In conjunction with Fortune Architect, #GlocalizedHR organised a 3 hours leadership networking event to bring together innovation, leaders and practitioners to explore key trends and impact of Compliance in the corporate world – not just to discuss the use and misuse, but also to ensure how that will impact existing and upcoming organisations.
“In recent years, and in the wake of various corporate scandals, regulators and lawmakers have been enacting a growing number of local and global regulations with which organizations need to comply”
There has been an increasing importance of compliance, as non-compliance can have very serious, and sometimes devastating, commercial consequences. Against an increased level of regulatory scrutiny and ethical expectations, and given the financial and reputation damage that results from corporate scandals, compliance has moved up the corporate boardroom agenda. As a result, ensuring compliance with both local and international laws should be part of the ordinary, day-to-day activities of a company.
“May you live in interesting times” as the saying goes, and indeed we do. These are times of great change – changes in technology, mobility, values, economics, etc. The focus of compliance (or rules as we knew them) are shifting and evolving rapidly, and the picture of our collective future (cultures, societies, organizations) is in flux.
These are times of great uncertainty, and quite often crisis in confidence, yet these are also times of unprecedented gain – we are more open to change, to creative energy, to pursuit of human potential than any other time in our history.
More and more companies are seeing increased value in investing in strong compliance programmes because these programmes not only prevent infringements, but may also serve to mitigate fines if an infringement has been committed. A tailored compliance programme, targeting the business’ risk areas, is important in helping companies navigate the pitfalls without imposing unnecessary restrictions.
Questions each company should ask itself
- What are the main areas of risk for your business? Does your company have a compliance policy in place? Are all areas of risk covered by it?
- To whom does the compliance policy apply? Is the compliance policy part of your company culture? And, if the compliance policy legally enforceable?
- How do you monitor compliance? Does your company have reporting procedures for potential breaches?
- Does your company know how to enforce the compliance policy in its dealings with business partners?
Of course, embedding these compliance policies into a company’s culture requires further, practical measures. Having compliance policies but not enforcing them may be almost as harmful as not having them at all. The most effective way of ensuring compliance is to train employees in the basics and how they apply to the business.
The event aimed to discuss, what does Compliance means for the future of global organizations and their leaders who must navigate these changes and guide their organizations on future path? A major part of the event focused on what role will compliance play and how will it define how global organizations should and/or will evolve in the future.
These were the questions we all seek to answer, as we brought together a diverse group of innovation practitioners and leaders from across Delhi/NCR in a highly stimulating, provocative conversation designed to engage and provoke.
Compliance is an area that has transitioned from what was once an embryonic market into an area where year on year demand far outweighs supply. A brief activity session, wherein everyone was requested to interact with another team to discuss and/or raise concern on any and/or many compliance(s) wherein their organization has been successful or haven’t been.
Watching our emerging leaders approach this daunting task, we discovered that three distinct but interdependent forms of networking—operational, personal, and strategic—played a vital role. The first helped them manage current internal responsibilities, the second boosted their personal development, and the third opened their eyes to new business directions and the stakeholders they would need to enlist. While our managers differed in how well they pursued operational and personal networking, we discovered that almost all of them underutilized strategic networking.
Light Bulb Speaker
Sanjeev Jain an established Delhi based Chartered Accountant and a lawyer, presented his knowledge in various capacities across world.
Having a passion for technology, in 1996 Sanjeev had a vision and created Megasoft (IT enabled services) in the field of outsourcing of Payroll, HR Services and Accounting.
Sanjeev Jain as a dynamic communicator who used principles, images and stories to equip young leaders.He shared his knowledge, which was as motivational and highly charismatic and really brought the subject of compliance alive.
The entire session was engaging.He shared his facts in a simple and impact way.
“Law is not the fear of being caught by a cop, but the discipline within – Anil Makhija, Director (Legal) Megasoft”
While he shared lot interesting facts about the role and importance of Compliance in any business’s growth and sustainability, we also got to know the contributions that Megasoft Solutions has made in ensuring that the companies are compliant towards the compliance. Fortune Architect has even took an honour to handover the award of #GlocalizedHR |Who’s who acknowledging their contribution in the field of compliance and HRMS.
The Pop-Up Brain
This session was conducted by Piyana Bandhopadhay who is an energetic leader and have a passion to add value and impact others. presented the leaders with a lot of opportunities to sharpen their skills.
The event proved to be a great tool to leverage and compelled outcomes for leaders who attend.
To get the most out of the event, Glocalized HR chose “Discussion over a cup of coffee” approach to involve being curious, being engaged and to contribute to create a better understanding about everyone’s collective thought on compliance.
Our goal is to make this participation more fluid, inclusive, and ongoing which would not be possible within the confines of one day alone. We hope to, host more upcoming networking events and hope, you’re as excited as we are!
If you are one of those, looking for a platform to connect all HR professional (seasoned / aspiring) of the globe to discuss, share and build the globally acceptable and appreciable HR practices. Connect with Manan Chaturvedi / Ankita Chaturvedi.
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