TeamLease Regtech Engagement
TeamLease Regtech engaged with the client in June 2018 and took 8 weeks to complete the entire implementation. A team of 3 SMEs was constituted to work with the Compliance Officer and General Counsel for planning the implementation
AVACOM went live in August, 2018
Phase 1 - Business Discovery
This phase of the project focussed on understanding their business, markets, raw materials and machines / equipment used. This enabled the team of experts in understanding the applicability of various acts, notifications and circulars issued by the govt. in this regard to establish. Comprehensive information was collected via in-person interviews / meetings / discussions with the Board & Management, individual department heads, regional heads and other representatives in the company. The following items were collated:
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Business Set up (Group, Entities, Locations, clients, number and nature of establishments, Industry, export)
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Products (Healthcare, Household products, Cosmetics etc)
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Equipment, Machines and Raw Materials
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Mandatory repeatable items driven by ISO and other standards
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Statutory Compliances (Drugs and Cosmetics Act, Legal Metrology Act, Explosives Acts and other specified rules), meeting regulatory compliances of FSSAI
Phase 2 - Compliance Applicability Assessment
TeamLease Regtech identified several diesel generators, Pressure Vessels, Hoists and Lifts, Lifting tools and tackles, Gas Cylinders, Chemical tanks, among others. These equipment were located in various plants based in all the manufacturing units spread across 30+ locations in the country leading to applicability of different Acts, guidelines and Compliances.
Our Client also dealt in exporting its products to various other countries too, therefore it also has to comply with global standards of protection. The client has to comply Product Safety, Environment Friendly, Safe to Use. Moreover, the client has to meet regulatory compliance of FSSAI, on the basis of, Design and Facilities of Products, Control of operation; Maintenance and Solution, Personal Hygiene, and Training and Complaint Handling.
Phase 3 - Implementation
TeamLease Regtech assigned an 8 member team to work with the client and their various offices located across the company in their respective manufacturing plants. This phase was the most critical as the team after doing in depth analysis of all the offices of the client, discovered major areas which required attention, such as:
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Review of identified applicable Acts and Compliances with various key stakeholders
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Discussion on identified gaps with CXOs, Regional Heads and Compliance Head
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Creation of the Group and all the entities based on establishment types and locations
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Mapping of Compliances to specific users along with their roles
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Hands on training sessions with user groups based on their locations and roles
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Dashboards were created and provided to the users, having automated reminders, alerts
The team identified 158 Applicable Acts, over 6,700 compliances across 36 locations. A total of 156 users including 18 Management users were mapped and trained. Mobile Apps were downloaded on their IOS / Android devices and configured for use.
In Conclusion
TeamLease Regtech completed end to end implementation of such a complex business group in 12 weeks. In less than 4 weeks, Compliance officer has much greater control over their organisation’s compliance. He is able to identify risks and issues in real time and plan necessary interventions. His ability to provide assurance to his management has shot up significantly. There is greater visibility, transparency and accountability in the system. The cost of poor compliances arising out of delays and missed compliances is likely to reduce by 80% in the first year.