Tag: KPIs

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Compliance Tip of the Day

Compliance Tip of the Day: Metrics for Compliance

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law. Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

In this episode, we explore why every compliance program needs metrics to measure their program and how to create Key Performance Indicators (KPIs) for compliance.

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.

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Compliance Tip of the Day

Compliance Tip of the Day: Compliance Innovation Through KPIs

Welcome to “Compliance Tip of the Day,” the podcast where we bring you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements.

Whether you’re a seasoned compliance professional or just starting your journey, our aim is to provide you with bite-sized, actionable tips to help you stay on top of your compliance game.

Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law. Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

In this episode, we consider innovation in compliance through Key Performance Indicators (KPIs).

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Innovation: Day 11 – Compliance Innovation Through KPIs

Measuring your compliance program’s effectiveness will be a critical criterion going forward. One of the mechanisms to do so is through Key Performance Indicators (KPIs). If you have been working towards your stated goals and reporting success, KPIs are critical in showing compliance program success or failure. 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 will be specific and unique to your company and its business. 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 almost continuously. KPIs can be extremely low in cost and, therefore, something you can put in place without much approval from higher-ups in your organization that you might have to go to for budget approval. Finally, innovation can come in many ways. 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:

  1. KPIs will be critical to assess a compliance program going forward.
  2. Set your KPIs.
  3. Decide on how to use KPIs and the blueprint for going forward.

For more information, check out The Compliance Handbook, 4th edition, here.

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Greetings and Felicitations

Great Structures Week IV: The Gothic Cathedral and Compliance Incentives

Welcome to Greetings and Felicitations, a podcast where I explore topics that might not seem directly related to compliance but clearly influence our profession. In this special series, I consider many structural engineering concepts are apt descriptors for an anti-corruption compliance program. In this episode 4, I consider the Gothic Cathedral and incentives in your compliance program. Highlights include:

·      Why and how was the Gothic Cathedral such an engineering innovation?

·      What are the key principals for an incentive program?

·      How do incentives impact your compliance program?

·      What does the DOJ say about incentives?

·      What KPIs can you use to measure compliance incentives?

Resources

“Understanding the World’s Greatest Structures: Science and Innovation from Antiquity to Modernity,” taught by Professor Stephen Ressler from The Teaching Company.

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Great Women in Compliance

Deb Barrett – On Top of Her Game

Welcome to the Great Women in Compliance Podcast, co-hosted by Lisa Fine and Mary Shirley.

Deb Barrett is Chief Compliance Officer of Qualcomm.  She shares some insights of what it was like being in a company that has undergone some regulatory scrutiny.  She and Mary Shirley discuss some ways to combat Compliance fatigue – important for any company with a robust Compliance program to consider but particularly ones that have prioritized Compliance initiatives for a period of years.  The episode is rich with takeaways and ideas, including Deb’s thoughts on Compliance KPIs.

 Are you planning on heading to the SCCE CEI in Phoenix in October?  Check out Lisa and Mary’s speaking sessions on the agenda and sign up!  We invite you to say hello and introduce yourself during the conference – it’s going to be a great time.

 The Great Women in Compliance Podcast is on the Compliance Podcast Network with a selection of other Compliance related offerings to listen in to.  If you are enjoying this episode, please rate it on your preferred podcast player to help other likeminded Ethics and Compliance professionals find it.  If you have a moment to leave a review at the same time, Mary and Lisa would be so grateful.  You can also find the GWIC podcast on Corporate Compliance Insights where Lisa and Mary have a landing page with additional information about them and the story of the podcast.  Corporate Compliance Insights is a much appreciated sponsor and supporter of GWIC, including affiliate organization CCI Press publishing the related book; “Sending the Elevator Back Down, What We’ve Learned from Great Women in Compliance” (CCI Press, 2020). If you enjoyed the book, the GWIC team would be very grateful if you would consider rating it on Goodreads and Amazon and leaving a short review.

You can subscribe to the Great Women in Compliance podcast on any podcast player by searching for it and we welcome new subscribers to our podcast.

Join the Great Women in Compliance community on LinkedIn here.

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31 Days to More Effective Compliance Programs

Strategies For and With AI in Compliance


Today, I want to consider the article Strategy For and With AI by David Kiron and Michael Schrage. The authors premise is, “A company’s strategy is defined by its key performance indicators. Artificial intelligence can help determine which outcomes to measure, how to measure them, and how to prioritize them.”
Their article had several insights for the Chief Compliance Officer (CCO) or compliance practitioner who is looking to employ Artificial intelligence (AI) to help move their compliance program up a level. One of the first key insights is that it is not enough to simply have a strategy for AI. The authors stated, “Creating strategy with AI matters as much — or even more — in terms of exploring and exploiting strategic opportunity. This distinction is not semantic gamesmanship; it’s at the core of how algorithmic innovation truly works in organizations. Real-world success requires making these strategies both complementary and interdependent. Strategies for novel capabilities demand different managerial skills and emphases than strategies with them.”
This makes clear that AI does not supplant the compliance function or the compliance professional, AI complements what the compliance professional can do with the information available to them. Yet the authors believe that when it comes to machine learning, an appropriate compliance strategy is defined by the key performance indicators (KPIs) leaders choose to optimize. This means that a CCO who cannot clearly identify and justify their strategic KPI portfolios has no strategy.
The bottom line? AI plays a critical role in determining what and how compliance KPIs are measured and how best to optimize them. Optimizing carefully selected compliance KPIs becomes AI’s strategic purpose in the compliance function. Understanding the value of optimization is key to aligning and integrating strategies forand with AI and machine learning. KPIs create accountability for optimizing strategic aspirations, including compliance.
Three key takeaways:

  1. Use KPIs to define and measure your innovation strategy.
  2. AI should only supplement, not supplant a compliance professional.
  3. What are your compliance KPIs?

For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit this month’s sponsor Affiliated Monitors at www.affiliatedmonitors.com.