Distributing policies is nothing new for compliance teams, and as a result this has become a fairly mundane “check the box” activity. Trends between type of misconduct and the factors that contributed to the misconduct —including rationalization, lack of awareness, pressure, etc. But an effective compliance program isn’t built from minutiae. Key performance indicators (KPIs) and metrics can assist security teams and senior management with strategic … It has been updated for clarity. Purchasing compliance. Attestation trends (good and bad) by region, business unit, organizational title, etc. By carefully monitoring these KPIs, compliance officers can avoid the costly headaches that come with non-compliance, identify the root causes of compliance issues, and better insulate their organizations against potential risks. Misconduct reporting and investigation trends are continuously cited by CCOs as one of their go-to metrics for program and risk management effectiveness. No two organizations will share identical priorities with regard to risk mitigation, but businesses of all sizes can benefit from a compliance program built around measuring, evaluating, and adjusting workflows and policies with the help of compliance KPIs. Stronger competitive performance through reduced risk and optimized workflows. Return on Capital Employed The ratio of profits to the total amount of capital invested to achieve those profits. Risk disposition by location, business unit, organizational title, etc. The following are common examples. Toward that goal, best-in-class companies are increasingly choosing to implement digital tools designed to streamline and optimize compliance management—including tracking compliance KPIs. quantifiable value expressing the business performance in a shorter time-frame level Overview Effective compliance metrics provide a clear picture of an organization’s compliance program and its associated risks and controls. Total Number of Compliance Issues Currently Open, Total Number of Open Employee Relations/Human Resources Issues. It results in various requirements such as the maximum reaction time in case of any issue, the delivery time, special discount offers, etc. Governance, risk and compliance KPIs help to measure the organisation’s governance in terms of risk, social responsibility, compliance, environmental responsibility and sustainability, on different levels. For instance, many companies track the number of people who took training, or the number of training sessions given in a quarter or year. Metrics help to demonstrate the “ris k tolerance” of an organization. For example, if you want a metric to tell you which new vendors have not completed due diligence, and your source for that data is Fred from Procurement, who enters the records manually in Excel and then uploads them to the dashboard every two weeks—suffice to say, you’ve gone against the spirit of Big Data analytics. Most recently, it was the annual Compliance Trends Survey from Compliance Week and Deloitte that delivered the bad news: 35% of CCOs cite data reporting and analytics as one of the top three most challenging aspects of their job, while nearly a third of CCOs aren’t measuring the effectiveness of their program through compliance risk metrics at all. But the persistency of this trend is also disconcerting because it limits how far or quickly the compliance function overall can advance if it can’t provide the breadth or depth of business unit analysis as its peers (current or aspirational) in the executive suite. Cybersecurity benchmarking is an important way of keeping tabs on your security efforts. When measuring worker participation, a few key safety metrics to track each month include: – Number of safety meetings and toolbox talks attended – Number of training courses completed – Number of inspections conducted and submitted – Number of closed out corrective actions Many of the metrics seek to measure the "culture of compliance," a phrase used frequently by New York's Office of the Medicaid Inspector General, in order to gauge the understanding of, and adherence with, compliance obligations among staff. One of our compliance metrics examples represent the whole of basic agreements a company and a supplier lay down. The same is true for compliance, where a poorly executed compliance program can leave organizations at risk of reputational damage, costly fines and fees, or potential litigation and regulatory intervention. Step-by-Step Guide: 8 Steps to an Effective Compliance Programme. Number and type of sanctions applied by incident type, location, business unit, organizational title, employee demographics, etc. since a system or equipment failure. System Availability: The total number of minutes (or days, hours, etc.) Not all the examples will fit your program. Vendor relationship management tools to track and evaluate vendor performance and compliance. In procurement, rogue spend, lack of training, and non-compliance with procurement policies can obscure the data essential to effective spend management and financial planning, making it difficult to maintain adequate cash flow, capture value and savings through strategic spend, or build a resilient supply chain to protect business continuity. Internal and external stakeholders expect (and demand) optimal performance, profitability, and compliance—all backed by absolute transparency. A compliance rate is the percentage of entities or instances that conform to a policy, process, procedure, control, rule, regulation or law.This is commonly used as a business metric or audit reporting measure. For example, many companies track the percentage of employees who complete mandatory training. The survey responses related to metrics and executive concerns provide insight, but may not be encouraging. – Using Metrics To Measure Compliance Performance KPIs for Compliance. Total Compliance Operating Expense – The total yearly operating cost for compliance. Example: HR cost per employee was $590. As one of the most fundamental components of even the most nascent compliance programs, CCOs often report on the number and topics of the courses they’re distributing, completion rates and the results of any related comprehension tests or knowledge assessments. But how do compliance teams move beyond using