You are the Company Secretary of the newly formed company Star Infrastructure Ltd. Your chairman has asked you to prepare a compliance chart. What are the various points you would mention in the compliance chart ?

The Compliance Chart is an important part of the compliance framework and every organization shall give more focus on the preparation of the compliance chart based on the operations and the structure of the company as the compliance requirements depends on the type of organization, type of industry, activity, sector in which the company operates and laws which are specifically applicable to the company, etc. Broadly, the Compliance Chart should include the following details: Reference to the key compliance related laws, regulations, industry standards and compliance related policies and standards of the company; Concise statements that capture the relevant internal and external compliance obligations and the risks arising from those obligations; Inherent and managed risk level (critical, high, medium, low) of the identified obligations; The business processes or people to which the compliance obligations are linked or on which they have an impact; Specific compliance risk mitigation activities and compliance risk tracking and monitoring for managing the compliance obligations; To whom and how frequently compliance related results and findings are reported; and Clear ownership of the processes, activities and obligations outlined in the chart. The compliance chart must be practical and concise on the role and responsibilities of the management and of the compliance officer.