The quality and status of an organization’s legal compliance systems and programs reflects its overall commitment to sound corporate governance practices. Increasingly in India and abroad, the importance of Legal Compliance has emerged as an indispensable factor in an organization’s overall functioning and governance structure. The focus on Legal Compliance is not restricted just to regulatory compliances that apply to an organization. Neither is it restricted to only the business vertical of the organization. It flows through every part of the organization from procurement to logistics.
Legal Compliance can be defined as the system by which organizations ensure that they observe and comply with all the external statutory regulations and laws that prevail in their operations geographically. However, the current trend is to extend the ambit of compliance into internal policy and processes needed to manage critical functions within the corporation.
Thus, the latest strategy of large corporations is to ensure that the in-house counsel is appropriately supported by an extended outsourced arm that focuses only on compliance management. The strategy also ensures that the internal core legal team of the organization can focus on more important and strategic tasks leaving legal compliance in the care of proven subject matter experts. This new strategy ensures a win-win situation for the corporation.
Usually when an organization uses an external agency for legal compliance management, it has cost implications that form substantial part of its legal budget. It is often a tough call to decide and partner with a good service provider that charges economically, and executes assignments with utmost responsibility, ethics and accuracy.
At Sand Legal Services Pvt.Ltd., work ethics and team management is deemed the most important, as our esteemed clients have graciously said in their testimonials. It is ranked as Compliance company of the year twice in 2014 and 2015 by CIO Review and UK based Corporate Livewire, respectively. Sand Legal has major ongoing projects in seventy locations globally including all twenty-nine States in India.
We have started this newsletter focusing on important topics that center around you and your governance. The Newsletter will keep you updated in regards to the happenings in the world of Compliance, including all the important changes in the Legislations across seventy locations globally.