VComply and Taxmantra aim to jointly create, nurture, and develop a global standard GRC environment in India’s business ecosystem in India.
With the number of industries that need to avoid non-compliance with corporate and government regulations increasing, there’s plenty of scope for growth for the Governance, Risk, and Compliance (GRC) market in the years to come.
VComply, a California-based GRC SaaS (Software as a Service) firm, and Taxmantra, which is working in the compliance domain, have joined hands to jointly create, nurture, and develop a global standard GRC environment in the business ecosystem in India.
Most organisations are now moving towards adapting and adopting solutions that introduce efficiencies in GRC objectives such as risk management and compliance activities, and establish governance programmes aligned with business imperatives.
The JV is an initiative to provide affordable and effective GRC solutions to Indian MSMEs; it will act not just as a corrective but also as a preventive measure. This platform aims to understand the DNA of enterprises, and empower and equip leaders with the tools and insights they need to preserve corporate integrity, protect brands and reputations, and drive exceptional business performance. The offering with compact dashboard, simple user interface, scalable model, decades of domain expertise, and transparent pricing aims to fill this ecosystem vacuum.
Harshvardhan Kariwala, CEO of VComply, believes that the risk of non-compliance grows exponentially as businesses grow. “Now, more than ever, it has become absolutely paramount for not only the company owners and directors, but also employees to be prudent about actions that may have a direct or indirect impact on the company. What gets measured gets managed; and what gets analysed never gets paralysed,” Harshvardhan says.
He adds, “We want to build a platform that revolves around the overall governance of an organisation, not just compliance. Our constant drive for sustainable innovation has pushed us and enabled us to come this far. We’re continuously brainstorming ways in which we can offer a wider pool of services to our clientele and help them flourish in the longer run. Taxmantra understands the industry in a way that is less about just making profit and more about helping businesses in ways that will sustain. Alok (CEO, Taxmantra) has a different edge about working with companies, and we’re really excited to see how we can do better with VComply-Taxmantra.”
Alok Patnia, Managing Partner at Taxmantra Global, says, “In order to compete successfully with their global counterparts, small and medium businesses need to leverage technology while addressing their governance and compliance risks. Today technology is what electricity was yesterday for business growth; it’s a great equaliser.”
Growing business partnerships and associations, government regulations and compliance mandates, and the increasing use of data are some of the major driving factors for the market. The GRC market size is expected to grow from $22.14 billion in 2017 to $43.87 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.7 percent.
Today, there are around 15-18 million formal small and medium businesses, with the total number (including the unorganised and informal sector) being 55 million in India. The biggest hurdle faced by these businesses lies in managing the ever-increasing enterprise risks coupled with constantly evolving compliance regulations.
The reason is that majority of these businesses lack a comprehensive and robust GRC framework, which further leads them to non-compliance – statutory, regulatory or internal process centric, and consequent revenue leakages and cost escalations.
Headquartered in California, VComply Inc is a global GRC SaaS (Software as a Service) firm. It helps businesses globally real time in their internal control framework with macro GRC framework.
Taxmantra is a global tax and legal firm with a presence in India, Singapore, and the US. It is involved in setting up business, cross-border tax and legal compliance, with fundraise assistance to more than 40,000 clients globally.