The elements of a good Compliance Strategic Plan include well-defined goals, tailored training, focused instructional design, and predetermined metrics. It should also provide comprehensive communication and ongoing refresher training. While these are essential elements of any training program’s strategy, they alone do not constitute a compliance strategy. In order to understand what those missing elements are, it is important to understand what a compliance strategic plan is, and what makes it different from the others.
Compliance Strategic Plan is about mitigating risk and adhering to rules set by external authorities. Internal mandates arising from new technologies, risk trends, ethics considerations, and line-of-defense coordination are creating opportunities for compliance modernization. Moreover, in modernizing compliance, companies should be mindful of the difference between enhancement and evolution. Between a “more, better, faster” version of the old approach and a genuinely new version. Every company and every compliance function have a starting point somewhere on this evolutionary scale. Wherever your company is starting and wherever it is headed, building value creation into compliance can help shape your progress.
Generally, effective compliance strategic planning connects your enterprise strategy to specific initiatives for your function. Done well, your compliance strategic plan should provide a clear roadmap to deliver on your business goals.
One of the questions that may circulate in your mind right now is one that deals with the issue on whether it is really necessary for business establishments and corporations to have a compliance strategic plan. Even though a compliance strategic plan may be shorter compared to a five-year strategic plan, it also has its ways in contributing to the growth and development of the business as a corporate entity.
Here are some of the reasons why a compliance strategic plan is considered as an important and necessary business document:
A compliance strategic plan and other kinds of strategic plan documents must be carefully created as its content and actual implementation can affect the future operations of the business. With this, all the elements and factors that can contribute to the effectiveness of the document must be looked into. A simple compliance strategic plan must be time-bound, attainable and relevant. Here are some of the factors that you need to consider when developing the document:
Look into the expertise of the workforce who will be tasked to develop the compliance strategies and simple action plans. You have to be aware of the deliverable that they can provide and execute. This is the reason why businesses hire compliance officers or advisers. With the presence of these professionals, the business can make sure that they are properly preparing for the fulfillment of compliance duties.
The other workforce of the business who will not create the document also needs to be aware of what the compliance strategic plan is all about. If all the people within the operations can be knowledgeable of the document’s existence and usage, then it will be easier to promote a healthy and successful collaboration between the workforce and the management. You may also see personal strategic plan examples. With the number of compliance requirements especially those concerning handling of materials for product development, it is very important for the workforce to be aware on how they can affect the successes of the business or the lack thereof.
The technology, methods, and processes that you use and incorporate in the creation of a compliance strategic plan can also affect the outcome of the document’s usage and implementation. The way you put together all the details of the plan and the ways on how you will distribute information can directly affect the perception of involved entities.
The bodies or organizations that are asking for the compliance requirements from your business must be well-understood. Know the reason why it is essential for you to comply and make sure that you are aware of the entire procedure that you will follow to provide them with the exact things or information that they need.
Training programs must also be considered when making a compliance strategic plan. This will help you update your stakeholders with the ways on how you plan to address compliance regulations and other related activities.
A compliance strategic plan gives businesses an idea on how they can easily comply with industry requirements without affecting its operational flow and management processes. Hence, it is really recommended for businesses to have a compliance strategic plan of their own so they can continue their operations and the way they set quality standards for businesses processes and transactions.
Some of the tips that you can refer to within the development and implementation of a compliance strategic plan are listed below:
Take note that the entire point of coming up with this type of strategic plan is so that it can outline everything from what kind of goals have to be achieved, what kind of training will have to happen to reach those goals, and how these training programs are going to be assessed. Although this is not going to be an easy task; you are going to have to do this if you want to help your business ensure its success in the future. Here are the steps that will allow you to create your business’s compliance strategic plan:
The first step is to find out what kind of goals you are trying to be accomplished with the current training plan or program. The entire point of doing this is so that you can make sure that what it is that’s trying to be accomplished by the training is in line with the business’s main objective.
Once you have managed to take a good look as to what kind of goals have to be attained by the training, you must then take a look at the training itself. Make sure that you are able to take note of all the types of training that will be implemented in your business for the current year.
The point of doing this is so that you can see whether these plans are ones that you can keep, or if they are ones that you will need to make serious changes to. You will most likely be using a lot of resources just to help you get the information. To help you out with this, you can always ask some of your staff members to help you see whether the current training plan is effective in helping employees achieve business goals.
You must then figure out what kind of changes will need to be made to ensure that the employees get the training that they need. When coming up with the means in which you want to invoke change, you have to find the most effective yet cost-efficient method possible. You’ll want the best possible options, meaning that they’re ones that your business can afford and ones that you know will actually help in improving your business’s training plans.
No matter what kind of training will be implemented, there are always going to be a couple of risks. While there are some that might just prove to be a hindrance, there may be those which could be potentially harmful to both the employees and the business. But whether they are harmful or not, you are going to want to take care of all of them. So, what you are going to have to do is to understand what these risks are and then come up with the methods in which you and your employees will be able to prevent or avoid them.
Organizations that have achieved excellence in execution follow this advice. The aim is to give a few choices; three is ideal. Too many choices in execution can lead to the same levels of lower employee-engagement and satisfaction as having no choice at all.
Strategic planning lays out the long-term, broad goals that a business or individual wants to achieve. And tactical planning outlines the short-term steps and actions that should be taken to achieve the goals described in the strategic plan.
Goals can be achieved in the long term or short-term depending on the strategies that an individual or a company develops and uses. A goal is defined as the result which an individual or company plans to accomplish while a strategy is defined as the method by which the goal is achieved.
Without a doubt, compliance and risk management are closely aligned: Compliance with established rules and regulations helps protect organizations from a variety of unique risks, while risk management helps protect organizations from risks that could lead to non-compliance—a risk, itself.
All of these compliance definitions are important for your organization. Compliance is the act of complying with a command, desire, wish, order, or rule. It can also mean adhering to requirements, standards, or regulations. Compliance strategic plans outline a set of guidelines and best practices that ensure a company’s employees are following all relevant laws and regulations. Compliance programs help corporations protect their brand from scandal and even lawsuits.
A school business plan is a comprehensive document outlining the objectives, strategies, and operational framework for establishing or managing a school. It details the vision, target audience, financial projections,…
continue reading
A boutique business plan is a comprehensive roadmap tailored to the unique needs of boutique owners. It outlines the business's goals, market strategies, and financial projections while capturing the…
continue reading