“If it wasn’t documented, it didn’t happen.” Besides being a great piece of general business advice, the old idiom neatly sums up regulators’ attitudes toward your workforce compliance program.
In addition to the CFPB and other regulatory agencies, financial institutions and vendors—not to mention your customers—are increasingly shifting their focus toward organizational transparency. No longer satisfied only with the quality of your products or services, your stakeholders want to know what’s going on, who’s doing it, where, when and how.
Sound familiar? Just as it is with journalism, ongoing reporting is the surest path to the truth.
The problem is that many businesses today still document their compliance activities manually.
Most organizations understand the importance of reporting, of course. The problem is that many businesses today still document their compliance activities manually. When the rest of life moves automatically, that translates to significant gaps in reporting. In other words, your compliance program isn’t “happening” the way it’s really happening. Why?
- Time constraints: Compliance data may be days or even weeks old by the time it’s recorded, at which point it may have lost some of its usefulness.
- Inaccuracies: Manual reports frequently contain mistakes, omissions and other forms of human error.
- Silos: In a manual compliance management system, different people, teams and departments may follow different reporting practices.
These issues combine to form one super-challenge: collating, editing, fact-checking and presenting documentation. Factor in the delays, errors and disparate forms of data management and you end up with an incomplete and insufficient picture of what’s happening.
Compligo’s Automated Reporting Makes It “Happen”
If your organization continues to struggle with all of the above, it may be time to consider Compligo. Our compliance management system automatically tracks compliance activities across your company, showing you due dates, current statuses, completion rates and more, along with information about each individual employee’s performance as it occurs.
Compligo features numerous dashboards that allow you to measure activities on various scales and levels of detail:
- Executive Dashboards show you how your organization is performing as a whole. Here, you can find information about compliance by location, department, initiative and supervisory level, as well as compliance trends and what percentage of your workforce that has fulfilled its compliance requirements.
- Activity Reports list your policies, online trainings or assessments and their status, as assigned to one or more employees. You can gain detailed measurements by clicking on any entry and sort activity information by rates of completion.
- Compliance Reports by User list employees individually, so you can track compliance status per person. This is useful for locating potential weak spots in your compliance program and identifying which employees are responsible.
Automatic documentation is guaranteed to deliver ROI. After all, think about it from a strategic standpoint: If you’re tracking the success of different programs you’re trying to instill across your workforce, there’s nothing more advantageous than detailed, real-time information.