In addition to ~220 Regulatory updates daily globally, introduction of new laws and regulations adds to complexity to Regulatory compliance operations across all industries. Navigating the rapidly evolving regulatory landscape is rather challenging for contemporary business owners, which is why advanced alternative approaches to compliance management are becoming essential to retain a competitive advantage.
By leveraging digital transformation initiatives into compliance, business owners can keep pace and proactively manage and navigate the ever-changing regulatory landscape. Lawrbit Global Compliance Network has been created to be a single-point solution for CROs and Boards to implement their corporate governance/compliance control framework. The firm helps manage compliance risks proactively through its comprehensive regulatory intelligence of 70+ countries covering 1000+ regulatory bodies and 5000+ laws. This Regulatory Intelligence is created, organized, and updated by 100+ tier 1 & 2 law firms globally supported by Lawrbit's internal team of lawyers, CPAs, etc.
“Laws are cryptic, complex and ever evolving; hence legal expert often has different perspectives. Businesses needs to have a consistent approach and standardized framework to bring every stakeholder on common understanding of laws and ensure adherence", said Jyant Kohli, Founder & COO, Lawrbit.
Differentiating Global Compliance & Risk Solutions and Services
Regulatory risks are among the top three business
risks globally. There are many laws and regulatory bodies at the central, state, and municipal levels that businesses need to be aware of and comply with.
With their limited resources, organisations find it difficult to decipher, understand applicability, manage frequent regulatory changes, and ensure awareness and adherence at every level in the organization.
Lawrbit’s solutions are designed to overcome these challenges in a cost effective and efficient manner. The solution help businesses know applicable laws & compliance, create complex reporting workflows, manage tones of documents and provide real-time reports and dashboards to the management to control risks effectively.
Lawrbit follows a standardized yet customized process for each client to understand every aspect of their business that potentially triggers compliance obligations. It starts by gathering generic information in annual reports, websites, brochures and preparing a custom questionnaire for each business function. This process is called business discovery, wherein Lawrbit’s legal experts interact with client’s legal, functional, and business teams to finalize applicable laws and compliance. Each compliance obligation, irrespective of law, is thoroughly discussed to ensure process owners understand what is expected from them and own up their responsibilities.
Laws are cryptic, complex and ever evolving; hence legal expert often has different perspectives. Businesses needs to have a consistent approach and standardized framework to bring every stakeholder on common understanding of laws and ensure adherence
Maersk GSC, is the global-in-house support center, for Maersk, a global transport & logistics implemented GCMS for its businesses in India, China and the Philippines. Maersk GSC employs 12,000+ professionals across its 8 delivery centres across these countries. The regional leadership team was struggling to certify compliance as they had neither knowledge of laws nor visibility of ownerships and adherence.
Lawrbit, along with their legal partners, identified 200+ laws and 5000+ compliance obligations applicable across their units in India, China & the Philippines. And, also translated laws written in Mandarin and Filipino and mapped a comprehensive framework that gives real-time visibility to regional and global leaderships along with updates on regulatory changes in these countries.
"With our global offerings and technologically superior offerings, we are poised to play a major role in this industry. Over the next 3 years, we are expected to increase and strengthen our global legal and reseller partner networks. We foresee our physical presence to grow beyond India during this period", concluded Jyant.
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