Financial, fiduciary and legal consequences create an onus for due diligence and awareness of compliance obligations. The consequences of being compliant or non-compliant flow uphill; initially to senior leadership, but ultimately to the company’s ownership and Board of Directors.
The ultimate purpose of utilizing Key Performance Indicators to track compliance is to drive future improvement in two main ways.
The first is to use KPIs to spot existing compliance problems, regulatory performance gaps or other areas of potential exposure to risk.
The second is to use KPIs to set measurable compliance targets for departments and employees throughout the organization that will help to deliver your strategic goals.
Due diligence infers anticipating outcomes in terms of positive opportunities that advance the corporate mission, or negative consequences that could impede future success, or compromise the company’s reputation.
Other posts in this series:
- Connecting KPIs to Compliance
- 5 Questions to Develop Relevant Key Performance Indicators
- Defining Key Performance Indicators
- Using Key Performance Indicators to Manage for Compliance Success
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