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Compliance Program Metrics and Metrics Tracking in Sri Lanka: A Critical Component of Business Success

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In Sri Lanka, businesses are increasingly recognizing the importance of having a robust compliance program in place to mitigate the risks associated with non-compliance with applicable laws and regulations. A well-designed compliance program can help organizations avoid hefty fines, lawsuits, and reputational damage, ultimately leading to increased profitability and competitiveness.

The Top Compliance Metrics to Manage with a Program

Employers in Sri Lanka can measure the effectiveness of their compliance program by tracking various key performance indicators (KPIs). These include:

Cost Metrics

  • Measuring the percentage of employees who register to receive electronic delivery for tax and ACA statements, which can help organizations save money on print and mail costs.

Operational Metrics

  • Monitoring:
    • The number of corrected W-2s & ACA statements
    • The percentage of on-time submission of I-9s
    • The number of support calls to HR & Payroll teams
    • Administrative time

Employee Engagement and Satisfaction

  • Measuring employee satisfaction by tracking whether employees are completing necessary compliance tasks on time and providing feedback.

Challenges and Penalties of Non-compliance in Sri Lanka

In Sri Lanka, non-compliance with applicable laws and regulations can result in significant penalties. According to a report by Globalscape, the average cost of a single non-compliance event in Sri Lanka is around Rs. 4 million (approximately USD 20,000).

Some of the common compliance challenges faced by organizations in Sri Lanka include:

  • Pinpointing applicable laws and compliance requirements
  • Applying compliance requirements correctly
  • Managing employee documentation and records

Penalties for non-compliance can range from fines to imprisonment, depending on the severity of the offense.

Streamlining Processes with a Dependable Partner

Fortunately, the compliance industry in Sri Lanka is evolving, and organizations can leverage technology and tools to streamline and improve their processes. With the help of a reliable partner, employers can create a robust compliance strategy to ensure they are conforming to the right laws and regulations.

Experian Employer Services offers a comprehensive suite of employer services aimed at streamlining workforce management and improving the employee lifecycle within organizations in Sri Lanka. Their solutions include:

  • ACA reporting and Year-End Statements
  • I-9 Administration
  • Tax Withholding
  • Tax Credits
  • Unemployment Management
  • Verification Fulfillment

A strong compliance program is a key factor in boosting employee productivity, aiding in operational efficiency, improving corporate reputation, and increasing profitability long-term. To learn more about workforce management services from Experian Employer Services and how they can support your compliance management, schedule a demo today.