Effective way to manage Compliance as a Startup

As a Startup its always being a challenge to understand and determine core key issues of the
regulatory compliances as Only good practice makes a good business so in order to comply first you
need to determine in which way you would like to launch your venture whether its a Private
Company or Sole Proprietorship/Partnership if you intend to form a company then comply with a
perquisite criteria set forth by the new Companies Act otherwise as Proprietorship/ Partnership Firm
you have to check with local municipal laws to obtain a Certificate of Enlistment.
So as long as Incorporation part is over you have to look into the deeper matter of considering
obtaining NOC or Business License if your venture falling under specific industries which needs
Governments nod for commencement of Business. e.g. in case your Startup is Pesticide
Manufacturing unit then you must obtain License from the concern department of your respective
state.
Managing Documents:
Applying for Business License is not a cakewalk and need cumbersome documentation for preparing
the pre Application.
So the general rule is keeping all the business related documents in one and safe place, the access of
documents should be limited to your Attorney and trusted associates. Its prescribed to keep
softcopy of data in your secure server.
Basic documents every business should keep handy are generally ranging from your Incorporation
related documents to your Personal and banking documents which need effective Data security in
case of storage.


ID & Address
Proof of Key
personels
Project
Reports
Financial
Reports
Employees's
Documents
Incorporation
related
Documents
Compliance in the age of Transparency:
Where Transparency is buzz of every public domain therefore, preparing documents need extra
attention especially for Financial Reports if its not effective then your business might be at risk.
So all the data in the documents should be pre-examined before final execution and submission to
the concern Departments.
The above shown Data circle should be in order to protect the chances of Data omissions.
Synchronising with the Supporting Data and collective Data:
Collective Data are those which emerge from collective collaborations:
Employees Research Work
Experts Business opinions
Financial transaction details etc.
Whereas; Supporting data represents various Data sources of obtaining data for collective use.
These are;
Date of Events
Written information attached to Agreements
Offer, Proposals
No. of working days for Employees
Model No. of Office equipment and Machineries etc.
So all the Data constitute the above shown Data circle and therefore preparing application for your
Business license might require all the Data in one place. So managing this huge Data should be in the
Pyramid structure.

Legal Information:
Legal information is also necessary to manage in docketing format. In most of the Application
Form for regulatory compliances ask for your history in litigation personal as well as
organizations therefore routine check-up of your Docket is mandatory.
Compliance Audit:
A compliance audit is a comprehensive review of an organization's adherence to regulatory
guidelines. Independent accounting, security or IT consultants evaluate the strength and
thoroughness of compliance preparations. Auditors review security polices, user access controls
and risk management procedures over the course of a compliance audit. What, precisely, is
examined in a compliance audit will vary depending upon whether an organization is a public or
private company, what kind of data it handles and if it transmits or stores sensitive financial
data.
Intellectual Property & Compliance Management:
The underneath of managing IP depends on collecting Data and securing them through IP
management tools. Value of IP is not only measures by the strength of your Patent or Trademark
portfolio but also Trade Secrets now that secrets lies under the beneath of huge business data is
required for managing regulatory compliances so when you drive data to manage compliances
at the same time to keep an eye open on securing them in order to protect Trade secrets.




Domain
of Trade
Secrets
Data chart 1
Data Chart 2
Data Chart 3
These are the fundamental guidelines for managing compliance; users can employ
various Data management software such as

Framework software
Data retention tools
ID and access management
Reporting software
Encryption solutions
Log management software
Compliance services
Policy management software
Document management software
Content management software
Financial and accounting software
But most importantly managing Compliance needs awareness among the organization after the
penalty involves high stake of reputational and monetary lose in case of Non- Compliance.