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Measuring Compliance Program Performance in Haiti: A Critical Component of Doing Business
PORT-AU-PRINCE, HAITI - As the business landscape in Haiti continues to evolve, companies operating on the island must prioritize compliance with local and international regulations. Effective measurement of compliance program performance is essential for preventing reputational damage, protecting bottom lines, and avoiding costly fines and enforcement actions.
The Importance of Compliance Program Performance Metrics
In June 2020, the U.S. Department of Justice (DOJ) updated its Evaluation of Corporate Compliance Programs guidelines, emphasizing the need for companies to demonstrate that their compliance programs are working. The DOJ’s guidance includes three critical questions that prosecutors should ask when investigating a company:
- Is the organization’s compliance program well-designed?
- Is the program being applied earnestly and in good faith?
- Does the program work in practice?
Measuring Compliance Program Performance
Compliance metrics come from various sources, including culture surveys, risk assessments, disclosures, and helpline reports. With the right compliance management tools, companies can view a substantial amount of vital data in centralized dashboards. However, without a strategy or knowing which compliance program performance metrics to measure, raw data can be overwhelming.
Key Performance Indicators (KPIs) for Compliance Programs
Compliance KPIs are data points that indicate how well a team or organization is performing at key initiatives. These indicators can measure employee engagement and awareness of the compliance program, adherence to local, national, and global regulations, and ethical decision-making throughout the workforce.
Choosing Which Compliance KPIs to Prioritize
Companies must understand what data they currently have access to before selecting which KPIs to prioritize. This involves identifying sources of rich, untapped data in HR departments, sales teams, and other areas that can provide deeper insights into issues like cultural health, brand reputation, and silent retaliation.
Tracking Compliance Performance Over Time
The rise in stakeholder capitalism demands more from companies interacting with regulators, employees, and customers. To treat KPIs with the respect they deserve, organizations must track improvement over time using the same set of benchmarks. This allows them to reveal their biggest compliance strengths and weaknesses, measure progress, and develop a plan of action for all their organization’s data.
Conclusion
Effective measurement of compliance program performance is crucial for companies operating in Haiti. By prioritizing compliance KPIs, understanding which metrics to track, and using the right tools, organizations can prevent reputational damage, protect bottom lines, and avoid costly fines and enforcement actions.