Randy Stephens from NAVEX Global and Chris McClean from Forrester discuss how compliance officers can make a business case for investing in high performing compliance programs.
10. Compliance platform success metrics
CATEGORY BENEFITS METRICS
Efficiency • Reduced costs of risk assessments and aggregation
• Speed of policy development, approval, distribution
• Improved speed/cost of risk reporting
• Improved speed/cost/coverage of audits
• Staff-hours saved per process
• Payroll savings from delay or
avoidance of staff increase
• Reduction in costs for internal
and external audits.
Risk
reduction
• Reduction in incidents, near misses, loss events
• Reduction in regulatory fines, actions, law suits, etc.
• Reduction in time to discover control gaps, violations
• Reduction in audit/assessment findings
• Reduced number and cost of
incidents
• Reduced number/size of fines
• Reduced cost of capital
• Reduced insurance premiums
Enhanced
performance
• Use of risk info in management/exec decisions
• Improved decision making when risk is considered
• Risk intelligence coverage
• Risk management process coverage
• Improved reputation among stakeholders (partners,
regulators, customers, etc.)
• Reduction in reactionary costs
• Frequency of risk data used in
business decisions
• Improvement in financial or
operational metrics
11. Compliance platform success metrics
CATEGORY BENEFITS METRICS
Efficiency • Reduced costs of risk assessments and aggregation
• Speed of policy development, approval, distribution
• Improved speed/cost of risk reporting
• Improved speed/cost/coverage of audits
• Staff-hours saved per process
• Payroll savings from delay or
avoidance of staff increase
• Reduction in costs for internal
and external audits.
Risk
reduction
• Reduction in incidents, near misses, loss events
• Reduction in regulatory fines, actions, law suits, etc.
• Reduction in time to discover control gaps, violations
• Reduction in audit/assessment findings
• Reduced number and cost of
incidents
• Reduced number/size of fines
• Reduced cost of capital
• Reduced insurance premiums
Enhanced
performance
• Use of risk info in management/exec decisions
• Improved decision making when risk is considered
• Risk intelligence coverage
• Risk management process coverage
• Improved reputation among stakeholders (partners,
regulators, customers, etc.)
• Reduction in reactionary costs
• Frequency of risk data used in
business decisions
• Improvement in financial or
operational metrics
12. Compliance platform success metrics
CATEGORY BENEFITS METRICS
Efficiency • Reduced costs of risk assessments and aggregation
• Speed of policy development, approval, distribution
• Improved speed/cost of risk reporting
• Improved speed/cost/coverage of audits
• Staff-hours saved per process
• Payroll savings from delay or
avoidance of staff increase
• Reduction in costs for internal
and external audits.
Risk
reduction
• Reduction in incidents, near misses, loss events
• Reduction in regulatory fines, actions, law suits, etc.
• Reduction in time to discover control gaps, violations
• Reduction in audit/assessment findings
• Reduced number and cost of
incidents
• Reduced number/size of fines
• Reduced cost of capital
• Reduced insurance premiums
Enhanced
performance
• Use of risk info in management/exec decisions
• Improved decision making when risk is considered
• Risk intelligence coverage
• Risk management process coverage
• Improved reputation among stakeholders (partners,
regulators, customers, etc.)
• Reduction in reactionary costs
• Frequency of risk data used in
business decisions
• Improvement in financial or
operational metrics
13. Compliance platform success metrics
CATEGORY BENEFITS METRICS
Efficiency • Reduced costs of risk assessments and aggregation
• Speed of policy development, approval, distribution
• Improved speed/cost of risk reporting
• Improved speed/cost/coverage of audits
• Staff-hours saved per process
• Payroll savings from delay or
avoidance of staff increase
• Reduction in costs for internal
and external audits.
Risk
reduction
• Reduction in incidents, near misses, loss events
• Reduction in regulatory fines, actions, law suits, etc.
• Reduction in time to discover control gaps, violations
• Reduction in audit/assessment findings
• Reduced number and cost of
incidents
• Reduced number/size of fines
• Reduced cost of capital
• Reduced insurance premiums
Enhanced
performance
• Use of risk info in management/exec decisions
• Improved decision making when risk is considered
• Risk intelligence coverage
• Risk management process coverage
• Improved reputation among stakeholders (partners,
regulators, customers, etc.)
• Reduction in reactionary costs
• Frequency of risk data used in
business decisions
• Improvement in financial or
operational metrics
14. Compliance platform success metrics
CATEGORY BENEFITS METRICS
Efficiency • Reduced costs of risk assessments and aggregation
• Speed of policy development, approval, distribution
• Improved speed/cost of risk reporting
• Improved speed/cost/coverage of audits
• Staff-hours saved per process
• Payroll savings from delay or
avoidance of staff increase
• Reduction in costs for internal
and external audits.
