ABC Ltd. is having a paid up capital of ₹1,000 crore and annual turnover of ₹2,500 crore. The company has asked you, as a Company Secretary in Practice, to advise it on preparation and finalization of its Compliance Mana

The corporate compliance management framework encompasses various steps relating to Compliance Identification, Compliance Ownership, Compliance Awareness, Compliance Reporting and Periodical Compliance Management Information System (MIS). 1. Compliance Identification: This involves the identification of compliances under various legislations applicable to the company, in consultation with the functional heads. The legal team has to identify the legislations applicable to the company and identify the compliances that are required under each legislation or rules and regulations made thereunder. 2. Compliance Ownership: The ownership of the various compliances has to be described function-wise and individual-wise. Clear description of primary and secondary ownership is also very important. While the primary owner is mainly responsible for the compliance, the secondary owner (usually the supervisor of the primary owner) has to supervise the compliance. Ex: Secretarial Officer/Company Secretary may be primarily responsible. 3. Compliance Awareness: This covers the establishment of the legal compliance management and creation of awareness of the various Legal Compliances amongst those responsible. Sometimes the compliances are handled by persons who are not fully aware of the requirements of the legislations and hence creating appropriate awareness amongst the owners is very important. This could be done in the form of meetings/trainings explaining the various compliances or some manual containing the details of compliances. 4. Compliance Reporting: In the process of the Compliance Reporting, the status of Compliances or non-compliances should be communicated to the concerned. Reporting of non-compliances ensures that appropriate corrective action is being taken by the responsible person in case of the failure in doing compliances. 5. Periodical Compliance Management Information System (MIS): This involves regular monitoring and reporting of compliance status to ensure ongoing adherence to the framework.