Auditing generally describes activities that occur further after the fact by parties more independent of the respective operational management, such as an Internal Audit staffer or external auditors. While auditing may occur far after the fact to allow for the problem to be corrected, it may do better at ensuring that operational management effectively manages the business activity. Monitoring allows for early identification and correction before a problem festers and causes the company to be in non-compliance. A FRAMEWORK FOR MONITORING: -Timing - Comprehensiveness -Monitors - Metrics - Outcomes - Factors Given all of this information, the challenge then is for management to implement monitoring steps that best meet an activity’s needs. The intent is to develop, implement, maintain and improve monitoring practices so that they provide effective oversight of an activity as efficiently as possible. For starters, a process may not need a sophisticated monitoring plan at the beginning; it likely can start with basic monitoring steps as the process gets underway. In fact, a new process may be best served by very basic but active monitoring in the early stages to ensure that the basic process steps are followed and to identify glaring variations. Management also can simplify development of monitoring steps by using standardized templates and other materials that can then be customized to a
process to train employees, serve as reporting tools and invoke correction actions. Ensure that the organisation can demonstrate compliance through documentation? At the heart of compliance measures is corporate responsibility. Duties should be segregated, and management should provide documented policies that outline employee responsibilities. Measures should be implemented to ensure that requirements and ethical practices are followed. One common mistake that organizations make is documenting processes as they should be rather than as they currently exist. Even if there is room to improve your processes, it is important to portray them accurately. This sets a baseline, and provides outside auditors with a well-defined picture. Ensure the program is continuously reviewed and improved? Engaging with industry and consumer stakeholders using the construct of communication, facilitation, and then regulation if necessary, to deliver outcomes that are transparent, coherent and consistent. The standard against which we seek to measure is to be, and to be recognised as, a world-leading, best-practice converged communications regulator. The way we deliver these outcomes is further assessed against the regulator performance framework (RPF) that measures the efficiency and effectiveness with which regulators undertake their roles, and in particular, their impact on regulated entities.
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- Jennifer Sheldon
- Business, Management, compliance officer