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By Adam Turteltaub
Melanie Sponholz, Chief Compliance Officer, WCP Healthcare, Nick Gallo, Chief Servant and Co-CEO of ComplianceLine, and Gio Gallo, Co-CEO and CTO of ComplianceLine have a simple message for compliance officers: don’t be embarrassed about asking for the budget you need.
Historically, they report, compliance budget proposals have not been strong, and some programs have even lacked a formal budget, which is consistent with the historical perception that compliance is a cost center.
Changing that dynamic, they argue in this podcast, means taking a more positive approach and discarding any apologetic tones to the budget request. Instead, they counsel going in knowing the worth of the program and feeling empowered to create a budget based on the resources the program needs, just as other department do.
Let management know what your goals are, what it will take to achieve them, and how much of an investment is required now, they say. Also, don’t worry about the data you don’t have. Instead, focus on what you have and know, and use it to support your argument.
When presenting the budget, they offer three additional pieces of advice:
- When facing feedback and hard questions, don’t freak out. It’s a normal part of the process.
- Anticipate objections and concerns, and be prepared to address them.
- Be honest.
If you can approach the budget meeting calmly and feeling prepared, you will be far better off.
Listen in to learn more, including what poker players can teach you about getting the right budget for your compliance program.