Auditing and monitoring is a required element for an effective compliance program, but it also carries with it a host of benefits. In this podcast, Jessenia Cornejo (LinkedIn), Chief Compliance Officer for Bridge Diagnostics and Brittani Summers, Compliance Manager for Sprinter Health, outline all you can get from a robust auditing and monitoring program and how to create one.
Benefits of a strong auditing and monitoring program include:
- Measuring the effectiveness of your compliance program
- Identifying criminal or malicious conduct
- Highlighting risk areas
- Continuous improvement (which the government is looking for these days)
- Greater collaboration with other departments
In addition to all these benefits, a strong program in this area can be enormous dividends when a regulator of the Department of Justice comes knocking at your door.
When launching an auditing and monitoring initiative they recommend putting a work plan in place. It will enable you to manage the implementation to your goals and objectives. Be sure to include scheduling, they advise. It will help you stay on track.
Then share the plan with leadership or the compliance committee. That will help ensure buy in, identify constraints and risks, and help you get any additional resources you may need.
They also offer one simple, but important, piece of advice: don’t try and do everything all at once. Don’t wait until everything is in place before beginning. Instead, focus on the top risks as soon as you can.
Likewise, don’t try and audit everything all at once. It can be better to tackle one item at a time.
Listen in and learn more about how to make your auditing and monitoring program a success.