The plan outlines a comprehensive approach to ensuring compliance within an organization by focusing on key metrics. Achieving a 95% compliance rate, for instance, underscores the importance of adhering to regulations, which can be enhanced through regular audits and staff training. By monitoring the number of non-compliance incidents, organizations can identify potential areas of improvement and aim for fewer than five incidents per quarter. This proactive approach helps in maintaining regulatory standards.
Audit findings are crucial for evaluating adherence and highlighting areas requiring improvement. Minimal critical findings should be the target, with action plans established for each audit outcome. Efficiently resolving compliance issues within 30 days indicates an organization's responsiveness and effective issue management strategies. Lastly, ensuring a 100% training completion rate highlights the organization's dedication to educating employees on compliance, which can be improved by offering flexible schedules and engaging training methods.
Top 5 metrics for Compliance and Improvement
1. Compliance Rate
The ratio of compliant processes or actions to the total processes or actions conducted over a specific period, reflecting the organisation's adherence to regulations.
What good looks like for this metric: 95% compliance is often aimed for
How to improve this metric:- Conduct regular compliance audits
- Provide staff training on regulations
- Implement automated compliance tools
- Establish clear compliance protocols
- Engage with regulatory consultants
2. Number of Non-Compliance Incidents
The total count of incidents where regulatory standards were not met over a defined period, indicating potential compliance issues.
What good looks like for this metric: Aim for less than 5 events per quarter
How to improve this metric:- Enhance incident monitoring systems
- Review and update compliance policies
- Conduct root cause analysis for incidents
- Encourage a culture of transparency
- Increase accountability measures
3. Audit Findings
Results from internal and external audits that measure adherence to compliance standards and identify areas of improvement.
What good looks like for this metric: Aim for minimal critical findings
How to improve this metric:- Perform regular internal audits
- Address audit findings promptly
- Improve communication with auditors
- Create an action plan for each finding
- Incorporate continuous feedback loops
4. Time to Compliance Issue Resolution
The average time taken to resolve compliance issues once they are identified, indicating efficiency and responsiveness.
What good looks like for this metric: Resolve issues within 30 days
How to improve this metric:- Develop a priority-based resolution system
- Streamline communication among stakeholders
- Automate follow-up procedures
- Create clear workflows for resolution
- Utilise project management tools
5. Training Completion Rate
The percentage of employees who complete mandatory compliance training, reflecting organisational commitment to compliance education.
What good looks like for this metric: Target 100% completion rate
How to improve this metric:- Incentivise training participation
- Offer flexible training schedules
- Utilise engaging training platforms
- Track training progress regularly
- Re-deliver training for non-completers
How to track Compliance and Improvement metrics
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your metrics.
