While not named by the OIG as one of the “7 elements of an Effective Compliance Program” the ability to manage regulations directly affects 5 of the 7 actual elements (the 5 affected are listed at the bottom of this post).
So, you need to manage regulations effectively to have an effective compliance program.
When regulations change you (and many of your colleagues) need answers to one, two or all three of these questions.
Are we aware of all the new regs that might apply to us?
For the ones that do, what needs to be done to comply?
Did we do it?
To make this work easier and give you the ability to manage it, we suggest relying on a methodology to perform this work. When we created our software, we developed Regulatory Compliance Lifecycle Management (RCLM).
RCLM is a methodology that if followed will give you the ability to answer the questions above and be able to demonstrate what was done to comply (assuming you keep track of it).
Identification and documentation of new regulations
Assessing its relevance to your organization
Translation into business requirements, (specific activities required to comply)
Communication of requirements to ALL stakeholders
Execution of activities required to comply
Monitoring and validation that required activities have been completed
Demonstration of the steps taken above
Our software automates RCLM and makes compliance much easier.
If you’re interested in seeing how sign-up for our 10-minute demo by clicking the link and picking a date/time that is convenient for you.
5 Elements directly affected by regulatory changes
- Implementing written policies, procedures and standards of conduct.
- Conducting effective training and education.
- Conducting internal monitoring and auditing.
- Enforcing standards through well-publicized disciplinary guidelines.
- Responding promptly to detected offenses and undertaking corrective action.