Compliance Systems
’Discuss tracking, monitoring, and reporting of various compliance systems and explain the relevance of such compliance systems.
Compliance systems or the compliance management systems, as some call it, are an integrated set up with a composition of clearly outlined and written documents, processes, functions, controls and tools that aid an institution or organizations to comply with existing legal checks and reduce the harm that would be posed to the consumers of the organizations’ services as a result of them going against these regulations.
In this system, monitoring and reporting are at the backbone. Concerns that are likely to arise about misconduct are brought into the light of the compliance officer’s attention as a result. This also makes reporting and monitoring to be the most challenging parts in the development of a compliance program. It stems from two main reasons.
The first reason that makes the monitoring, and reporting in a compliance systems development to be a problem, is the derivation of a compliance module from an inadequate risk assessment. This inadequacy will fail in the delivery of the right data to the compliance officer because relevant organizational risks were not targeted in the first place. Again, the distribution of information back and forth takes center stage in the reporting and monitoring systems. As such, this operation should be made by a broader range of persons, both from within and outside the organization. Incidences encountered must then be translated into actionable intelligence and information relayed to the compliance officer.
With that information, clear steps in the development of compliance tracking and reporting should be considered. First, a reporting system should be carefully designed from the picture gathered of the business activities. Soloed and missing data should be avoided as they hinder comprehensive insight and missing out on critical facts from specific allegations of misconduct. Data, in this case, should be made reasonable and consolidated; besides, there should be the development of escalation systems as the human element is crucial in the detection of misconduct. Manual processes should also be avoided, and automatic processes embraced. These will all lead to the development of excellent compliance tracking and reporting.
These compliance systems aids in the customization of records as well. For example, it has a driver’s assigned duties only with few clicks, unlike all these done on paper files. Tracking systems can also be used in the maintenance of dates of expiry. This is done over the years by utilizing the spreadsheet.
In conclusion, compliance systems are a necessity in the organization to make sure that they not only comply with the law, but they also provide quality products and services to the consumers of such.
References
- Jason Lunday, 2010; Monitoring for Compliance. Retrieved: https://www.corporatecomplianceinsight.com/compliance-monitoring-strategic.
- Gan Integrity, 2017; Developing Compliance Tracking and Reporting. Retrieved https://www.ganintegrity.com/blog/compliance-tracking-reporting/