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Question: What does preparing for accreditation and launching a rocket have in common? Answer: They both require system and performance checks to be successful. Let me explain. First, before you attempt to launch a rocket, you need to be sure it will achieve its objectives. This is done by checking its systems i.e. fuel, navigation, […]
Most businesses compete for customers, revenue and profitability. A competition that requires ongoing compliance with a growing number of government laws, industry standards and customer requirements. You may not think of compliance as a competitive advantage but each year thousands of businesses lose ground to their competitors because they fail to adequately manage their compliance […]
In this last article in my 3-part series on statistical compliance auditing, I demonstrate how the statistical methods and sampling tools outlined in Part 1 and Part 2 can be used to create a world-best-practice, risk-based statistical sampling system. Risk-based compliance auditing Risk-based compliance auditing starts with an understanding that some types of non-compliance are […]
In Part 1 in this 3-part series on statistical compliance auditing I outline why enterprises should avoid using ad-hoc and rule-of-thumb methods to determine the sample-size requirements for their compliance audits and instead use tried-and-tested statistical sampling methods. I also outlined how anyone with a basic understanding of some simple statistical terms and concepts, and […]
In Part 1 of this 3-part series on statistical compliance auditing, I outline why enterprises should avoid ad-hoc and rule-of-thumb sampling methods and how they can improve the effectiveness and efficiency of their compliance audits by using a simple statistical sampling tool. I also outline why “bigger is not always bigger” when selecting the right […]
Is your health and well-being, or that of your employees, being affected by the prolonged effects of high compliance stress? In this article, I outline how to identify the symptoms of high compliance stress and more importantly, how to treat the causes without affecting compliance performance. What is compliance stress? Ever since the GFC in […]
Skyrocketing compliance risks and costs are exposing many businesses to crippling regulatory penalties, reputation damage and lost revenue opportunities. Little wonder many managers view compliance as a millstone about their necks rather than something that adds value. But what if we could turn this negative mindset around? What if we could transform business compliance into a […]
In recent years, compliance benchmarking has become very popular in heavily regulated industries such as banking, health and aged-care. But how useful are these schemes, really? The truth is most organisations, particularly those in the service-sector, achieve compliance in totally different ways, so setting benchmarks based on industry-best-practice makes little sense. Furthermore, compliance benchmarking is […]