Evaluation of Compliance Management Policies and Practices of Designtex Fashions Limited

Abstract

The country’s Garments Industry in Bangladesh is one of the leading readymade garments exports of the world. Every year Bangladesh earns more than 85% of its foreign currency from this sector. That is why the study of garments technology does deserve well practical practices. The global market favors more shipment from Bangladesh. Quality of products has helped Bangladesh to carve a niche in the global market; the manufacturers in this sector are taking risks while diversifying their designs into world class standards. Furthermore, the natural gas that is used in the kilns of the Bangladesh’s garments industry does not contain any surplus and that is why the country’s garments products look brighter and shiny. The close competitors of Bangladesh are China and India, but they mostly produce traditional items. Moreover, due to recent global financial crisis and rising labor cost, the developed countries are placing more orders to low cost countries like Bangladesh. Designtex Fashions Limited, a concern of Designtex Fashions Limited, which has been producing Garments since 2005, is exporting its products to USA, Germany, UK and Spain after meeting domestic demand. The company is engaged in manufacturing and marketing of various types and sizes of floor Garments and glazed wall Garments in its factory at Zirabo, Asulia, Savar, Dhaka. The company has created direct employment facilities for about 1500 people, 70% of them are women. Compliance management can be defined as a process of procuring; developing & maintaining competent Compliance Management in the organization so, that goal of an organization are achieved in an effective manner. Compliance Management ‘The policies and practices’ involved in carrying out the ‘people’ or Compliance management aspects of a management position, including recruiting, training, rewarding and appraising. Compliance Management Division of Designtex Fashions Limited is one of the most valuable departments with the responsibilities of staffing, training and development, organization development, performance appraisal, rewarding, controlling and maintenance, health & safety, ©Daffodil International University vi | P a g e compensation benefit industrial relation etc. The compliance Management Policy & Practices of Designtex Fashions Limited is exactly well thought and perfectly managed. Designtex Fashions Limited is committed to focus all its energy on its customer as well as its employees. This is sure a strong Compliance practices will help Designtex Fashions Limited to pave the way leading outmost destination. Compliance Division in Designtex Fashions Limited is under massive reconstruction program to ensure the future benefits and high corporate culture and the secure place of contribution and dedication and the exposure of high professionalism. In this report the overall work of the Compliance department will be focused and described. To know the details of the company we interviewed some Compliance Management Personnel of Designtex Fashions Limited and other information were collected and gathered with the help of the internet. Designtex Fashions Limited is the organization where actually the Compliance Management activities are applied with a huge effort, and the outcome is also very satisfying.