A top concern for many compliance departments is collecting and aggregating data that will help measure the effectiveness of a compliance program. The real challenge, however, is creating a centralized process to track and report on compliance efforts. A recent survey produced by Convercent, a provider of compliance management and analytics software, in partnership with Ethisphere reveals that 56 percent of respondents claim that they do not have sufficient time or resources available to effectively analyze compliance data.
The report, “Compliance Strategy and Performance: A Special Publication on 2015’s Benchmarks, Case Studies and Practices,” highlights some emerging trends that compliance executives should keep in mind for 2016.
[fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”]
Fifty percent or more compliance teams cite that they use hotline/case management systems, Sharepoint, risk management or policy management tools to gather and analyze data. About 86 percent of respondents also use information from Human Resources to measure program effectiveness. The report found that for compliance officers, fostering partnerships with groups such as external audit and marketing can ease the burden of analyzing massive troves of data.
“We have longstanding and active relationships with our HR, Accounting/Finance, and Internal Audit functions,” said Rick Roda, Chief Compliance Officer, MSA Safety Incorporated. “Strong partnerships with these functions enable a more sustained global reach. We also continue to work very hard to position the compliance role as a ‘functional area’ of the organization no different than IT, HR, etc.”
Data sharing seems to add on another layer of complexity to the process. Seventy-nine percent of the survey’s participants admit to using email for data access and file transfers (62 percent). Only a handful of compliance teams have direct software access to ensure consistency across all platforms.
“The more time you spend on data entry, aggregation, reconciliation and reporting, the less time you have to extract insights from that data” said Philip Winterburn, Chief Product Officer, Convercent. “To truly optimize effectiveness and facilitate continuous improvement, context and deeper analytics are needed to improve data value and utility.”
The Morning Risk Report: Getting Compliance a Seat at the Strategy Table https://t.co/PGFR7KLOsS
— Musky Elon (@heywouldja123) January 27, 2016
Want to hear more about this topic?
Held on March 9-10 in New York City, Ethisphere’s 8th Annual Global Ethics Summit will feature topics such as Big Data, privacy, cybersecurity, and much more. Click here to view our full conference agenda.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]
