With only a few days remaining until the Reserve Bank of India’s (RBI) deadline for regulated entities (REs) to implement a unified compliance dashboard, ClearTax, India’s leading online tax-filing platform, has introduced its latest cutting-edge solution, Clear Compass. This innovative tool is primed to be the go-to choice for effortless adherence to regulatory requirements.
In accordance with the RBI circular RBI/2023-24/117 issued on January 31, 2024, REs must adopt and implement tools/mechanisms for monitoring all applicable compliances by June 30, 2024. The directive advocates for the deployment of a single/unified dashboard that brings all stakeholders onto one platform, showcasing all compliances in one place.
Clear Compass is designed to seamlessly integrate with existing systems, ensuring a smooth transition for REs. Its unified dashboard view specialises in providing senior management with a real-time, holistic perspective on the compliance position of their organization. it enables users to Identify, assess, monitor, and manage compliance requirements, and efficiently escalate all non-compliances to the appropriate stakeholders. This transparency and visibility empower informed decision-making and proactive risk mitigation. Moreover, there is a dedicated team of experts that provides comprehensive support and guidance throughout the implementation process, ensuring a hassle-free experience.
Mr. Archit Gupta, Founder and CEO, Cleartax said, “Clear Compass has been meticulously designed to address the intricate compliance needs of REs. Our solution not only meets but exceeds the RBI’s expectations by offering a comprehensive workflow for identifying, assessing, monitoring, and managing compliance requirements, as well as escalating non-compliances to the appropriate stakeholders.”
As the clock ticks down to the June 30 deadline, ClearTax urges the REs to act promptly and embrace Clear Compass as their trusted compliance partner.
“Failure to comply with the RBI’s directive could result in adverse actions,” he further cautioned. “By leveraging our cutting-edge solution, REs can be rest assured that they are well-prepared to meet the regulatory requirements and maintain their standing with the RBI.”
As the financial sector navigates an ever-evolving regulatory landscape, solutions like Clear Compass can become indispensable tools for maintaining compliance integrity and fostering trust among stakeholders.