Request a demo now or start with a free account! Compliance indicators. How to measure them? POST ONSEPTEMBER 15, 2021 Today companies face great challenges, from making strategic decisions to optimizing business processes and risk management. This is where compliance indicators become relevant for any organization. Compliance indicators help companies develop effective compliance programs back by intelligent risk assessment. By carefully monitoring these KPIs, compliance managers can prevent non-compliance errors, identify root causes of problems, and avoid potential risks. Let’s learn more about its importance, and what would be some examples of indicators that you should follow up on.
What Are Compliance Indicators
Compliance indicators are those that measure the ability of the compliance department to keep your organization in line with policies, both internal and external, as well as with Bulk SMS Poland government regulations. The most common compliance functions are internal audit, compliance training, policy enforcement, and risk management. Compliance KPIs can act as important indicators of potential risk.Tracking these indicators and adjusting compliance policies and workflows accordingly helps compliance officers manage risk more effectively through the use of internal audits, policy enforcement, and training on compliance at all levels of their organizations.
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Some compliance metrics may also be call key risk indicators or KRIs. 5 examples of compliance indicators The role and importance of the compliance department varies by DP Leads industry. Compliance becomes more important for banks, insurance companies and others that operate in highly regulat industries. Here are the top 5 compliance indicators to follow on a KPI dashboard , regardless of industry: Number of unresolv issues Number of open employee relations issues Percentage of outstanding issues after audit Compliance Investigation Cycle Time (by Type) Percentage of internal audits complet on time These are some risk assessment metrics that may also be useful to you. Why use a compliance indicator Compliance KPIs are essential to protect a business and help expand it beyond its current capabilities.