Ideally, all businesses want to maximize profits and minimize costs, right? So, what if your compliance group is a cost center without a clear link to profits? Does that mean your group should be driven to zero costs? Of course not. But doesn’t it sometimes feel that way?
Cost centers such as HR can point to the number of new hires, time to fill open positions, turnover, etc. Customer service departments can highlight the volume of calls, satisfaction rates, and client retention rates. But it is much harder for an exceptional compliance department to value a benefit that didn’t happen—the organization didn’t suffer from reputational risk, financial risk, customer risk, or regulatory fines!
So, how do you show your worth? There are various ways to help quantify and prove your worth to the organization. But, that isn’t enough, you also have to execute your own tracking in the most efficient way possible.
Make tracking and reporting automatic
The system you use to perform your compliance reviews can make an incredible difference. If you are using emails, or horrors of all horrors, paper, you will spend far too much time trying to gather, sort, and quantify your work. You require one system that eases both the work and the reporting on the work. SaifrReview™ enables marketing, compliance, and all stakeholders both inside and outside the organization to collaborate within one tool. You are all literally on the same page. And all comments, changes, and approvals are tracked for easy reporting and auditing (see the chart at the end for a sampling of reports.)
Use AI for simple tasks
Allow computers to perform a first pass so changes can be proactively made before compliance even sees the first pass. SaifrReview™ uses natural language processing (NLP) to analyze and understand language to enable content creators to see what language might be risky and make changes proactively as they write. The tool can also help determine which footnotes and disclosures might be needed. So routine, simple tasks are complete before your team even sees the first round. Using AI can help reduce your load enabling your team to concentrate on the more challenging tasks that are more valuable to the organization.
Tracking your group’s productivity is key to accurately demonstrate your contribution to the organization. Tracking your volumes is just the beginning. Yes, you need automatic reports that show the number of pieces, pages, and words your department has reviewed per day, month, year, and over custom timeframes. But you also need to know which departments and which projects represent those volumes and how those volumes map to the organization’s strategic projects and priorities. SaifrReview makes it easier to measure your team’s results.
You may be reviewing high volumes of materials, but are you efficient? How is your efficiency changing over time? On average how many rounds of review are required for approval? What are the total number and percentage of pieces that were approved early, on time, or late? Are certain types of content problematic such as presentations, digital ads, speeches, videos, etc., and how are those volumes changing over time? Once you can track the important metrics via SaifrReview, you can begin to tell your story and improve your results.
Show the number of issues caught
Being productive and efficient isn’t enough to prove your value to the organization. The purpose of compliance review is to catch and correct risky content so that the public only receives clear, compliant communications. Quantifying the risks caught is key since those are potential issues and fines you may have helped to avoid. SaifrReview makes reporting from the first draft to approval easy and automatic.
Saifr provides multiple reports for administrative users to visualize their team’s work and to assist in identifying potential risks and trends.
All reports can be downloaded for easy sharing.
SaifrReview helps make the creation, approval, and filing process far more efficient while providing the reporting for compliance departments to clearly show their value.