Explain the process of Corporate Compliance Reporting.

The actual process of compiling the information under the various laws may vary from company to company and is dependent on various factors such as the number of units and scale of operations, a brief process of the Corporate Compliance Reporting mechanism is as follows: Functional heads for the reporting of various laws have to be identified. For instance, the Company Secretary would be the functional head for reporting of Company Law, Listing Regulations and Commercial Laws. Similarly, the head of the Personnel Department could report the compliance of Labour and Industrial Laws and the Fiscal Law Compliance would be the domain of finance/accounts departments. Each of the functional heads may collect and classify the relevant information from the various units/locations pertaing to their department and consolidate them in the form of a report. The report shall carry an affirmation from the functional heads that the said report has been prepared based on the inputs received from the various units/ offices and then list out the specific compliances/non-compliances, as already circulated to the functional heads. Each of the functional heads will forward their respective compliance reports to the Company Secretary/Managing Director. The Company Secretary would then brief the Managing Director and with suitable inputs from the Company Secretary, the Managing Director would consolidate and present, under his signature, a comprehensive Corporate Compliance Reporting to the Board for its information, advice and noting. The whole process of Corporate Compliance Reporting is contingent on the creation and implementation of comprehensive legal Management Information System (MIS).