their risk registers as a punch list, to leveraging it for critical context in reporting their effectiveness? Certain compliance metrics may also be referred to as Key Risk Indicators, or KRIs. Product announcements, speaker videos and more ethical inspiration. Following you’ll find example metrics for monitoring, auditing and investigations. Developed and implemented consistently across the organization. When you’re using key performance indicators to manage risk, it’s important to have measurability, consistency, and adaptability built into your compliance program. The metrics you choose should be closely aligned with your industry, business and strategy. Mean Time Between Failures (MTBF) – This is a measurement of … Much like their counterparts in the procurement and accounts payable (AP) functions, compliance professionals rely on clear, accurate, and complete data to perform their jobs effectively. It starts with establishing, measuring, and refining the compliance-related key performance indicators with the biggest impact on operational performance. The need to capture, organize, and analyze Big Data in order to obtain actionable insights has made the use of tools such as key performance indicators (KPIs) an essential part of every proactive and successful business management plan. When evaluating your current compliance ecosystem, your ranking system might look something like this: Having everything in black and white not only makes it easier to train your team to follow your new compliance policies and protocols, but also provides a concrete, audit-friendly record for internal and external review. Although that number is an improvement from the previous two surveys, other evidence suggests compliance professionals aren’t wholly comfortable with the metrics … Metrics should be developed according to the organization’s maturity in compliance program and activities. Metrics help to demonstrate e ffectiveness in process (i.e. Relationships between policy attestations and training completion/certifications, Impact of policy rollouts on misconduct reporting rates, Impact of incentives and communication initiatives on policy engagement and understanding. Performance metrics are indicators of the value produced by a business, program, team or individual. This presents obvious problems for a program’s defensibility: If you don’t know if or how well your compliance initiatives are working, you’ll be hard pressed to defend or improve your program. When everyone’s on the same page (so to speak), financial, operational, and regulatory compliance are greatly improved. Comprehensive, audit-friendly budgeting tools. Identifying and codifying these KPIs provides a compliance paradigm that guides all subsequent controls and policies. This field is for validation purposes and should be left unchanged. February 4, 2018. in Compliance. Incident drivers to differentiate misconduct that was intentional, rationalized, unwittingly committed, driven by pressure/compensation and any correlations between drivers and risk areas, locations, business units, organizational titles, etc. For example, culture is a continuous theme throughout the Resource Guide. Designed to consume resources with maximum efficiency. Convercent is a lot more than just GRC. Data storage and management compliance. Supplier Defect and Compliance Rates: Ratios of accurate and contract-compliant orders completed, respectively. Compliance KPIs can be considered “watchdogs” or “early warning systems” for potential risk exposure. Greater consistency and compliance across the entire organization. Invest in the tools and techniques you need to build a robust, flexible compliance program using targeted KPIs, and your organization will gain competitive strength through more effective risk management and business strategies. It is well known that ITIL ® describes four types of process metrics: process efficiency, process effectiveness, process progress and process compliance [see, in particular, the discussion in Service Design, §3.7.5]. Guided buying and flexible approval controls for transparent control over spend. You hear a lot these days about how analytics can drive security operations but compliance is increasingly critical in many industries and sectors. Regular reporting of HR metrics is a good tool for managing any Human Resources department. Designed to assess accountability and performance for risk owners. They focus on time, money, and value. Four Compliance Metrics Risk That Need to Die, Empty compliance metrics that aren’t worth tracking or reporting, factors that contributed to the misconduct, A lack of confidence in IT systems’ abilities to fulfill the CCO’s reporting responsibilities—which nearly 60% of surveyed CCOs cited, A lack of technology to help meet reporting needs—OCEG’s research pegs 53% of organizations using spreadsheets, documents and email as their primary GRC tools, A lack of confidence in metrics—42% of CCOs say they’re only “somewhat confident” or “not confident” in the metrics they use to give a true sense of effectiveness, Issue trends by location, business unit, organizational title, employee demographics (tenure, salary, etc. Some Compliance Metric Examples. It is vital that organizations evaluate, integrate, and (when valuable) automate metrics that provide insights into their compliance efforts in order to more effectively prevent, detect, and respond to current and future compliance risks. Enter your email below to begin the process of setting up a meeting with one of our product specialists. Share via LinkedIn, Twitter, Facebook, Email. Best-in-class data security compliance to minimize cybersecurity-related risks. May be referred to as “downtime.”