The value of monitoring and measuring compliance
Having all compliance boxes ticked is one thing. Knowing that it can be demonstrated and is adding value is another.
Monitoring and measuring compliance is critical to understanding areas for exposure and weakness. The importance of making regular assessments on the organisations commitment to compliance is invaluable.
While it is important to assess compliance with regulatory obligations, it is equally important to check that the team is on track with the strategic values that have been determined and set down from the top.
Monitoring and measuring compliance is simply self-examination. Self-examination allows us to take a “bird’s eye view” of how we look and put some perspective on what is required to put the wheels back on track, or give ourselves a reward for getting it right.
The monitoring and measuring component of the compliance program will provide a clear picture of where the Club may be exposed. More importantly it allows for the issue to be addressed before a compliance failure occurs. It will bring to the forefront, where improvement may be required.
It’s important to remember that once the monitoring and measuring has occurred, the relevant team members are provided a report that details the findings of the review. The report becomes a valuable tool to prioritise, allocate resources and create a plan to address the non-conformities. Compliance is not about one person, it’s about the collective group working to meet the objectives and strategies of the Club. So it makes sense that the monitoring and measuring program should be aiming to prepare the Club for the future.
Compliance shouldn’t be a box ticking exercise. The value of monitoring and measuring compliance is the reassurance that “yes we got it right” or the wake up call to say “we need to apply some focus here”.
