Compliance Tracker Implementation for IMC
Overview
IMC, a global advisory firm, faced challenges managing its compliance processes due to manual systems. Xponential Digital developed a tailored compliance tracker using Zoho Creator that automated monitoring, reduced errors, and improved regulatory adherence.
Key Takeaways:
- Automation replaced manual processes, minimizing errors.
- A single-view system enabled better oversight of compliance obligations.
- Real-time updates kept the compliance requirements current with regulations.
Executive Summary
About IMC
IMC, a well-established cross-border advisory firm, operating in UAE, Singapore, and India. Its diverse operations require adherence to strict regulatory frameworks. IMC serves multinational corporations, SMEs, and individuals, providing a wide range of business solutions. Expanding operations demanded more effective compliance management tools.
- Manual Processes: Reliance on spreadsheets made tracking compliance cumbersome and error-prone.
- Resource Strain: Preparing for audits required extensive time and effort.
- Lack of Visibility: Fragmented systems created challenges in monitoring compliance obligations effectively.
- Dynamic Regulations: Frequent changes in regulations made it difficult to keep up with updates manually.
Problem Statement and Key Challenges
IMC faced challenges with managing compliance obligations across regions due to the following issues:
- Manual Processes: Reliance on spreadsheets made tracking compliance cumbersome and error-prone.
- Resource Strain: Preparing for audits required extensive time and effort.
- Lack of Visibility: Fragmented systems created challenges in monitoring compliance obligations effectively.
- Dynamic Regulations: Frequent changes in regulations made it difficult to keep up with updates manually.
Evaluation of the Problem
Xponential Digital conducted a comprehensive review of IMC’s compliance workflows:
- Process Gaps Identified: Manual entries and fragmented systems contributed to inefficiencies and inaccuracies.
- Regulatory Challenges: The existing setup lacked provisions for monitoring regulatory changes in real-time.
- Audit Preparation Bottlenecks: Preparing for audits diverted significant internal resources and delayed other tasks.
This analysis highlighted the need for an automated compliance tracker tailored to IMC’s multi-jurisdictional requirements.
Proposed Solution
Automated Notifications:
- The idea was to configure alerts for upcoming compliance deadlines using Zoho Creator to minimize the chance of oversight.
Comprehensive View:
- The solution aimed to design a dashboard that highlights compliance statuses and obligations for different regions, ensuring quick accessibility and oversight.
Real-Time Updates:
- The idea was to design the tracker, powered by Zoho Creator, to incorporate regulatory changes as they occur, maintaining accuracy and relevance.
Custom Framework:
- The concept involved building a system within Zoho Creator that could accommodate IMC’s unique operational processes across multiple jurisdictions.
Legacy Data Migration: A migration tool was developed to ensure smooth transfer of existing compliance records.
User Training: A series of workshops was conducted to familiarize IMC staff with the new system.
Additional Support: Xponential Digital included jurisdiction-specific reporting as part of the implementation.
Results
The compliance tracker delivered significant improvements for IMC:
- Error Reduction: Manual tracking errors significantly dropped.
- Time Savings: Audit preparation time was reduced, allowing employees to focus on core tasks.
- Regulatory Adherence: The system allowed IMC to meet all compliance requirements promptly and accurately.
Quote
“Xponential Digital, powered by Zoho Creator, has made compliance management more efficient and stress-free. The automated notifications and timely updates help us stay compliant with regulatory requirements without any manual effort. This dependable solution has become an integral part of our processes, helping us work seamlessly.”
– HR Manager, IMC
