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March 1, 2004
1 Min Read
Originally Published MX March/April 2004
GOVERNMENTAL & LEGAL AFFAIRS
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In addition to a database that allows companies to compare their overall compliance scores, any compliance assessment process should produce a database that enables much more detailed comparisons. Data from the four general sources used to compile the index should make it possible for companies to produce answers to a number of key questions about their regulatory compliance activities.
Prior Company Audit Report Analyses. All audit observations should be coded by type and significance, and all audits catalogued by scope and quality, over a three-year period. Using such information, a company should be able to compare its performance in the following areas against an industry average.
The variability in audit quality across the company and between business units over time.
The major observation the whole company and the business units receive most often, and how that has changed over the past three years.
How the major and minor observations vary by business unit.
The areas not audited or audited infrequently, across the company and by business unit, over time.
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