Automated Compliance Management
Introduction
Managing compliance deadlines across multiple entities and jurisdictions can be time-consuming and error-prone. The Compliance Tracker streamlines this process by automating the creation of compliance events (Annual General Meeting (AGM) Deadlines & Annual Return Filing Dates) based on jurisdiction-specific rules.
Along with Notifications, users can now proactively receive reminders about upcoming compliance events, reducing the risk of missed deadlines.
This article provides an overview of these features, guiding users on how to utilise the Compliance Tracker and configure Notifications effectively.
π Key Takeaway: Automatically track, manage, and receive notifications for compliance deadlines across jurisdictions, all within a single, user-friendly interface.
Key Features & Capabilities
Automated Compliance Event Creation π
Auto-generates AGM Deadlines & Annual Return Filing Dates based on predefined rules when entities are created/imported.
Supports entities in:
Hong Kong ππ°
Singapore πΈπ¬
British Virgin Islands (BVI) π»π¬
Cayman Islands π°πΎ
Status Tracking for Compliance Events π
Introduces a Status field to track compliance event progress and completion.
Default status: "Scheduled".
If not marked as "Completed" by the deadline, the status updates automatically to "Overdue".
User Control & Flexibility βοΈ
Users can edit or delete auto-created compliance events.
Changes are audit logged, capturing timestamps and user details.
Support for recurring events allows users to set compliance events to repeat automatically.
Jurisdiction-Specific Compliance Logic π
Adapts to different jurisdictional regulations:
Hong Kong ππ° :
Annual return due 42 days after incorporation anniversary.
AGM required within 9 months after Financial Year-End (FYE).
Singapore πΈπ¬:
Annual return due within 7 months after FYE.
AGM must be held within 6 months after FYE.
British Virgin Islands π»π¬:
Annual fee due based on incorporation month.
No AGM requirement.
Cayman Islands π°πΎ:
Fixed Annual Return Filing Date of January 31.
No AGM requirement.
Notification & Reminder System π
Users can configure reminders and alerts for upcoming compliance deadlines.
Notifications can be customised for delivery via email, in-app notifications, or both.
Events can include Date & Time granularity, ensuring precise deadline tracking.
Security & Compliance π
Event timestamps reflect the local timezone of the entityβs jurisdiction.
All updates and modifications are audit logged for compliance transparency.
How It Works
Step 1: Entity Import or Creation
When an entity is created or imported, Compliance Tracker automatically calculates compliance dates based on jurisdictional rules.
Step 2: Auto-Populated Compliance Events
Events such as AGM Deadlines or Annual Return Filing Dates are generated and displayed in the Compliance Tracker.
Each event is clearly labelled, and includes status tracking, jurisdiction-based deadlines, and a timestamp of the last update.
Step 3: User Interaction & Modifications
Users can edit dates, add reminders, set notification delivery methods, add links and files, update statuses and descriptions, or delete events as needed.
If an event is not completed by its scheduled date, its status automatically changes to "Overdue".
Users no longer get notifications on completed events.
Step 4: Recurring Compliance Events
Users can enable recurring compliance events to automatically generate the next deadline when the current one is completed.
Recurrence options: None, Weekly, Monthly, Yearly (default: Yearly for auto-created events).
Step 5: Tracking & Audit Logs
All updates are logged with timestamps and user details.
The system logs any automatic status updates by the system.
Notifications for Compliance Events
The Notifications feature built into the Compliance Tracker ensures that users are proactively reminded of upcoming compliance events and deadlines. This reduces manual tracking efforts and mitigates the risk of missed deadlines.
Notification Types π
Email Notifications: Sent to registered email addresses, including event details (Event Type, Entity, Title, Jurisdiction, Date) and a direct link to the Compliance Tracker record.
In-App Notifications: Appear in the GEP notification center, providing real-time alerts for upcoming events.
Customisable Notification Settings π
Users can configure multiple notifications for each compliance event at custom intervals (e.g., 30 days, 10 hours, 10 minutes before the event).
Notification delivery methods can be selected for each notification interval:
Email Only
In-App Notification Only
Both Email and In-App Notification
Notification Configuration Interface π§
Embedded within the Compliance Tracker event creation/edit form.
Dropdown for selecting notification methods.
Input fields for specifying the timing of notifications (e.g., "30" "days", "10" "hours").
An "Add Notification" button to allow configuring multiple alerts for a single event.
Users can delete individual notifications using the "trash" button.
Notification Logs in Audit Trail π
All sent notifications are logged in the Audit Trail, including timestamps, delivery status, and any failure details.
Logged events are filterable by type (e.g., Sent Email Notification, Sent In-App Notification, Failed Notification Delivery).
Timezone Support π
Notifications respect the entityβs or userβs local timezone.
Ensures notifications are sent at meaningful times (e.g., during business hours).
Use Cases
β For Legal & Compliance Teams: Stay compliant effortlessly with automated tracking and proactive reminders for upcoming deadlines.
β For Corporate Secretaries: Reduce manual work and ensure accuracy in compliance filings with configurable notifications.
β For Business Owners: Manage multiple entities and jurisdictions efficiently with automated notifications, reminders, and audit logging.
Best Practices for Using Compliance Tracker & Notifications π
Enable Notifications Early: Set reminders well before the deadline to allow sufficient time for compliance actions.
Use Multiple Notification Methods: Leverage both Email and In-App Notifications to ensure key stakeholders receive alerts.
Review and Update Compliance Events Regularly: Adjust statuses, edit deadlines, and track progress within the Compliance Tracker.
Monitor Audit Logs: Regularly check the Audit Trail to ensure notifications are sent and compliance deadlines are met.
User Benefits
Accuracy π― : Eliminates manual errors by automating compliance event creation.
Efficiency β© : Reduces administrative workload by auto-generating jurisdiction-compliant deadlines.
Security & Compliance π : Tracks compliance history with detailed audit logs and timestamped updates.
Transparency π : Provides a clear, real-time view of compliance status across multiple entities.
Use Cases
β For Legal & Compliance Teams: Stay compliant effortlessly with automated tracking and proactive reminders for upcoming deadlines.
β For Corporate Secretaries: Reduce manual work and ensure accuracy in compliance filings with configurable notifications.
β For Business Owners: Manage multiple entities and jurisdictions efficiently with automated notifications, reminders, and audit logging.
Future Enhancements (Roadmap)
Upcoming Features π :
Expanded jurisdictional coverage for additional regions.
Custom compliance event types beyond AGM and Annual Return Filing.
Summary
With Compliance Tracker and its integrated Notifications feature, staying on top of compliance deadlines becomes effortless. Automate, monitor, and receive real-time notifications for compliance events seamlessly while ensuring regulatory accuracy.