TeamLease RegTech, a subsidiary of TeamLease services, has developed a software as a service (SAAS) platform which helps food and agriculture firms to take care of compliance of various laws of the land.
For example, a food company has to comply with Food Safety and Standards Authority of India (FSSAI) laws. It has tons of other compliance from a group perspective either industry or labour specific. It must also comply with environmental, health and safety laws besides commercial legislation.
“We help them (such companies) identify what is applicable to them, configure it into the system and then the system keeps reminding them what they’re supposed to do. The team gets to know about this. So from a broader monitoring perspective, our platform helps every type of industry,” said Sandeep Agarwal Co-Founder and Director, TeamLease RegTech.
Platforms offered
The company offers a cloud-based, multi-tenant, web and mobile enterprise platform to manage compliance. It comes integrated with a comprehensive database that has 1,536 Acts, 69,233 compliances and 6,618 filings across Union, State and local laws. The company monitors 2,233 websites that publish regulatory updates to identify over 4,000 modifications to employer compliance obligations in a year.
Launched in 2013, by Rishi Agrawal and Sandeep Agrawal, RegTech solution is trusted by over 1,800 entities, and 25,000 enterprise users in 45 industries to create a transparent, accountable and timely compliance.
The TeamLease subsidiary has a national presence with a client base in pharmaceuticals, chemicals, automotive, financial services, healthcare, engineering, construction, logistics and food among others.
“Once configured and activated, the system runs automatically. It keeps telling their users what they’re supposed to do. The users update, including the system.
Simple utlility
“It goes for a check by a senior guy to ensure compliance is done. Once it’s completed, everybody in the hierarchy gets to know compliance has been done. They can see everything on a mobile app,” he said.
The platform is a simple utility but creates a good impact on corporate governance initiatives, said Agrawal. The compliance can be bifurcated into one by management and the other by customer to customer.
RegTech has focused on areas that can be monetised through every legal identity. “We have gone into automation of Labour, Ministry of Corporate Affairs and SEBI compliances so that I can monetise these investments to every company. We have not invested in automation of FSSAI compliance but it is driven around tracking from a service perspective or advocacy perspective,” said Agrawal.
RegTech’s SAAS platform is being used by 50-plus industries in every State. It has customers in every major city, including food firms Emami Agrotech and Gemini, he said.
Benefitting consumers
The platform helps consumers too as once compliance ensures nothing is adulterated from a food perspective, they get quality product. Stating that the technology has been designed to become relevant for every industry, the company’s co-founder and director said from a data perspective, “We have good data around compliances relevant to food businesses as well”.
On traceability, he said it would not be part of the purview of the compliance when it has to a certain set of compliances around food products.
Stating that professionals are more keen these days to adopt technology and transparency, he said it has been a long journey for the company to convince the Government to adopt a digital platform.
“It took us 5-6 years for the Labour Ministry to respond to us. We have been requesting the Ministry of Corporate Affairs for the last five years on integration. We have made applications to the chief minister’s office in 22 states on digital adoption. Six States have responded. We are in talks with a few other agencies as well,” Agrawal said.