Compliance dashboards convey performance data in a concise, visual format, showing progress over time. This paints a "big picture" for your Compliance Officer, Compliance Committee, and Board/executives. With Compliance Committee minutes, written board reports, live board reports, and a million other compliance tasks to check off the list, some may ask: Why bother?
1. Compliance needs a seat at the table.
Many organizations already use dashboards to convey information to the top and track company performance. Data such as profits and employee retention might be tracked. If compliance is missing, what does that say about the organization's priorities? What message does this send to regulators? To be part of the conversation, compliance needs more than lip service--it needs to be part of the performance data and the big picture of your organization's decision making process.
2. Your leaders are worried.
A recent poll conducted by Protiviti and North Carolina State University found that the majority of board members and top executives identified their organization's #1 risk as "regulatory change and heightened regulatory scrutiny." Leaders are worried about compliance, and knowledge is power. Dashboards can convey this knowledge very efficiently.
3. Compliance dashboards require us to set goals.
It's impossible to make a compliance dashboard without setting goals. Let's say your dashboard measures the % of employees who completed compliance training in 2015. Anyone reviewing that dashboard is going to ask: What's our goal? 100%? If that goal isn't met, the next question is, obviously: How can we improve? That's the first step to improvement.
4. Everyone needs a big picture.
Dashboards show a big picture over time. This big picture helps us keep our eyes on the prize, rather than running from fire to fire (which is easy to do in the field of compliance!). Compliance dashboards force us to assess our priority metrics, whether these are claims error rates, readmissions rates, unresolved audit findings, or quality indicators. By looking at the "big picture" on a quarterly or monthly basis, we can see if we are meeting our compliance goals - or if underperforming areas are falling through the cracks.