What the Doctor Ordered: Data-Driven Compliance

WHAT THE
DOCTOR ORDERED
The Imperative for Data-Driven Compliance
©2014 Convercent. All rights reserved.

WHAT THE DOCTOR ORDERED: DATA-DRIVEN COMPLIANCE
Here’s what vital stats your doctor records when you visit her:
ü Height, weight and body mass index (BMI)
ü Blood pressure
ü Cholesterol
ü Blood sugar

What makes that data USEFUL?

1.  It’s measurable
2.  It’s veriﬁable
3.  It’s contextual

If it’s MEASURABLE, you can:
•  See changes over time
•  Compare against baseline for
your age and gender

When it’s VERIFIABLE, you have:
•  Records meticulously maintained over time
•  Reliable, historical data to benchmark against

CONTEXTUAL data allows you to see how:
•  Imbalances in one area may explain red ﬂags in another
•  Stats converge to paint a complete picture

When you can measure and verify data, in context, you can:
•  Quickly identify areas of concern
•  Draw logical conclusions and make informed decisions
based on the big picture
•  Be conﬁdent in the accuracy and completeness of the data
you’re basing your decision on

So why is compliance
any diﬀerent?

Pssst…it shouldn’t be!

Today, compliance oﬃcers can use technology to:
•  Record incidents from the hotline, web and in-person reports
•  Track investigations
•  Manage policies and acknowledgments
•  Administer and track training
•  Conduct risk assessments
•  Manage disclosures and surveys

But…that still doesn’t give
us an accurate picture of
compliance eﬀectiveness

You need an eﬀective strategy that outlines what to measure, how to
measure it and to facilitate improvements once you have the critical
data in hand

data in hand
•  How do you know what you’re doing is working?

data in hand
•  How do you validate improvements in your program?

data in hand
•  How do you validate improvements in your program?
•  How do you show a good-faith implementation of your program?

Like your personal health,
compliance data—in order to be
useful—needs to be:
1.  Measurable
2.  Veriﬁable
3.  Contextual

1Measure.
Everything.

“You can’t manage what you can’t measure”

Quantitative data provides:
•  Consistency and objectivity
•  Easy measurement of progress over time
•  Quick assessment of weak spots or problem areas

Quantitative data allows for benchmarking.
Against your historical results. Against your industry peers. And
against industry best practices.

Quantitative data allows for benchmarking.
Against your historical results. Against your industry peers. And
against industry best practices.
(this is extremely important: the regulators expect
you to benchmark your program’s effectiveness)

Eﬀective benchmarking helps you continuously improve your program.

Eﬀective benchmarking helps you continuously improve your program.
(oh, yeah…the regulators expect this, too!)

2Make sure you
can verify.

It’s important that the data is accessible and reliable

•  For your compliance team

•  For your front-line managers

•  For your board

•  For your auditors

•  …and for regulators (if and when they should ever ask)

•  …and for regulators (if and when they should ever ask)
(if anything ever goes wrong, you’ll need a record
of your program initiatives readily available)
…ask Morgan Stanley
why this is important

3The data
needs context.

Your compliance initiatives
are not standalone eﬀorts.

Policies are written to address your risk areas.
Training and communications reinforce policies.
Hotline reports indicate gaps in training and policies.
Culture surveys show how eﬀective your hotline is.
…and the list goes on

Your data needs to be just as
connected. So that when you
have a surge in discrimination
claims, you can immediately
focus on your discrimination

You should strive for a risk-based program and
risk-based data.
Your risk assessment should be the lens you
evaluate your program data through. This will
help you prioritize your eﬀorts and resources
to address your most critical risks.

And there you have it.

1.  Measurable
2.  Veriﬁable
3.  Contextual

Okay, we know this is easier said than done.

Because at the end of the day,
this
is tough to verify.
Diﬃcult to measure over time.
And it’s nearly impossible to
understand the context of
what you’re seeing.
(not to mention it’s prone to human error and resource constraints)

That’s where technology comes in.

Technology facilitates
the tracking,
measuring, reporting
and assessment of key
compliance program
metrics.

So that you can:
ü Identify, manage and mitigate key compliance risks
ü Enable eﬀective oversight and monitoring by executives and directors
ü Easily assess and benchmark your program
ü Continuously improve your program

Ultimately, you’ll provide your organization with
an affirmative defense in the form of an
effective and measurable compliance program
that preserves the financial and reputational
health of your organization.

After all, isn’t that the point?

Ready to see how technology can enhance the
eﬀectiveness of your program? Let’s talk.

About Convercent
Convercent’s solution operationalizes and integrates compliance functions
across key compliance risk areas, enabling a cohesive approach to
managing, mitigating and monitoring compliance risks. Pairing a refreshingly
intuitive user interface with natively integrated reporting and analytics,
Convercent’s compliance program management solution ultimately
facilitates the efficient, good-faith application of an effective and defensible
corporate compliance program that safeguards the financial and
reputational health of your company.
Learn more at convercent.com or contact us at 866.403.2713

What the Doctor Ordered: Data-Driven Compliance

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What the Doctor Ordered: Data-Driven Compliance