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10 steps to compliance management best practice

If you’re a board member or stakeholder responsible for an organisation’s governance, no doubt the operation of an effective compliance management program is a constant agenda item.

Compliance management programs are designed to ensure an organisation adheres to relevant regulatory requirements, industry standards and community expectations.

If you’re also a board member or stakeholder that comes from a background with little to no organisational governance experience, the thought of developing a compliance management program – let alone one that reflects best practices – can be an overwhelming proposition.

Luckily, iPRO are here to help with 10 steps to compliance management best practice that will help you master the management of your organisation’s compliance like a seasoned pro!

1. Understand the issues

How the compliance management system will fit into your organisation’s current goals and operations.

2. Define stakeholder requirements

Considering all interested parties and stakeholders when implementing a compliance management system.

3. Determine program scope

Considering how far to extend the reach of the program.

4. Establish governance principles & compliance policy

Considering the complementary processes needed to ensure the compliance management system is successful and sustainable.

5. Identify obligations & risks

Familiarisation with enforced local legislation and/or regulatory bodies, and self-appointed agreements that the organisation has entered into.

6. Develop plan to meet obligations & address risks

Monitoring the compliance management system for updates that may affect its profile, and making adjustments accordingly.

7. Establish accountabilities & responsibilities

Ensuring the compliance management system receives full support and investment from the highest level of management.

8. Implement compliance management system

This step involves conceptualising how the compliance management system will actually work.

9. Evaluate program performance & compliance reporting

An exhaustive list of recommended performance metrics and data to be tracked.

10. Manage non-compliance & continuous improvement

Ensuring a timely, efficient system is in place to immediately address, correct or mitigate noncompliance.

Automated compliance platforms like iPRO offer an intelligent, transparent, real-time solution for compliance monitoring, verification and risk management. Working with clients to significantly reduce third party risk and compliance management costs, the iPRO Contractor Management Maturity Model assists organisations in defining best practice.

For a free assessment of your organisation’s compliance management methods, get in touch with iPRO today.

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