What the Doctor Ordered: Data-Driven Compliance

WHAT THE DOCTOR ORDERED

The Imperative for Data-Driven Compliance

WHAT THE DOCTOR ORDERED: DATA-DRIVEN COMPLIANCE

Here’s what vital stats your doctor records when you visit her:

ü Height, weight and body mass index (BMI)

ü Blood pressure

ü Cholesterol

ü Blood sugar

What makes that data USEFUL?

1.  It’s measurable

2.  It’s verifiable

3.  It’s contextual

If it’s MEASURABLE, you can:

•  See changes over time

•  Compare against baseline for

your age and gender

When it’s VERIFIABLE, you have:

•  Records meticulously maintained over time

•  Reliable, historical data to benchmark against

CONTEXTUAL data allows you to see how:

•  Imbalances in one area may explain red flags in another

•  Stats converge to paint a complete picture

When you can measure and verify data, in context, you can: •  Quickly identify areas of concern •  Draw logical conclusions and make informed decisions

based on the big picture •  Be confident in the accuracy and completeness of the data

you’re basing your decision on

So why is compliance any different?

Pssst…it shouldn’t be!

Today, compliance officers can use technology to:

•  Record incidents from the hotline, web and in-person reports

•  Track investigations

•  Manage policies and acknowledgments

•  Administer and track training

•  Conduct risk assessments

•  Manage disclosures and surveys

But…that still doesn’t give us an accurate picture of compliance effectiveness

You need an effective strategy that outlines what to measure, how to

measure it and to facilitate improvements once you have the critical

data in hand

•  How do you know what you’re doing is working?

data in hand

•  How do you validate improvements in your program?

data in hand

•  How do you validate improvements in your program?

•  How do you show a good-faith implementation of your program?

Like your personal health,

compliance data—in order to be

useful—needs to be:

1.  Measurable

2.  Verifiable

3.  Contextual

Measure. Everything.

“You can’t manage what you can’t measure”

Quantitative data provides: •  Consistency and objectivity •  Easy measurement of progress over time •  Quick assessment of weak spots or problem areas

Quantitative data allows for benchmarking. Against your historical results. Against your industry peers. And against industry best practices.

(this is extremely important: th

e regulators expect

you to benchmark your program’s effective

Effective benchmarking helps you continuously improve your program.

(oh, yeah…the regulat

ors expect this, too!)

Make sure you can verify.

It’s important that the data is accessible and reliable

•  For your compliance team

•  For your front-line managers

•  For your board

•  For your auditors

•  …and for regulators (if and when they should ever ask)

(if anything ever goes

wrong, you’ll need a record

of your program initiatives

readily available)

…ask Morgan Stanley why this is important

The data needs context.

Your compliance initiatives are not standalone efforts.

Policies are written to address your risk areas.

Training and communications reinforce policies.

Hotline reports indicate gaps in training and policies.

Culture surveys show how effective your hotline is.

…and the list goes on

Your data needs to be just as connected. So that when you have a surge in discrimination claims, you can immediately focus on your discrimination

You should strive for a risk-based program and risk-based data. Your risk assessment should be the lens you evaluate your program data through. This will help you prioritize your efforts and resources to address your most critical risks.

And there you have it.

1.  Measurable

2.  Verifiable

3.  Contextual

Okay, we know this is easier said than done.

Because at the end of the day,

this is tough to verify.

Difficult to measure over time.

And it’s nearly impossible to

understand the context of

what you’re seeing. (not to mention it’s prone to human error and resource constraints)

That’s where technology comes in.

Technology facilitates the tracking, measuring, reporting and assessment of key compliance program metrics.

So that you can:

ü  Identify, manage and mitigate key compliance risks

ü Enable effective oversight and monitoring by executives and directors

ü Easily assess and benchmark your program

ü Continuously improve your program

Ultimately, you’ll provide your organization with an affirmative defense in the form of an

effective and measurable compliance program that preserves the financial and reputational

health of your organization.

After all, isn’t that the point?

Ready to see how technology can enhance the effectiveness of your program? Let’s talk.

About Convercent Convercent’s solution operationalizes and integrates compliance functions across key compliance risk areas, enabling a cohesive approach to managing, mitigating and monitoring compliance risks. Pairing a refreshingly intuitive user interface with natively integrated reporting and analytics, Convercent’s compliance program management solution ultimately facilitates the efficient, good-faith application of an effective and defensible corporate compliance program that safeguards the financial and reputational health of your company. Learn more at convercent.com or contact us at 866.403.2713

What the Doctor Ordered: Data-Driven Compliance

Law

Transcript of What the Doctor Ordered: Data-Driven Compliance

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