Lexplosion undertakes a phased approach to evaluate the compliance ecosystem of the companies and strengthen their monitoring of compliance status on an ongoing basis. The regulatory compliance management lifecycle comprises of the following set of activities –
- Identification of all regulations that apply to each of these companies.
- Creation of a comprehensive inventory by breaking down regulations into easy-to-use checklists.
- Uploading the compliance inventory onto a digitized solution to provid ongoing triggers to the portfolio companies as well as management oversight to the fund.
- Comprehensive or focused audit to assess the existing compliance gaps
- Report out of audit findings with recommendations for corrective action
- Legislative monitoring on an agreed frequency to track changes in compliance standards/codes.
Periodic Regulatory Updates
Lexplosion has a dedicated team of lawyers who track and monitor any regulatory updates for laws applicable to an organization basis its operations in India. The Updates team also tracks relevant judgments in various fora and courts of India. The relevant updates are reported in the form of a newsletter on a monthly basis.
Regulatory Compliance Assessment
Lexplosion offers comprehensive compliance assessment services to allow clients to have an overview of their compliance status. Lexplosion’s lawyers understands client’s business operations, finalize the applicable list of laws, review statistically significant compliance proofs and provide a report identifying gaps/ glaring misses in actual implementation of applicable compliances.
Creation of Compliance Checklists
Lexplosion’s lawyers undertake a regulatory landscaping exercise to understand client’s business and thereafter come up with the list of laws and ascertain the compliances that apply to the client. Lexplosion synthesizes the various provisions which lead to specific compliance activities for the client and lists them out in a mutually agreed compliance checklist template.
Project Management Support
Lexplosion provides a legal resource who is stationed either at the client site or operates out of Lexplosion office. This resource aids the client in managing compliances and ensuring the completeness and accuracy of the forms/ schedules in which the compliances are filed. The resource also acts as a conduit with the third-party compliance filing expert and ensures that the filing expert files the compliances with the Government Authorities on time.