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How to Use Compliance Monitoring to Deliver Sustainable Results

By TRAX Analytics
Thursday, March 10, 2022

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A successful company comprises many working parts operating cohesively, and no matter the size or industry, businesses must adhere to specific guidelines. Meeting these requirements can get challenging with larger, more complex companies; fortunately, there are systems to help companies consistently deliver sustainable results.

Let’s explore compliance monitoring and how it helps keep businesses operating in strict accordance with required policies and regulations.

What is Compliance Monitoring?

Compliance monitoring refers to the long-term process of ensuring staff adherence to business operations policies. These policies can include both company-wide procedures and legal guidelines, and monitoring efforts work to determine compliance risks that may occur as a business grows.

Compliance monitoring differs from compliance auditing in that it’s a continuous operation rather than a yearly inspection. Additionally, companies handle compliance monitoring internally rather than bringing in independent third-party auditors.

The Importance of Compliance Monitoring

Compliance monitoring prevents local law and company policy violations by ensuring that rules and procedures are followed as intended. The development and utilization of this system type protect businesses from running into issues that would otherwise come to light during compliance audits.  

Having reliable compliance documentation helps set company-wide expectations, which enables staff members to base performance on the expectations set in the compliance material they periodically review. 

Monitoring ensures that these protocols are clear and business operations consistently take place within the required parameters. It also records and notifies management of gaps in compliance performance, allowing businesses to develop a plan for improvement before third-party audits ever occur.

Monitoring Yields Sustainable Results

Every aspect of business operations benefits from an established set of compliance criteria. Working within a clear framework encourages staff members to calibrate workplace habits that continuously align with the policies and rules. 

As these habits develop and management continuously supports areas that need improvement, businesses can anticipate sustainable results.

Maintaining Compliance Plans

In addition to the initial setup of company policies and compliance monitoring, it’s essential to maintain compliance plans. 

Ensure that policies and procedures reflect the current laws and industry regulations. Should any element need updating, companies should express policy changes to all affected personnel to facilitate the creation of new performance measures.

Compliance protocols and monitoring plans should reflect internal procedures and keep external third-party inspection routines in mind.

For proper maintenance of compliance monitoring and fulfillment, a company’s internal compliance team should have the following components:

  • A reporting system
  • A thorough review schedule
  • A clear scope of policies and procedures
  • Training modules/meetings when policies change
  • Regular progress and improvement meetings
  • Clear consequences for compliance violations

Setting clear procedural expectations and monitoring company-wide compliance is a core component of consistently producing high-quality results. The best approach to remaining ahead of negative audit results is to ensure that violations never occur in the first place. 

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