SAP to drive increased value and insights on Indian Companies Act, 2013

 To complement a unified and integrated approach towards a sustainable strategy around the Companies Act, 2013, SAP SE offers a range of Governance Risk and Compliance (GRC) solutions that bridge the gap between historically slow technology adoption and the need for innovation within the internal audit function. The GRC software provides greater transparency and effective management practices to assist in highly regulated markets and complex compliance requirements in India.

The corporate landscape for GRC is rapidly changing with the recently announced Companies Act, 2013. Sound governance is the fundamental prerequisite and foundation in the journey of laying down a GRC framework. This has implications on various policies with respect to Board Structure, Responsibility and Accountability at the Board level, Remuneration, Organization Code of Conduct, Importance and Independence of the Role of Audit and Risk Committees, Assurance Mechanisms and its accountability, etc. The Companies Act of 2013 has incorporated certain specific mandates around the Governance, Risk Management and Compliance which can be classified into four basic building blocks.

"Managing risk is no longer an afterthought for organizations. With highly regulated markets and complex compliance requirements, stakeholders, today, are demanding greater transparency and more effective management practices," said Maneesh Sharma, Head – Business Development, SAP India.

To complement the Companies Act, 2013, one can configure the SAP solutions which will proactively balance risk and opportunity through a real-time approach to GRC. It enables the organizations to achieve defined goals, assist in decision-making and ensure that entities are transparently governed and enable better management of risk and compliance by automating key risk-management, compliance and monitoring activities.