The importance of compliance has become paramount as non-compliance with statutory compliance scan lead to heavy penalties, loss of licenses and even huge brand impact. But with a plethora of laws governing a country, a company often gets confused or missed out on certain regulations. Many organizations still opt for a compliance management system based on spreadsheets &e-mails. However, various departments maintaining spreadsheet based compliance trackers result in a fragmented repository of all applicable laws, rules & regulations. Such an approach leads to increased risk of non-compliance. Therefore, a need for a vendor who provide Compliance, Legal & Regulatory (GRC) Software products built on a technology platform specifically designed for addressing compliance management is a necessity.

Headquartered in Bangalore, Clonect Solutions offers ricago, a suite of GRC products similar to Compliance Management System(CMS), Insider Trading Management System (ITMS), and Contracts & Obligations Management System (COMS), that are built as a Compliance ERP, a technology platform addressing the risk of non-compliance. “The compliance ERP platform takes an end-to-end approach of covering regulatory, contractual and internal compliances, and addressing entire life-cycle of compliance thereby providing organizations with an integrated view of the compliance health.At the core of the platform is a workflow engine and a central repository of applicable compliances that is mapped to a best suited workflow based on the activity grouping and the organization structure.” Says Balaji Rao, Co-Founder & Director, ClonectSolutions.

With timely alerts, notifications & escalations, ricago CMS works as a 24x7 dependable compliance assistant, as it ensures that compliance activities are closed on-time and any residual risk due to non-compliance is highlighted. This reduces the risk of attracting penalties & notices. ricago ITMS is an enterprise-class web application which can automate and address the challenge of complying with the new prohibition of insider trading regulation. It’s insider trading analytical utility helps compliance officer to quickly identify deviations/ violation from actual trading logs with a click of a button. ricago COMS is capable of tracking & managing obligations arising out of contracts of an enterprise. COMS allow creation and management of custom Contract Attributes (metadata), Contractual Obligations and Litigation &Appeals arising from the enterprise contracts.
“Clonect proudly separates ricago from its peers as thericago products are enterprise-class. They are built using Microsoft technologies and use Windows platform with .NET Framework. Being a light weight web applications, they can be accessed from anywhere, anytime and any device seamlessly from a standard web browser.” Says Shailesh Agrawal, Co-Founder & Director, Clonect solutions.