Compliance tracking is an essential component of a successful/effective compliance program. Tracking the distribution and attestation of your polices, procedures and trainings while monitoring and reporting on your compliance initiatives, allows you to know if your compliance efforts are working. Gaining visibility via your organization’s compliance tracking ensures that your compliance program is effective and is having a lasting impact on your workforce.
Not All Data Is Good Data
Of course, you must always evaluate the quality of your data, because not all data is good data. In fact, the Office of Financial Research Director, Richard Berner, said that gaps in analysis, data, and policy tools not only led to the 2008 financial crisis, but also made it more difficult to contain. Accurate compliance activity tracking that captures and analyzes key metrics for your organizational initiatives gives you the necessary data transparency and quality to prevent such a crisis from happening again. Also on a smaller scale, it helps companies mitigate their own risk.
Securing data still poses other challenges, as some organizations have discovered. In the wake of several cybersecurity breaches, organizations say that compliance is very effective at preventing insider threats and data breaches. However as technology evolves, government compliance requirements must keep pace and companies must track their compliance efforts to ensure they are not at risk.
Goodbye Excel, Hello CMS
Say goodbye to the days of excel, and hello to the technology of an automated compliance management system. Check out our case study showing the value in automated compliance management.
- Healthcare Industry Challenged by Data Breaches, Compliance
- Day-to-day execution of integrated risk management lags
- Extend the Impact of Your Compliance Training
- Remarks by OFR Director Richard Berner at the Financial Regulation Summit: Data Transparency Transformation (Quality data a cornerstone of risk management)
- Good data cited as more important than fast data