Future of compliance management in India will largely be tech-driven: Core Integra MD

Core Integra is a leading provider of labour law compliance services in India. Ctrl+F is their flagship SaaS-based platform that simplifies labour compliance by offering a centralized monitoring system covering central, state, and industry-specific laws. Ctrl+F also provides users with free access to an extensive repository of Indian labour laws, covering over 1000 laws and acts, 10,000 compliance requirements, 20,000 legal updates, and 1000 register and return formats, including approximately 200 bilingual formats.

In an interview with Bizz Buzz, Mahesh Krishnamoorthy, Managing Director, Core Integra, discusses the role of RPA and AI in RegTech platforms, the development of Ctrl+F, and the future of compliance management in India

What role do Robotic Process Automation (RPA) and Artificial Intelligence (AI) play in the regtech platform?

RPA and AI play pivotal roles in RegTech platforms. RegTech platforms handle compliance transactions, verifications, form generation, dashboards, alerts, and data integration. RPA facilitates data transfer, calculations, reconciliations, and content structuring, offering cost-effective solutions. AI automates decision points in workflows, reducing human dependency and enhancing execution timelines by automatically executing actions based on identified conditions. These technologies streamline processes, making them more efficient and effective.

What prompted the introduction of technology into the compliance process, leading to the development of Ctrl+F software, India's first SaaS-based labour law compliance platform?

We recognized the challenges posed by manual and paper-based processes in labour law compliance a decade ago. While compliance management in the labour law domain was predominantly handled by regional or local players at that time, the company aimed to become a national-level service provider covering all States in India. To achieve this vision, the company understood the need to embrace technology, despite initial scepticism from practitioners in the field. Consequently, they embarked on the development of technology for labour law compliance. Today, Ctrl+F software is available as both a service and a SaaS model, serving over 7,000 enterprise users across 30 different industries for their routine compliance tasks.

Could you provide an instance where Ctrl+F brought about substantial improvements in compliance management and risk reduction for a specific client or organization?

In a notable case study, one of India's largest engineering, procurement, and construction (EPC) firms, operating on a global scale, harnessed Ctrl+F to revolutionize their end-to-end compliance workflow concerning contractor management. This encompassed a wide array of activities, including aggregation, onboarding, verification, validation, processing, attendance management, wage calculations, record-keeping, and the creation of bilingual registers and returns customized for various Indian States. This transformative approach extended to performance tracking and real-time dashboards.

With a vast presence spanning over 300 sites and a contractor network exceeding 3000 individuals across India, this client has relied on Ctrl+F for over three years. Beyond providing centralized record management, precise processing, and immediate access to crucial information, Ctrl+F played a pivotal role in safeguarding revenue by mitigating financial losses. Most significantly, it ensured a flawless 100 per cent compliance record, a noteworthy achievement in an industry notorious for compliance challenges, effectively mitigating risks for principal employers.

What are the advantages offered by a SaaS-based compliance solution like Ctrl+F, and how does it differentiate itself from conventional compliance management approaches?

Historically, traditional labour law compliance management has relied heavily on manual processes involving paperwork, forms, excel sheets, and physical files. The adoption of technology solutions in compliance management has been a relatively recent development, with scalability challenges due to the nature of activities requiring substantial interaction with regulatory authorities. While several compliance management tools are available today, a significant portion of them operates as checklists, where compliance activities occur outside the system and are subsequently updated within the tool for record-keeping and reporting.

Ctrl+F sets itself apart from such tools by operating as a comprehensive execution platform. It seamlessly integrates with a client's HRMS and accounting ERP systems, ensuring secure data transmission. The platform's capabilities encompass the generation of documents such as registers and returns, often in bilingual formats to meet both central and State requirements. Notably, Ctrl+F provides users with free access to an extensive repository of Indian labour laws, covering over 1000 laws and acts, 10,000 compliance requirements, 20,000 legal updates, and 1000 register and return formats, including approximately 200 bilingual formats.

This SaaS-based tool extends its utility beyond compliance management, functioning as an integrated governance, risk, and compliance software, overseeing contracts, litigation, risk assessment, controls, and audits. The software adeptly tracks policies, procedures, and SOPs, complemented by automated alerts and triggers. With comprehensive dashboards and reporting capabilities, Ctrl+F features an intuitive and user-friendly modern design and interface, enhancing the overall user experience. In essence, Ctrl+F redefines compliance management by amalgamating automation, resources, and an integrated approach to streamline and simplify the entire process.

Can you provide an overview of Core Integra and its Ctrl+F platform?

Ctrl+F simplifies labour compliance by offering a centralized monitoring system covering central, State, and industry-specific laws. This SaaS tool grants access to a vast database, including 40,000 pages of Indian labour laws, over 1,000 laws, 10,000 compliances, 20,000 legal updates, and 1,000 formats, including 200 bilingual ones.

Beyond labour compliance, Ctrl+F is an integrated governance, risk, and compliance software managing contracts, litigation, risks, controls, audits, policies, procedures, and SOPs. It features automated alerts, dashboards, and reports, providing a user-friendly modern interface for an enhanced visual experience. Ctrl+F simplifies labour compliance, offers a comprehensive legal database, and extends to governance, risk, and compliance management with automated features, dashboards, and a user-friendly interface.

How does Core Integra enhance regulatory compliance and streamline processes for organizations through its labour law services?

Since 2012, Core Integra has been providing labour law services to a diverse clientele. Our team of dedicated subject matter experts possesses a deep understanding of the relevant laws and regulations in this field. Our process starts with a thorough evaluation of our clients' existing procedures, where we identify any deficiencies. Afterward, we create a comprehensive scope document, which is shared with our clients for their approval. We then take steps to resolve any historical issues and establish more efficient processes for the future.

What emerging trends or technologies in the compliance management field capture your attention, and how do you anticipate their evolution in the coming years?

As the financial compliance sector has undergone substantial digitization over the past decade, coupled with increased government focus on labour law compliance in recent years, we anticipate forthcoming initiatives aimed at simplifying and consolidating labour laws to enhance ease of doing business in India. Looking ahead to the next decade, we foresee a fundamental shift in this industry, transitioning from predominantly service-based to primarily advisory and technology-driven company. Core Integra is poised to lead this transformation, leveraging its early mover advantage as a national-level player. Additionally, Ctrl+F, as India's largest and most comprehensive labour law compliance platform, plays a pivotal role in propelling this shift toward digitalization and advisory services within the labour law compliance landscape.