Creating an Effective Corporate Compliance Program

Delivering better compliance results by taking a systematic approach

Compliance management programs are important in every organization but are a necessity in any organization that works in a heavily regulated industry. The banking and finance industry and the healthcare industry are two such examples, among many others. To deliver the highest level of compliance it is necessary to tackle compliance in a systematic manner.

The ingredients of a corporate compliance program that delivers results

To create a system within the organization that can consistently deliver compliance and minimize compliance violations it is necessary to first have the right ingredients.

Getting the right compliance tools

Managing compliance manually is no longer an option. It is important to have a compliance management system in place for corporate compliance services. A GRC technology and compliance solution that can automate repetitive tasks and consolidate all compliance related issues into one system allows organizations to take an approach based on data to tackle compliance issues. Even the best employees will end up underperforming if they do not have the right tools. On the other hand, even average employees will deliver great results if they have effective and efficient compliance tools working for them.

Employee participation

It is easy for management to assess a compliance management system and get it implemented within the organization without consulting the end-users of the said system within the organization, because decisions are easier to make when there are fewer influencers involved. The problem is that this approach is also inefficient. If organizations truly want to improve corporate compliance services, they need to make sure that the employees participate not just in using the system but also in assessing the system.

This will quickly reveal issues in the way the system works which management may not be know about. Even more importantly, it creates a vast difference in how the employees approach the compliance management system being implemented. When employees participate in assessment and feel like they are being heard they will be excited about the new compliance management program being initiated. If they are not consulted they may be unhappy which will result in them resisting using the new system as much as possible.

The recipe of a corporate compliance program that delivers results

Just having the right ingredients isn’t enough – it is also important that the recipe is right. Corporate compliance programs succeed when they are started the right way.

Demos and trials are necessary

Demonstrations and trials are necessary before a compliance management system can be procured for your organization. It is easy to be impressed by the marketing of a product but remember that the marketing department of every organization is separate from the production and development department. Just because a product makes big claims or has snazzy marketing, it doesn’t mean that the product will be able to deliver results within your organization. This is why trials are so important; they allow you to evaluate not just the performance of the compliance management system, but the performance within your organization. If you cannot get a proper demonstration or trial for the solution there is always the risk that it will not deliver the return on investment that you expected.

Include as many stakeholders as possible

There are no shortcuts when it comes to compliance. It is necessary to include as many stakeholders in the assessment of the compliance management system as possible. See how the new corporate compliance services and program will affect employees at different levels of the organization. Monitor the effects it will have on your vendors and clients. Get as much feedback as possible from as many sources as possible.

Starting small with the implementation

If the compliance management system appears to be the right one for within one area of your organization, you may want to implement it throughout your entire organization. However, it is not necessary to commit to a full implementation immediately – you can also simply start with a limited implementation. SaaS based corporate compliance services can be procured for just a few people and once you are comfortable with expansion you can expand the implementation organization-wide.

If you want to see what such a system can do for your organization, get in touch with us and we will arrange a live demo of Predict360 for you. Want to explore Predict360 yourself and see how it will benefit your compliance workflow? Start your 30-day free trial.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

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