(Want to get articles like this one by email? Here is the sign-up!)
In the previous posts; Four Must-Haves for Program reporting Part 1, Part 2, Part 3 and Part 4, we looked closely at what type of information is important to whom in the company and for what reasons. It is clear that Chief Compliance Officers not only themselves need to be on top of the status of activities pertaining to training and communication, but also has to provide the company board and management with information on oversight, implementation and supervision. Thus, the task for reporting in a detailed and a timely manner is all the more challenging when information is to be collected, reviewed and reported from the different sources. And keep in mind that generating these reports is a recurring task.
Compliance is playing program reporting catch-up:
Increasingly, Chief Compliance Officers (CCO) are being asked to produce the same types of historical activity, trend and individual matter reports, supported by real time data, that their colleagues in HR, IT, Finance, Sales and elsewhere are now able to produce with relative ease from their in-place SaaS-based systems. In the last 5 to 10 years, a remarkable transformation has occurred in these corporate function areas as automation has become positively integrated into their respective operations.
CCOs, for program reporting and a constellation of other good programmatic reasons, should join this club as soon as possible.