The world and everything in it is the way you see it. Especially in the modern industrial, corporate, and business world, where companies have to increasingly face a complex web of local, and global laws, regulatory, and compliance norms. In such scenarios, only beliefs have the power to change your mindset and outlook.
Like, at Lexcare, Co-founders, Amit Dwivedi and Mukesh Gadge believe that compliance is not something to just get through. Rather than seeing it as an obligation, it is a means to enhance the brand, build trust, increase productivity, and gain a competitive edge for their customer organization. A failure to realize these rewards through an effective compliance program is a missed opportunity for organizations; and, the inability to simplify compliance through practical and collaborative approaches is equally a missed opportunity for the compliance vendors.
According to Amit and Mukesh, the legal and regulatory compliance requirements have increased significantly in recent years and are evolving continuously. Navigating this regulatory landscape as it evolves rapidly is one of the biggest challenges for most organizations, impacting their compliance practices. Staying up to date with these changes requires a dedicated team of compliance professionals, time, and effort.
Amit shares, “We wanted to bring a refreshing experience to the organizations by combining technology, content, and legal expertise in order to help meet their regulatory requirements and reduce the associated risks.” While Mukesh adds, “This forethought is the prime driver for us to enter the industry. Today, with extensive domain expertise, hands-on experience liaising with regulatory authorities, and equipped with modern tools available today, we enable our clients to capitalize on our end-to-end and robust compliance management system.”
Lexcare, an AscentHR entity, is a leading consulting and tech-enabled compliance solutions company simplifying compliance for over 100 entities covering 5000 users across 39 countries.
Lexcare was born out of a passionate desire to excel in the legal compliance domain.
Amit informs, “Our company was formed with the sole objective of simplifying compliances across all industries.” The company’s tagline…
…rightly encompasses this objective. “We help organizations address compliance from the legal and regulatory perspective by leveraging the latest technology, and by harnessing our domain expertise to create unmatched value and customer delight,” says Mukesh.
Being India’s one of the leading comprehensive compliance services providers, Lexcare has established itself as a leader in the market, serving over 100 entities and 5000 users across 39 countries in highly regulated sectors, with solutions under build in 26 countries. With a curated, comprehensive Legal and Compliance database of over 1000 legislations and over 1200 rules, Lexcare’s flagship Enterprise Compliance Management Solution meets an organization’s regulatory, industry-specific, internal, and contractual compliance requirements seamlessly.
This flagship compliance system combines technology, Content, and Legal expertise to provide a comprehensive Regulation Technology Platform (RegTech platform). This powerful tri-combination ensures that clients stay up to date with emerging regulatory changes, and reduce their legal and regulatory compliance risks effectively. The solution makes it possible to efficiently detect, and correct compliance failures with real-time visibility of the compliance status.
The inspiring force has been to enable organizations across sectors and segments, operating in India and globally to adhere to regulatory norms in a seamless manner.
Amit says, “Our experience in the compliance domain covers a broad spectrum of services, including Corporate Compliance, Contract Management, Litigation Management, and IPR Management,” “And we have been consistently ensuring value generation across industries,” says Mukesh.
Amit and Mukesh established Lexcare in 2015. Together, they bring…
A Prodigious Grasp
…of Product/Software Development, Compliance management, and Sales and Marketing domains.
Sharing their initial challenges and comparing them with present obstacles, Amit says that the presence of competition in some form, competency build, and managing expectations were some of the initial challenges, “But it brought the best out of us. We successfully managed and mitigated these challenges by being sensitive to customer expectations and by responding to market dynamics on time. While some of the challenges do continue at different proportions, being focused on winning customer’s trust provides us insights to plan and mitigate as we go ahead.”
Mukesh adds, “Today, beyond satisfactory service, clients increasingly expect value out of engagement and seek an engaging and delightful customer experience at every touch point. This constantly keeps us on our toes as we ensure that our services and offerings are closely aligned to our clients’ expectations.”
Highlighting Lexcare’s USPs that make the brand stand out as one of the most trusted consultancy service providers for businesses in the modern industry, Amit says that their ability to look at compliance gaps and issues from every angle to understand their client requirements to build services accordingly is what sets them apart. “Whether the client is a large entity or a small business with a passion to grow, we give them a 360 degree of their compliance challenges and provide…
End-To-End Solutions Committed to Generate Value”
Over the past few years, they have reiterated their superiority and expertise, delivering value to their customers. They have enabled their customers to build their compliance programs, automate their compliance processes, and experience functionalities such as auto-updation of regulatory changes, auto-generation of compliance certificates, tech-enabled whistle-blower function, and a full-scale, comprehensive compliance checklist portal.
Mukesh cites, “Some of the call-out features of our compliance management system:”
- Compliances repository: The system houses a central repository of compliances covering all applicable laws.
- Intuitive task management: The tool has a clearly-defined task ownership options and an escalation matrix for successful task management. This also fosters a culture of transparency and engagement.
- Admin feature: The feature allows a smooth transition of duties, ownerships, and creation and control of users and groups as and when required.
- Process-oriented: This approach is incorporated to reduce dependencies on individuals.
- Enhanced document control: The system integrates the document repository with compliance proofs for audit support, significantly improving the audit.
