Dodd and Frank act, claimed to be the biggest act ever, introduced in 2010 for regulating banks in US, affected the incomes of the banks (big and small) significantly.
It is estimated that due to this law, the non interest costs of the banks in US have gone up by $ 50 billions annually. Smaller banks have been hit harder due to disproportionate increase in their compliance cost.
In India too, the compliance costs have been going up, but no data seems to be available (sector wise / law wise) as in the case of the banks in US.
Peter Drucker’s famous quote “you can’t improve it, if you can’t measure it” would be quite relevant for all companies / firms in this context.
EFF Factor Software could be just the right solution for such companies/ firms in ascertaining the cost of compliance, as far as the costs of employees engaged in this activity are concerned.
Features like timelines, assignment of time to complete tasks, reminders and analytical reports will ensure not only correct measurement of the cost but reduction too.
In fact these features can be used for management of other non-statutory work too, like payroll processing, MIS etc.
Information regarding, cost of compliance, made available by EFF Factor can lead to better decisions in respect of training, outsourcing, job standardization, investment in technology etc. to reduce the compliance costs.
EFF Factor is ideal for every sector -every company / firm big or small .
Think EFF Factor – every time you hear the word “ law” , “deadline” “compliance” or simply “work”