Decoding The Compliance Conundrum

In today's business landscape, where regulations are constantly evolving and compliance requirements are growing more complex by the day, legal professionals find themselves at the forefront of a challenging endeavour. In the recent panel discussion on 'Tackling Onerous Regulations and Compliances: The GC Outlook', legal minds shed light on this intricate matter.

The panel featured industry leaders namely Ajay Pratap Singh, Global General Counsel, Sona Comstar; Sameer Chugh, Chief Legal Officer, Games24x7; Baminee Viswanat, Group General Counsel, TVS Supply; Yogesh Wadhwa, General Counsel, Hyundai Motor India and Maushami Dasgupta, Group Head Legal, PVR Inox.

Prioritising Compliance & Proactiveness

As Viswanat eloquently stated, "Compliance is a given. Yes, it's a scenario. It's just not only in India, across the globe, regulations evolve. We have to prioritise compliance." Echoing this sentiment, Singh emphasised the importance of creating awareness and involving people within the organisation, stating, "We create the summary, we circulate within the organisation so the people are aware."

Addressing the challenges of navigating ever-changing regulations, Chugh offered insights into the gaming industry's proactive approach, "We've been asking for regulations now for more than four years. We start to put our processes and compliances together such that tomorrow when the regulations come, we are anyway complying."

Wadhwa shed light on the complexities faced by manufacturing companies, particularly in the realm of labour laws. "Looking at the current law, I informed my teams in the region as well as the HQ in Detroit and Singapore," he shared, recounting his experience navigating a plant closure amidst regulatory hurdles.

Dasgupta, representing the entertainment industry, highlighted the importance of educating stakeholders and engaging with regulators. "It is important for us to let the bodies, the regulators know that we need to be regulated and there are things which we want from the regulator," she stated, emphasising a proactive approach.

Leveraging AI & Culture of Compliance

The panel delved into the role of technology in managing regulatory compliance, with Chugh acknowledging the potential of emerging technologies like AI. "I feel the whole AI system, AI-based technologies, AI-based tools which are going to turn around, generate and predict models and then actually, in a way, self-comply should take away a bulk of your day-to-day stuff," he remarked.

As the discussion progressed, Wadhwa emphasised the importance of mindset and education, stating, "Unless our stakeholders understand the nuances, unless they are being educated on potential non-compliance, things will not change."

Singh highlighted the significance of creating awareness and involving people, while Dasgupta shared PVR Inox's approach of conducting periodic compliance audits for all verticals, ensuring a robust system of checks and balances.

The panel discussion took place during the 4th edition of The GC Conclave hosted by BW Legal World, in association with BW Businessworld, held in New Delhi.