Two Boeing 549 FLY airplanes crashed due to flaws in the aircraft's design and software. Investigations revealed that Boeing had failed to comply with regulatory requirements and that its compliance management systems we

Explanation and its needs: Compliance Management is the method by which corporate manage the entire compliance process. It includes the compliance program, compliance audit, compliance reporting etc. and in other words it is called compliance solution. Compliance management is the routine tools for effective governance. Corporate compliance management involves a full process of research and analysis as well as investigation and evaluation. Corporate compliance is an ongoing process, and businesses especially ones that have incorporated under any statue need to make sure that they are following the rules set in place. Company Secretary to ensure: The company secretary has to advise the company in totality to provide full, timely and intelligible information. To enable the company to put in place an effective Compliance Management System, company secretaries should ensure that the company: Adheres to necessary industry and Government regulations. Changes business processes according to legislative change. Realigns resources to meet compliance deadlines. Reacts quickly and cost-effectively if regulations change. Benefits of Corporate Compliance Management: Better compliance of the law. Real time status of legal/statutory compliances. Safety valve against unintended non-compliances/prosecutions etc. Real time status on the progress of pending litigation before the judicial/quasi judicial authority. Detection of non-compliances at early stage and thus saving cost by avoiding penalties/ fines which may arise and minimizing litigation. Improved operations and higher productivity. Better brand image and positioning of the company in the market. Goodwill among the customers, shareholders, investors, stakeholders and regulators. Better employee engagement and retained talent. Enhanced credibility/creditworthiness that only a law-abiding company can command. Recognition as good corporate citizen.