- Intuitive dashboards with drill-down capabilities: This feature serves as a command central, enabling the user to view compliance activities at a glance. The dashboard feature reinforces important compliance activities for real-time compliance monitoring.
- Auto-generation of compliance certificates: The system can be calibrated to generate compliance certificates at a set frequency, for example quarterly. This feature ensures transparency and helps in the mitigation of legal, compliance, and reputational risks.
- Auto updation of regulatory changes: Notifications of changes in any law along with it being implemented in the system.
- Highly configurable and customizable: The system can be tailored to suit the client’s organizational structure and needs.
“These features are built into our compliance system not only to simplify compliance but also to enhance client users’ compliance experience,” says Mukesh.
A customized compliance matrix is mapped against the clients’ organogram to ensure nothing slips through the cracks. The solution is backed by a system of alerts and reminders, with an auto-escalation feature. There are role-based access control, document repository, and one-click reports at the clients’ disposal to assist them right from initiation to audit.
Amit conveys, “Our…
…is aimed at helping increase the clients’ bottom line by reducing the compliance cost.”
Developed using the latest technology, the compliance management system can be easily hosted on the client’s existing IT environment. This saves clients IT infrastructure costs significantly.
The outcome from the road map will focus on enhancements and integrations to augment such environments using real-time compliance solutions across multiple channels, easy access to anytime anywhere compliance statuses, real-time compliance assessments, Zero-UI enablement, and seamless integrations with collaboration tools.
In the current complex regulatory landscape, it is crucial for organizations to have visibility into their current and emerging threats to make quick and data-driven decisions. Lexcare’s compliance management platform drives better decision-making, increases transparency, and integrates all the legal and compliance-related data into…
A Single Platform as One Source of Truth
From a business perspective, both Amit and Mukesh opine on the impact of emerging technologies on the business consultancy niche. Technology, particularly metaverse, AI, and analytics will certainly create an impact in the consulting sector, (as it is already being in several other industries). On metaverse, it is a matter of time before it becomes the norm across organizations, particularly for HR functions. “This technology, I believe will enable organizations to enhance work processes and engage better with enhanced interaction capabilities in several areas such as checklist management, litigation management, and contract management,” says Amit.
Adopting advanced technologies in the service offering will affect both the activities of the consulting professionals and the value they add to client engagement. Mukesh furthers, “By developing and leveraging AI and RPA tools, we make compliance processes more efficient. We integrate a predictive approach in our engagement models by implementing a digital compliance management tool that can track compliance across all the entities of a client organization in real-time.”
Besides this, by leveraging analytics, they build tools that can automatically analyze vast amounts of compliance data, identify relevant insights and trends, and can even present them in visually appealing and easily understandable reports and briefings, freeing up client resources to focus on things that matter.
In fact, if one were to consider the disruption the technology has introduced, emerging technologies such as AI and ML are radically levelling the playing field of the compliance management domain. Amit reveals, “Overall, our solutions, based on these emerging technologies, deliver quantifiable outputs with speed and accuracy.” While Mukesh states, “In conclusion, we believe that solutions featuring greater predictive technology and automation will only get better with time.”
They both say in unison, “We foresee that technology and automation in compliance efforts will assume increasingly high importance as the scope of regulatory challenges widens.”
On leveraging technological advancements to enhance their operations eventually, Amit says that they believe in the promise of new technologies. “Our Innovation Lab represents our courage to deliberately step out of our comfort zone and enable us to implement…
A Robust and Holistic Compliance Management System”
Mukesh believes, “Our tech-enabled compliance approach goes beyond meeting regulatory requirements, aligns with clients’ strategy, and aims to generate value by weeding out inefficient and insufficient compliance processes.” This approach powered by technology ensures that Lexcare’s compliance activities are predictive and proactive, thereby promoting an organizational culture that encourages ethical conduct and a commitment to legal compliance. “In simple words, our processes provide a technological competitive advantage, are customer-centric and are aimed at delivering improved compliance outcomes,” says Mukesh.
As an established industry leader, their advice to budding entrepreneurs and enthusiasts aspiring to venture into the business consultancy niche is fun-filled yet pragmatic. They say that ‘Entrepreneurship’ is a roller coaster and before deciding to jump on this ride, one has to ask themselves the right questions to determine the probability of business success.
“Before pursuing an idea, it is important to assess the market needs and understand the prevailing gaps where your solutions will fit in. The endeavour has to be supported with a solid business plan. You should also have access to source investments to keep going in the lowest lows till you are able to cruise.
Meticulous Approach to Realise the Dream
…will pay eventually.”
Sharing his opinions on scaling Lexcare’s stronghold to greater heights in the future, Amit says that ‘Technology’ is ever-expanding and is constantly influencing every aspect of the business. “That is why we earmark investment for R&D from our revenues. The goal of our Innovation Lab is to infuse AI and analytics into solutions and explore the use of emerging capabilities of technology to address compliance challenges and enable transformation.”
Mukesh adds that their Compliance Management System emphasizes digitizing the emerging compliance models; enabling organizations to focus on doing things that matter confidently; integrating strategic digital enablers, predictive insights into compliance management, and delivery of personalized experiences, and propelling modernization.
“In addition to the RegTech platform, we will continue to radically support the future of compliance requirements by providing adjacent offerings in terms of new functionalities and enhanced customer engagement experience,” concludes Amit.