PLANNING YOUR COMPLIANCE

Compliance calendar

The term compliance calendar is basically it keeps all the tracks of your company , either it is of required fillings , their related and due dates as well so that they can avoid  by incurring any files or the other penalties that is for the late fillings or for the missing information .

What to include in a compliance calendar :

Basically that to be including in a compliance calendar that may be basically depends heavily on the particular business and the various kinds of the compliances that dates its faces.  It filling the deadlines and the time varying by the state as well as the industry that some are to be monthly, ongoing, quarterly, that to be as tax payments. The other important dates that you might be include in your compliance calendar that including the filings for the corporate meetings it schedules and the meetings, the annual report after filing the deadlines, and with any special events that is to be related to the compliance activities.

Why should you need a compliance calendar?

So , if we look at in the today’s generation  rapidly it evolving a business landscape , that is to be compliance with the laws , regulations and the industry standards that has been increasing become more important . The failure to meet the compliance that requirements which can lead to severe the consequences that is to be such as the reputational damage , legal penalties , and the loss of the customers trust . it is a tool that the businesses which basically use to track their compliance requirements . its main aim that helps the businesses that stay on the top of the deadlines and to avoid fines or the penalties for the non – compliance .

Developing a compliance calendar

To assessing your business needs

As we look at the matter, before it is diving into a compliance calendar, that is really necessary that to access your business to a specific compliance needs.  When u start by identifying the regulations, applicable laws, and the industry standards that govern your operations. This may basically involve after consulting with the compliance professionals, legal advisors, or the industry associations.

When, additionally, it may evaluate the past compliance issues and that is challenging your business that is to be faced. So, when you learning from the past experiences. That you can identify the areas where basically your compliance may be efforts that have to be fallen the short and to take the proactive steps to address them.

Designing your calendar

So when u know a clear understanding of your compliance requirements, basically it’s time to design your compliance as per the calendar.

Then there will be the steps that on how to developing a compliance calendar:

To determine the due date that is for basically each of the compliance requirement. This information that may be found basically in the standards or the policies that basically you are to be subject with.  Then to create a calendar or the spreadsheet that is to track your compliance requirements. if you can use a free template or to create your own. This basically also helps you to ensure that the someone is really accountable for ensuring that the requirements are met.  it assigns the responsibility for each of the compliance requirement. This will also help you to avoid missing any of the important deadlines. That to setup the reminders for the upcoming compliances deadlines.

There are several benefits of using a compliance calendar :

Increased in the compliances:  so, when you tracking your compliance requirements, you must be sure that basically that you are handling all the meetings of your obligations.

It improved in the efficiency: when you having a system that is in the place for tracking all of your compliance requirements, that either basically you can save the money as well as the time .

To reduced the risk: when you by avoiding the fines and the penalties it also can reduced the risk of your legal problems.

Increased the peace of mind:  if you know that basically you are in the compliances that can give you the peace of mind and also allow you to focus on the other aspects of your business .so when you by incorporating these deadlines into a compliance calendar and the businesses that can streamline it to their compliance efforts and which ensure them timely the fulfillment of their regulatory obligations.

Tips for using a compliance calendar

There will be the some tips that how you use it and also to manage the compliances culture:

• Review your compliance calendar regularly:  This will basically helps you to identify any potential problems that early to be use on. 
• To keep your compliance calendar up –to-date - This basically helps you to ensure that you are always to be aware of your guidelines.
• To delegate the responsibility for the compliance tasks:  its also helps you to ensure that the everyone in your organization is basically aware to be to their responsibilities.
• Use a variety of methods to track your compliance requirements:  It basically helps you to avoid that to be relying on a single method in the case of the something that’s to be going wrong.
• Set up a reminder for the upcoming deadlines:  it’s basically helps you to avoid any missing any type of important guidelines.

General Compliance table for Private Limited companies in relation to MCA compliance

Article by Manish Sharma - Legal Intern at Corpzo