Company Compliance Services

What are the different types of compliance ?

In addition to government-imposed compliance standards, there are other external requirements which could include: Compliance with Industry Standards or Codes of Practice; Compliance with External Client specifications, contracts, etc. Compliance with Licensing, Permits, Accreditation, or Certifications.

There are 4 types of compliance in a company:

  • One-time compliance - Registrations, Licences, Certificates, etc. related compliance. For Example - registration of a new business or FSSAI License, fire safety license, signage license, etc.
  • Recurring Compliance - Monthly, quarterly, bi-annually, and annual filings related compliance. PF return, GST return, TDS return, etc.
  • Ongoing compliance - Registers, procedures, displays, provisions, etc. related compliance. Example - Prevention of Sexual Harassment, Client’s KYC records, Paying equal remuneration to each gender, etc.
  • Event-based related compliance that an organization does at the occurrence of an event. Example - Change in Pan Data, Appointment of Additional Director, Injury by accident at the workplace, etc.

They can be further categorized on the basis of risk involved also. Wherein the low monetary risk, medium or high monetary risk or Imprisonment or operational impact on the management or company in the case of extreme risks:

  • extreme critical
  • Highly critical
  • medium critical
  • Low critical
For industry-specific compliance, a company may place a 10X10 risk matrix also through the subject matter experts. On the basis of acts applicable also, the compliance may be classified the location-specific. For example - Compliance for the Corporate office may not be applicable to the branch offices and vice versa.

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