies rely on manual processes and desktop-based software to manage their compliances needs. Teams maintain and share the data via inefficient means excel sheets and pen drives. Since the data is bound to a particular system, it cannot be accessed anytime, anywhere. The business stakeholders need to rely on the availability of the team to provide them the required reports. All such things increase overall operation costs and inefficiencies. The modern compliance outsourcing companies typically leverage the power of state-of-the-art compliance technology to manage all the compliance functions and increase process efficiencies, thereby reducing costs.
One of the key responsibilities of compliance teams is to communicate with government agencies and government officials in case of questions or disputes. Companies often find this task extremely daunting and time-consuming. By outsourcing the compliance function, you don’t have to worry about this as the outsourcing agency will take care of all this. The outsourcing agency will have a skilled team of knowledgeable professionals at all times to handle this function.
While compliance may not be directly connected with revenue generation, but is an integral business function. Outsourcing compliance management is one of the effective ways to ensure compliance while saving costs.
Are you ready to streamline your compliance function at a fraction of a cost? Let’s connect.
