Chief Compliance Officer Series: Compliance Analytics

by Sarah Harvey / September 18th, 2014

In the last webinar in this series, Jessie Skibbe and Chris Straiter described what you can expect while working as a Chief Compliance Officer (CCO). We learned that the CCO is a critical role for any organization and is an essential component of the overall compliance management system. Now, we’ll go a bit further to learn how the CCO uses compliance analytics to ensure compliance.

What are Compliance Analytics?

Compliance analytics are a component of management review that is performed in the “check” phase of the compliance management system. It is used as a tool for the reporting of compliance issues to executive management.

Where do I Start?

When beginning to learn about and use compliance analytics, consider the following steps:

  • Map the Regulatory Requirements: Identify regulatory requirements, map them to your processes, develop or purchase programs to analyze and report on data to ensure compliance, develop action plans where applicable, and take action.
  • Capture the Data: Data could include complaints, call monitoring, training results, internal audit results, and vendor management audit results.
  • Analyze the Consumer Complaint Response: Ensure complaints are promptly addressed, categorized, reviewed, and analyzed.
  • Evaluate Call Analytics: Utilize scorecard data, ensure policies and procedures for call monitoring are being followed, and identify weaknesses and opportunities for improvements.
  • Assess Employee Training: Identify weaknesses and opportunities for retraining; implement modular training and evaluation or pass/fail testing.

To learn more about how a CCO can utilize compliance analytics, download the full webinar. For more information about CCOs, be sure to download the additional webinars in the CCO series or contact us today.