. A compliance management solution such as PurchaseControl, for example, provides intuitive and flexible tools that support the creation, monitoring, and refinement of your most important compliance KPIs through: When companies track and refine their compliance KPIs effectively, they can expect: To address compliance issues effectively, senior management needs a compliance program that not only identifies potential risks, but helps ferret out and correct their root causes. Depending on your industry and the type of business you’re operating, you could conceivably build hundreds or even thousands of KPIs to track the myriad compliance issues that affect every organization. We just need some information from you so our specialists know how to assist you better. Data Governance Council Metrics these metrics evaluate the performance of the Data Governance Council, which is the governing body for the Data Governance program. Before you can get your compliance program up and running, you need to know where your organization currently stands with regard to compliance. Mean Time to Repair (MTTR): Average time required to repair issues and return equipment or systems to normal operations. Cultural Integrity Composite Score - Tone at the top - Trust in manager - Trust in co-workers - Comfort raising concerns - Communication - Organization action - Understanding of expectations Using Metrics to Measure Compliance Effectiveness. Compliance performance superstars are made, not born. Financial compliance, including internal and external audit management. How KPIs and Metrics Can Help Measure Security Compliance. Finding the right metrics to identify compliance issues may include: Number of disclosures submitted after conflicts of interest or GT&E training, Impact of training rollouts and results on hotline trends, Impact of incentives and communication initiatives on training engagement and understanding, Policy distribution and attestation trends for key risk areas. Examples of metrics to track CPS 234 compliance include: The percentage of third and related parties who have had the design of their information security controls assessed against CPS 234; The number of unapproved changes deployed to production; … Companies regularly find themselves adapting to unpredictable changes in government and industry regulations related to risk and compliance. The Best Compliance KPIs to Track: Benchmarking and Metrics, Governance, Risk Management, and Compliance (GRC). Metrics that are precise and insightful help an organization identify its key risks and root causes so that resources can be applied where they most matter. Relationships between disclosures and incident trends, Impact of training, policies, communication and incentives on number and types of incidents, contributing factors and resolutions reached, Demographic or behavioral trends among involved parties (reporters, witnesses or subjects), Training topics and trends for key risk areas. Number of policy exceptions and disclosures submitted alongside rollouts of related policies like conflicts of interest, gifts and entertainment, etc. Every other function—from finance to sales and operations to HR—continually monitors, reports on and is held accountable for in-depth analysis of their performance. It was originally published on December 6th, 2008. And you can’t measure your security if you’re not tracking specific cybersecurity KPIs. A specific set of metrics designed to measure how well an organization’s compliance department is maintaining that same organization’s compliance with internal and external policies, along with industry and government regulations, compliance KPIs are essential to protecting your business and helping it expand beyond its current capabilities. With limited resources—and facing increasingly high stakes, expectations and scrutiny levels—compliance teams can’t and shouldn’t waste their time compiling and analyzing data that won’t ultimately help them make better compliance decisions. Proposed compliance risk metrics: Issue trends for key risk areas. List common criteria for measuring achievement to goals through appropriate metrics. Percentage of Post-Audit Issues Outstanding: Total issues still outstanding after completion of an audit, expressed as a percentage. systems or equipment were actually available divided by the total number of minutes they should have been available. Quantity metrics may also be given in percentage. Non-Compliant Change Request Percentage – The percentage of change requests that do not abide by the change management process per total number of change requests. Yes, these metrics are driven in large part by the expectations set out by the Federal Sentencing Guidelines—but I’d argue that in their most basic form they follow the Guidelines in letter, not spirit. Greater operational efficiency and productivity. Percentage Difference in MBTF: Comparison of failure rates across different systems or units of equipment, expressed as a percentage. The metrics that measure quality measure effectiveness. Data-driven, forward-minded, and dedicated to optimization across all business processes using continuous improvement, today’s business leaders need effective risk assessment and risk management tools if they want to stay ahead of the competition. “A specific set of metrics designed to measure how well an organization’s compliance department is maintaining that same organization’s compliance with internal and external policies, along with industry and government regulations, compliance KPIs are essential to protecting your business and helping it expand beyond its current capabilities.”. Centralized, cloud-based data collection and management. They rely on this same data to evaluate the overall success of their efforts, and to guide the organization away from potential problems before they become actual disasters. Let’s take the executive KPI of % SLA Compliance and determine how it can be composed of management level and operational level ones. HR Cost per Employee How much is the company spending on HR? Financial compliance, including internal and external audit management. Understand key points of an organizational risk profile and risk intelligence and how they interact with compliance program metrics 3. Use PurchaseControl's Advanced Digital Toolset for Optimal Compliance Management, by Keith Murphy | Oct 2, 2020 | Business Strategy, Stay up-to-date with news sent straight to your inbox, Sign up with your email to receive updates from our blog. Technical jargon disguises the simple premise that information security KPIs are substantially similar to other types of metrics. The executive-level success KPIs require data from management and operational sources. If compliance wants to consistently and meaningfully contribute to a company’s strategic conversations, while being able to demonstrate and defend its effectiveness to