Reinforce compliance with PwC's e-nForce

MUMBAI, INDIA: It was with the Satyam scandal that the question of corporate governance hit us like a bolt from the blue. Though Satyam is back on track, people's concern over such issues still remains, casting shadows on the entire business communities and trade bodies.

Sure, IT can play a pivotal role in bringing about transparency accountability in businesses thus enabling better corporate governance. But it is a complex task.

Understanding such complexities, auditing firm PriceWaterhouseCoopers (PwC) Private Limited has developed e-nForce, the latest statutory compliance management solution.

According to PwC’s executive director Pradip Bhowmick, the solution was developed in India by the PwC IT Practice team in consultation with the Tax and Service Regulatory team.

“It supports CEOs' and COOs' certifications needs of regulation and compliance. It's developed keeping in view the market approach with consulting. And, it’s the first of a kind compliance solution in India,” said Bhowmick.

This innovative solution accelerates the complex internal processes that companies and organizations have to pass through to track legal compliances across multiple locations by creating a robust compliance framework.

And it provides the top management with a one-stop view of the organization’s compliance via comprehensive compliance dashboards. Bhomick suggested that solution has two parts - one which is specific to Indian compliance laws and regulations and secondly, the technology fully supports those norms.

About key features and benefits, Bhomick pointed out that e-nForce is a web based tool that can be accessed by all business users (executive and directors) over the corporate intranet and is an easy and effective solution for managing company's legal compliance.

e-nForce with a central repository of laws and compliance checklists allows various functions of a company across locations along with legislative forms and manuals. Here, he added that the company's management can easily drill down from a country level compliance to state level and even down to local government level using the solution.

Organizational hierarchy from a compliance perspective is shown by compliance organogram along with compliance schedules to regulate submission, review and approval of compliance checklists on a monthly or yearly basis.

Moreover, e-nForce generates email alerts and reminders for any escalation of delays by capturing evidence to help the senior management, added Bhowmick.

Though, it is a standalone solution, it integrates well with existing platforms due to the Open architecture that leverages the existing systems and resources. e-nForce can be deployed on-premise as well as it is available on software-as-a-service (SaaS) model. Presently, about 14 enterprises across verticals have deployed e-nForce in India.

In addition, Bhowmick explained that if a company is operating in two different countries or more that has different compliance norms and regulations, then system fully supports in meeting business requirements with customization in country wise compliance.