Measuring the effectiveness of your compliance program will be one of the key criteria going forward. One of the mechanisms to do so is through Key Performance Indicators (KPIs). KPIs are a critical component in showing compliance program success or failure, if you have been working towards your stated goals and for reporting success. And while specific requirements for this kind of reporting have been hotly debated in the industry for some time, KPIs are a regulatory requirement. Your KPIs are going to be specific and unique to your company and what business it conducts along. Couple this with what goals you are trying to achieve as a whole as a compliance program and you will see there is no set list of these metrics.
KPIs provide yet another mechanism for you to monitor and update your compliance program on an almost continuous basis. KPIs can be extremely low in cost and therefore something you can put in place without a lot of approval from higher ups in your organization that you might have to go to for budget approval. Finally, innovation can come in many ways. Obviously ComTech can be a huge jump forward. But sometimes innovation can occur at much less cost and a much more granular level. KPIs can be such a mechanism for you.
Three key takeaways:
- KPIs will be critical to assess a compliance program going forward.
- Set your KPIs.
- Decide on how to use KPIs and the blueprint for going forward.