Closing the loop on your organization’s compliance program by demonstrating effectiveness is achievable. As risk and its impact on an organization’s bottom line continue to intensify, senior leaders often look to the compliance program as a first line of defense.
Those senior leaders—as well as regulators—are expecting you to be able to defend and demonstrate your program’s intent and strategic direction. Can you identify and respond to risks in a timely manner and keep a detailed view of the entirety of business operations?
Where resources are limited, take a risk-based approach to investment, ensure business partners are incentivized to be program champions and properly tailor corporate policy to meet regional needs. In demonstrating effectiveness, data will be your biggest challenge and your greatest strength. As regulators continue to demonstrate the power of data in investigations, organizations should take note and mirror those techniques in proactive, rather than reactive, measures. their areas of oversight, you will begin to see a shift from tick-box approaches to real value creation that can be demonstrated and carried forward.
Here we outline five key areas companies should evaluate to build a demonstrably effective compliance program. Download the full article here.
Note: this article originally appeared in Ethisphere Magazine.
Author
- Michele Wiener