How to Measure the Effectiveness of a Compliance Program?
Measuring the effectiveness of a compliance program involves several metrics:
1. Audit Results: Regular audits can reveal the strengths and weaknesses of the compliance program. 2. Incident Reports: The number and severity of reported incidents can indicate the program’s effectiveness. 3. Employee Feedback: Surveys and feedback from employees can provide insights into the program’s impact and areas for improvement. 4. Regulatory Outcomes: Fewer regulatory fines and legal issues are strong indicators of an effective compliance program.