Aparajitha Corporate Services Private Limited, one of India’s leading compliance firms, in association with 3W, a leading transformational training and consulting firm in Sri Lanka, organized a Compliance Webinar 2nd Global.
Aparajitha Corporate Services Private Limited last year introduced its global e-governance and compliance platform – “Compfie” in Sri Lanka together with 3W Consulting, headquartered in Colombo.
The decision to position “Compfie” in the Sri Lankan compliance market marks the first significant development of the strategic partnership between Aparajitha and 3W.
The virtual webinar aimed at understanding compliance management and the role of technology and digitalization in transforming financial compliance for organizations.
Speaking about the importance of the session, Nagaraj Krishnan, CEO of Aparajitha Corporate Services Private Limited, said: “With regulatory changes increasing and the ‘new normal’ coming, Given by COVID19, a key trend in business compliance in 2022 will be a dramatic increase in digital transformation in terms of automating and simplifying compliance-related processes.
“Any electronic compliance architecture should be designed to provide complete visibility and overview of compliance status at the country, state, and unit levels.
“Equally important are the experts who provide round-the-clock support to keep up to date with country-specific industry laws and automatically configure software with the appropriate domain covering employment, tax, business laws, and regulations business, commercial, EHS and industry-specific for large global organizations, small and medium-sized enterprises,” added Krishnan.
Stefan Moraes, CEO of 3W Consulting, said: “The companies Today’s Sri Lankan companies are quick to prioritize compliance, as the board of directors reinforces their commitment to corporate governance, markets, and regulation run by the SEC dynamics “Since the start of the pandemic, companies have been faced with the challenge of facilitating ‘work from anywhere, and operating through hybrid models further increases the risk do not obey
Companies must adhere to regulatory standards across the entire value chain in their operating model including tax, human resources, and environmental functions.
“Board of directors can monitor compliance distributed among different business functions and different professional responsibilities thanks to our compliance solution “Compfie”; a fully integrated online compliance management tool designed to global standards with a dynamically integrated national, industry and corporate legal knowledge management system.
This KMS Compfie Legal also addresses specific areas, industry standards and compliance requirements,” said Moraes.
Some key aspects discussed during the session included how digitization can help businesses
Central Bank of Sri Lanka (CBSL), Sri Lanka Securities and Exchange Commission (SEC), State Unit Financial Reporting (FIU), Sri Lanka Insurance Regulatory Commission (IRCSL), and Sri Lanka Customs (SLC) Comply with all applicable laws and management responsibilities by the Sri Lankan Standards on Auditing (SLAuS 250) Prevent and detect money laundering and funding risks while dealing with clients through the Financial Transactions Reporting Act (FTRA), Designated Non-Financial Activities (DNFB) and the Privacy Regulations.
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