Z Ltd. seeks your opinion on the role of the various levels of management for compliance ownership. Explain the role.

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. The role of the various level of management for compliance ownership can be illustrated as under: (a) Top Management Understanding the compliance obligations and recent changes. Approval of Policy and Procedures. Motivating employees to ensuring compliance on time. (b) Legal Cell Identification of new and changed relevant local laws, regulations and standards. Communication in Writing to compliance owner/executor. Review of systems, policies and Procedures. Resolution of Doubts and Clarity in Directions. Periodical Review and Assessment. (c) Senior Management & functional Heads Analysis and research on the Regulatory changes. Formation of Policy and procedure. Motivating Compliance officer to ensure timely compliance. Guiding compliance officer in executing compliance. Tracking the Compliance chart. Risk Escalation. Conflict Resolution. (d) Compliance Officer/Subordinate staff Performing Compliance Obligations. Updating Compliance obligations into the Compliance Chart. Risk Identification and intimation. Conflict intimation.