Page 73 - IMDR MSME BOOK 2021

Managing Finance in Micro, Small & Medium Enterprises
To understand the status of respondents from the MSME
sector they were asked a few questions about the
compliance management followed by them.
On being asked “How would you rate your Internal &
regulatory Compliance Management system regarding
Identifying need of compliance?” 78% of the respondent
said that they are highly efcient in identifying the need
of compliance whereas 17% were neutral about it.
Identication of required compliance is the rst step
towards successful compliance management. The
results here show that majority of the respondents are
very proactive about it

When asked “How would you rate your Internal &
regulatory Compliance Management system regarding
documentation?”, 85% of the respondents stated that
they are highly efcient. It claries that the respondents
from the MSME sector attach high importance to
documentation, which is a sign of systematic working.
The respondents were asked to rate themselves in terms
of Internal & regulatory Compliance Management system
regarding tracking of compliances. 80% of the
respondents said that they are highly efcient in tracking
and 16% had neutral opinion.
The enquiry related to respondent’s behaviour in terms of
evaluation of compliance management system, it was
found that the majority i.e., 73% of the respondents
reported that they are highly efcient in evaluation of
compliance management and 23% were neutral about
the same.