leadership and regulators, then comprehensive and thorough reporting will need to become a matter of course. Following a few best practices will strengthen your compliance policies and ensure you’re making optimal use of the compliance metrics you’re tracking. Rather, compliance professionals should carefully discern which key metrics most directly apply to their own organization. And while it’s critical to have compliance risk metrics  about your program in order to analyze effectiveness and make ongoing improvements, there’s still a tendency to cling to “vanity” metrics—hollow metrics that don’t actually help you do much of either. For example, Section B.12 offers suggestions regarding Information Security Training metrics as discussed above. COMPLIANCE METRICS HANDBOOK WHY COMPLIANCE INSIGHTS MATTER HOW TO BUILD A METRICS-FILLED BOARD REPORT HOW DO YOU MEASURE EFFECTIVENESS? Product Specific Examples. Digital disruption has shifted global economic priorities and fundamentally altered the ways in which companies approach everything from strategic decision-making to business process optimization to risk management. New risks to profitability, reputation, and compliance appear with frequent (and frightening) regularity, and the costs that come with assessing and managing these risks can be daunting. North America Compliance Metrics/KPI’s - DRAFT [revised 3/2/09] To be reported by each BU/BL/SU (directly or indirectly (e.g., through ESH KPI’s)) quarterly: KPI Description: Effort devoted to Compliance* training: Metric: Number of hours in compliance training / employee The importance of cybersecurity metrics. Tracking these KPIs and adjusting compliance policies and workflows accordingly helps compliance officers manage risk more effectively through the use of internal audits, policy enforcement, and compliance training at all levels of their organizations. When you choose a metric, make sure you ask, “So what?” If you can’t answer why the metric matters, or what the goal is for that metric, choose something else. Editor’s note: This article was contributed to Corporate Compliance Insights by Jim Nortz. Deciding which metrics to use may be based either on the need to address potential gaps in the compliance program, for example, or the need to assess an area that has not been assessed in a while, Snell of the HCCA says. From avoiding corruption to ensuring food safety, government agencies offer their own sets of often complex compliance requirements companies must follow to stay on the right side of the law. Metrics without context are useless. Total Compliance Employee Headcount – The total number of full-time equivalent compliance staff. GRC-friendly automation and workflow management. After all, isn’t that the point? Examples. Data Governance Metrics Examples. Examples of metrics to track to ensure HIPAA compliance include: Metrics should be reviewed regul arly to assure applicability. Issue trends by location, business unit, organizational title, employee demographics (tenure, salary, etc.) Only then can compliance move from a highly reactive function to one that’s cohesive, predictive, proactive and preventative in nature. Automatic three-way matching and contract compliance tools. Add in industry regulations, internal controls and compliance policies, and the need to comply with third-party requirements such as green business certifications or Energy Star regulations, and the average compliance team can find itself lost in wave after wave of data pouring in from countless sources. Training trends (good and bad) by region, business unit, organizational title, etc. You may wish to create import metrics that track the total number of entries by method of transportation and by port; the percentage of paperless entries that were entered paperless, EDR or intensive; and the total entered value by mode and by port. The term key risk indicators (KRIs) is also used for some compliance metrics. The term key risk indicators (KRIs) is also used for some compliance metrics. Compliance KPIs help companies develop effective compliance programs supported by intelligent risk assessment. Mean Time between Failure (MTBF): The total number of minutes (or hours, or days, etc.) 2. Clear and concise with regard to related risks and their mitigation. HIPAA compliance refers to The Health Insurance Portability and Accountability Act of 1996, which was created to protect patient privacy. Readily measurable across within a given period and across business units. by Jim Nortz. Translating KPIs from technical to business language enables better compliance decisions. I’m continuously struck by the compliance industry’s challenges around program measurement and reporting. Process Metrics are Key. Finding the accurate metrics to establish compliance issues usually involves the following. Ideally, your compliance team will use KPIs that are: Every business is different, but most organizations can begin to improve their general compliance (and create a paradigm for monitoring more granular KPIs moving forward) by tracking some core compliance KPIs such as: An ounce of proactive prevention is worth a pound of compliance cure. : So, how do KPI’s and metrics help measure security compliance? It’s important to set security goals that demonstrate an organization’s efforts to reach industry best practices, standards, and regulations. Using needs analysis and risk assessment, you can identify your current compliance program effectiveness and then build your program based on the business objectives you’d like to achieve. ), Trends between type of misconduct and the. Ensure everyone across your organization has access to thorough training in your compliance programs, with updates and refreshers as needed. Complete, high quality information on business processes, gathered more quickly. This compliance ensures senior management has the complete and accurate data needed to harvest insights effectively when reviewing compliance KPIs. One of the most important areas where KPIs are used is compliance management. Without some additional context, though, they may be missing opportunities to address the cultural, behavioral or operational factors that enable or exacerbate the misconduct from occurring in the first place. 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