What separates good compliance from best-in-class compliance
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When reporting to your board, there are five major places to be prepared:
- Explain Why Compliance Matters – Data about the correlation between compliance health and company profits.
- Assess Your Company’s Compliance Health – Five specific things to drive compliant and profitable behavior.
- Report on What’s Happening – The hard data.
- Analyze What It Means – What the data means about health, defensibility, and opportunities.
- Predict Where It’s Heading – How to extrapolate the data to benchmark internally and externally and understand of future challenges.
More and more studies are showing that the best performing and most profitable companies are the ones where most forward-looking and well-staffed compliance departments are actively supported by a well-informed and engaged board.
This means more than walking into the boardroom statistics and raw data on policies and trainings. Boards can—and should—expect a higher level of discourse and insight from compliance that includes analysis on important trends, outliers, and correlations of employee behavior and their impact on risk exposure.
This is how it can be achieved.