In India, the government is focusing on reducing the compliance burden on businesses and citizens has the potential to become the new driver of economic growth. Reduced compliance burden will especially help small firms that account for over 95 percent of Indian businesses.
The Make-in-India initiative is a strong component of raising growth and is focused on making India a global manufacturing hub. However, setting up a manufacturing facility in India is heavily front-loaded with getting permissions, licenses, registrations, and consent orders.
Reducing the compliance burden through simplification, rationalisation, and digitisation is the key to growth.
Here are the five companies working towards reducing the compliance burden :
1. TeamLease RegTech
TeamLease RegTech is India’s leading regulatory technology company helping corporate India stay on the right side of the law. It enables a transparent, timely, and accountable compliance program for over 1500 entities across 45 industries in India. Co-founded by Sandeep Agrawal & Rishi Agrawal, TeamLease RegTech has developed a multi-tenant SAAS solution on the web and mobile platforms with smart analytics to help corporate India comply.
Rishi Agrawal co-authored a report Jailed for doing business. This monograph by the Observer Research Foundation and TeamLease RegTech presents a deep dive into ingrained criminality and jail term in India’s employer compliance. This report is being leveraged by Policy Makers in India to reduce criminality as a tool of control.
Recently, a solution developed by TeamLease RegTech was launched by SEBI Chairperson Madhabi Puri Buch. This initiative with FICCI (Federation of Indian Chambers of Commerce & Industry) is a milestone event towards paperless, cash-less, and presence-less compliance.
2. Scrut Automation
Scrut Automation is a risk observability and compliance automation platform built to simplify information security monitoring for cloud-native companies. The company helps early-stage and growth-stage companies across the globe, establish enterprise-grade information security processes through an easy-to-use GRC platform. Incorporated in 2021 and headquartered in Bangalore, Aayush Ghosh Choudhury, Kush Kaushik, and Jayesh Gadewar are the brains behind Scrut Automation. Scrut Automation offers customers a notable 5X faster and more convenient roadway for information security and supports them with compliance with over 20 significant industry standards like SOC 2, GDPR, ISO 27001, PCI DSS, CCPA, HIPAA, etc. Customers remain assured that Scrut Automation can effectively integrate with their cloud infrastructure and application landscape to monitor their information security and compliance posture continuously. The platform helps users to build policies as per best-in-class practices, enable approval workflows, automate risk assessment and management, monitor their controls in real-time, conduct employee information security training, and demonstrate compliance to customers, all through a single window.
SOCLY.io is the fastest-growing SaaS platform that aims to help SMEs and startups with global data & security attestations like ISO 27001, SOC2, and GDPR etc. Incorporated in 2021 by Manoj Kumar Shastrula (Founder & CEO) and Abishek Janardhanan (Co-founder & CTO), SOCLY.io has an extensive presence in India and the US. SaaS companies leverage the SOCLY.io platform to keep their company, solutions, and annual audits compliant 24/7. The company executes its functionalities through social media, emails, and events and has been exploring channel partners in line with its outreach and strategy. As per funding activities, SOCLY.io raised $250K in July 2022. It also plans to achieve $5Mn ARR and 16 compliances and secure clients from all six habitable continents.
Co-founded by Raghuveer Kancherla and Girish Redekar, Sprinto is a compliance automation platform that helps SaaS companies obtain compliance, such as SOC 2, ISO27001, GDPR, HIPAA, etc., quickly. It helps clients create a real-time monitoring system that provides visibility into the processes and policies governed by compliance checklists, tracks the status of these systems, and alerts relevant teams if a system is not operating within the required baseline limits or in case of any policy violations.
Deloitte’s Risk & Regulatory services assist in designing, assessing, and transforming enterprise risk and compliance programs to preserve organizational value for their clients. They also assess the causes of compliance failures; deploy data and analytics to analyze the potential injury or harm; identify appropriate remediation approaches; and implement remediation programs. They help businesses assess, design, and implement legal entities to optimize returns on capital and meet relevant regulatory and business drivers.
Engaging with the above companies would help corporates increase their productivity, spur growth, and be compliant-ready!