4,694 Compliance Gaps, 46% Carry Imprisonment Risk, 29% Name Directors And Senior Officers: TeamLease RegTech
\n\nAll 52 workplaces across sectors covered in TeamLease RegTech's audit had compliance gaps, according to its new report, Hiding in Plain Sight. The study examined factories, warehouses, corporate offices and mines operated by leading Indian companies across 17 states and union territories. It found 4,694 compliance gaps, averaging around 90 per site, highlighting the potential risks businesses face.
\n\nThe study highlighted that the compliance gaps were identified across a range of sectors, including manufacturing and automotive, banking and financial services, IT and technology, retail and e-commerce, healthcare and pharmaceuticals, chemicals and food processing, logistics and transportation, hotels and hospitality, textiles and telecom, and agriculture and consumer durables. As per the report, labour and environmental laws accounted for most gaps. Labour laws contributed 3,086 findings (65.7 percent), while environment, health and safety laws accounted for 1,219 (26 percent).
\n\nThe report stated that 70 percent of the gaps were punishable offences, and 46 percent carried possible imprisonment. 29 percent named directors or senior officers personally and 31 percent attracted fines that grow every day. "Every leadership team we meet believes they are compliant. Yet every site we…
Original source: https://www.timesnownews.com/business-economy
