Compliance Audit and gap analysis give a fair picture of compliance health of the organization so that the Board is able to adopt appropriate growth strategies and policies to improve the weak areas towards growth of the organization.
Key Managerial Persons are able to focus on the identified risks and work hard to eliminate the same thereby contributing towards sustainable growth of the organization.
Role of a Compliance Officer has become more prominent and pivotal in view of the Companies Act 2013 and rules and regulations thereunder and he has the responsibility to play an important role towards sustainable growth of the organization. Compliance audit and gap analysis make it easy for him to identify and mitigate risks and contribute immensely to enhance the goodwill and credibility of the organization.
Employees who actually work towards compliance of applicable laws are the pillars of an organization. Compliance audit and gap analysis educate them in their respective areas of operations, improve their performance and enhance their knowledge level to become asset of the organization.
If a company is ethically strong ensuring compliance of all applicable laws, the vendors and other service providers associated with it are also inspired and motivated to become compliant of laws applicable to them thereby ensuring the entire compliance ecosystem being vibrant towards sustainable growth of the organization.