Importance of compliance can be perceived by clearly defining our duty towards stakeholders. Compliance primarily means adhering to all necessary rules. Not just that also to abide by guidelines. Relevant to both under product quality and financial perspective. Founders and employees must understand the importance of compliance from very early stage of start-up.
On the other hand non compliance has penal consequences both on the company and its founders or directors. Needless to say it’s vital to build a robust compliance mechanism and frequently review it. This will help in maintaining goodwill and brand image of the company intact.
What is your company’s approach towards compliance management? Does it involve in-time reporting and review procedures? How are compliance breaches identified and handled? How should Entrepreneurs deal with this. What kind of guidence should they be looking for?
In this video Sangeeta Sumesh illustrates us importance of compliance and consequences of non compliance. She is primarily a Chartered Accountant and Management Accountant. Currently she is ED & CFO of Dun & Bradsheet Technologies. Apart from that she is also a high performance coach, an author, Start-up advisor and professional speaker. She authored finance books ‘What the Finance’ and ‘A Glance at the Unknown’. She is rightly awarded the title of ‘India’s most influential women in finance’. Also Sangeeta encourages entrepreneurs by conducting workshops and coaching sessions. You can watch the series here