IMPORTANCE OF COMPLIANCE TECHNOLOGIES IN MARKETING INDUSTRIES

Mr. Subhajit Chakraborty

Abstract


Every organization conducting business activities is familiar with the scientometric approach of the term “compliance”. As we all consider that human beings are made of blood and flesh, in such a way business enterprises are embedded with compliance and regulations. The concept of compliance strives to express that business enterprises make ceaseless endeavors to adhere to the local and foreign laws, rules and regulations pertaining to its activities, including corporate and internal policies, in order to achieve compliance competency as per international standards. The ever- modifying industrial dynamics, new forms of business, emerging rules and regulations and changing business expectations – all taken together are driving towards significant evolution in the self-regulation model of the industries.  Prior to 1960’s, there used to be legal departments which were held to be responsible for the maintenance of compliance standards and healthy governance in business enterprises but with the due course of time, corporations and business enterprises imposed a mandatory establishment of a compliance department. Presently we are now in 2020 generation with advanced superfast technologies and ultrafast connection speed ranging from 24 and 100 megabits per second which implies that one can easily understand the drastic change which has taken place. For many years India witnessed enactment of various anti-corruption legislations, the concept of compliance has gained more significance in various industries and companies which are indulged in share trading, investment business, health care and financial services. However with the launching of various anti-corruption legal frameworks, industries were run in an uncompromisingly rigid manner and as such for any compliance and legal division there was a need for strict monitoring of the compliance programs by industrial enterprises which were required to confront with numerous laws and regulations. It is by means of compliance competency and regulations that business enterprise can prosper and go great guns, provided it is well-conditioned and nurtured by an ethical environment and proper governance. The present paper will discuss how compliance technologies have impacted the marketing activities of business enterprises.


Keywords


Compliance, Competence, technologies, marketing, enterprises

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References


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