Risk
reduction
• Reduction in incidents, near misses, loss events
• Reduction in regulatory fines, actions, law suits, etc.
• Reduction in time to discover control gaps, violations
• Reduction in audit/assessment findings
• Reduced number and cost of
incidents
• Reduced number/size of fines
• Reduced cost of capital
• Reduced insurance premiums
Enhanced
performance
• Use of risk info in management/exec decisions
• Improved decision making when risk is considered
• Risk intelligence coverage
• Risk management process coverage
• Improved reputation among stakeholders (partners,
regulators, customers, etc.)
• Reduction in reactionary costs
• Frequency of risk data used in
business decisions
• Improvement in financial or
operational metrics
15. Compliance platform success metrics
CATEGORY BENEFITS METRICS
Efficiency • Reduced costs of risk assessments and aggregation
• Speed of policy development, approval, distribution
• Improved speed/cost of risk reporting
• Improved speed/cost/coverage of audits
• Staff-hours saved per process
• Payroll savings from delay or
avoidance of staff increase
• Reduction in costs for internal
and external audits.
Risk
reduction
• Reduction in incidents, near misses, loss events
• Reduction in regulatory fines, actions, law suits, etc.
• Reduction in time to discover control gaps, violations
• Reduction in audit/assessment findings
• Reduced number and cost of
incidents
• Reduced number/size of fines
• Reduced cost of capital
• Reduced insurance premiums
Enhanced
performance
• Use of risk info in management/exec decisions
• Improved decision making when risk is considered
• Risk intelligence coverage
• Risk management process coverage
• Improved reputation among stakeholders (partners,
regulators, customers, etc.)
• Reduction in reactionary costs
• Frequency of risk data used in
business decisions
• Improvement in financial or
operational metrics
16. Compliance platform success metrics
CATEGORY BENEFITS METRICS
Efficiency • Reduced costs of risk assessments and aggregation
• Speed of policy development, approval, distribution
• Improved speed/cost of risk reporting
• Improved speed/cost/coverage of audits
• Staff-hours saved per process
• Payroll savings from delay or
avoidance of staff increase
• Reduction in costs for internal
and external audits.
Risk
reduction
• Reduction in incidents, near misses, loss events
• Reduction in regulatory fines, actions, law suits, etc.
• Reduction in time to discover control gaps, violations
• Reduction in audit/assessment findings
• Reduced number and cost of
incidents
• Reduced number/size of fines
• Reduced cost of capital
• Reduced insurance premiums
Enhanced
performance
• Use of risk info in management/exec decisions
• Improved decision making when risk is considered
• Risk intelligence coverage
• Risk management process coverage
• Improved reputation among stakeholders (partners,
regulators, customers, etc.)
• Reduction in reactionary costs
• Frequency of risk data used in
business decisions
• Improvement in financial or
operational metrics
24. Key Takeaways
Reputational risk is a growing area of concern, which creates opportunities
to connect ethics and compliance to business value.
Justify compliance efforts with improvements in efficiency, risk reduction,
and improved performance.
Add program success metrics to track how well your technology and
processes are rolling out.
If those responses are true for you, today’s presentation should help. Today, we’ll walk you step by step through some data, tools and best practices help you make the business case for a building a stronger GRC program.
We’re going to talk about some additional tools we want to provide you for making the business case. But first, briefly, we wanted to give you the chance to raise a hand to have a further conversation with us. Check one or more of these boxes and we’ll be happy to get in touch. Or you can message us through the console as well. But let me just read through these.
NAVEX Global provides the right solution to meet today’s evolving ethics and compliance challenges, and we are always working toward improving on our offerings to support you. You may have heard about our recent acquisition of The Network. That acquisition has helped us strengthen our overall product offering, and add to the level of innovation we’re able to add to our Ecosystem.
Key Points
Our Software:
Industry-leading solutions that standalone to meet immediate ethics and compliance needs, but also integrated to ensure that critical components of your ethics and compliance program management are connected. This includes our incident management, policy management and enterprise due diligence software.
Our Content:
Innovative approaches to communicating with today’s workers through training content that’s ideal for a professional audience. Feedback from clients includes words like: “engaging,” “relevant,” “great production value,” “highly customizable” and “global orientation”.
Our courses are vetted by some of the world’s leading workplace compliance law firms and exclusively endorsed by SHRM which helps to ensure legal defensibility.
This also extends to providing ethics and compliance content to help manage your program – codes of conduct and policy writing services to our internal awareness materials that will make your employees more aware of your commitment to a culture of Ethics and Compliance.
Our Services:
Advisory Services: We are home to the industry’s foremost group of compliance experts – most of whom are former in-house ethics and compliance officers or former DOJ prosecutors – who assist organizations of all sizes with their ethics and compliance responsibilities – from program evaluations or, as mentioned, policy and code writing services. Their work and experience also helps to shape our own software solutions through their unique knowledge and work with clients.