Unique Ltd., a start-up company launched in the year 2019, manufactures electric two-wheelers. Jayco, the Company Secretary was discussing the corporate compliance framework of the company. One of the consultants suggest

The compliance chart of a company is prepared after considering the operations and the structure of the company as the compliance requirements for an organization are based on the type of organization, activity of the organization, scale of operations, industry, sector in which the company operates and laws which are specifically applicable to the company. Broadly, the compliance chart is prepared by considering the following activities: Identification of compliances under applicable Laws, Rules and Regulations Risk Assessment Risk Mitigation (includes Training) Compliance Monitoring (includes Action Tracking) Compliance Reporting (includes Incident Management) The Compliance Chart of any company must contain the complete information on compliance dashboard, which provide a detailed compliance procedure to the compliance executor, this information includes: 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 associated with 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. Such compliance chart must be practical and concise on the role and responsibilities of the management and of the compliance officer who is specifically responsible for existing and newly identified business activities.