Compliance with the law by third party vendors, dealers etc. would double the comfort of the Board and the Board would be in a position to evaluate the growth of the business in better perspective and towards sustainable growth.
Third party compliance would reduce the burden on the management to bother about the vendors, dealers etc. and would enable them to deal with the vendors, dealers etc. effortlessly and more effectively and efficiently.
As the responsible officer to ensure compliance with all applicable laws, the Compliance Officer is always concerned about the non-compliance of the vendors, dealers, CFAs etc. as they are integral part of the business and at the same time, it is challenging to ensure compliance of laws by these vendors, dealers etc. This module of third party compliance would make the task easy for the compliance officer to ensure compliance with all applicable laws by the vendors, dealers, CFAs etc. and he would be in a better position to add more value to the compliance ecosystem of the organization.
A lot of internal processes depend on deliverables from third party vendors, dealers etc. The stakeholders, who are actually performing the tasks of compliance, are always required to be extra cautious while dealing with the third party vendors etc. Third party compliance module, if implemented, would enhance the efficiency and promptness of the stakeholders thereby improving their productivity in the interest of the organization.
Third party compliance if implemented across all vendors, dealers, CFAs etc. would make it easier for them to deal with the principal which, in turn, would improve the business relationship between the principal and vendors etc.