50+ SAMPLE Compliance Strategic Plan in PDF

What Is Compliance Strategic Plan?

Compliance Strategic Plan is about mitigating risk and adhering to rules set by external authorities. Internal mandates arising from new technologies, risk trends, ethics considerations, and line-of-defense coordination are creating opportunities for compliance modernization. Moreover, in modernizing compliance, companies should be mindful of the difference between enhancement and evolution. Between a “more, better, faster” version of the old approach and a genuinely new version. Every company and every compliance function have a starting point somewhere on this evolutionary scale. Wherever your company is starting and wherever it is headed, building value creation into compliance can help shape your progress.

Generally, effective compliance strategic planning connects your enterprise strategy to specific initiatives for your function. Done well, your compliance strategic plan should provide a clear roadmap to deliver on your business goals.

What Is the Importance of Compliance Strategic Plan?

One of the questions that may circulate in your mind right now is one that deals with the issue on whether it is really necessary for business establishments and corporations to have a compliance strategic plan. Even though a compliance strategic plan may be shorter compared to a five-year strategic plan, it also has its ways in contributing to the growth and development of the business as a corporate entity.

Here are some of the reasons why a compliance strategic plan is considered as an important and necessary business document:

• A compliance strategic plan allows your business to identify the necessary actions of the organization so it can meet all the regulatory requirements for operations. It is hard to comply with all industry and business requirements at the same time. This is the why it is suggested for a compliance strategic plan to be developed. You may also see strategic planning checklist examples. With the help of this business tool, companies can plot their strategies on how they can maximize their time, efforts, and resources when dealing with compliance-related activities.
• A compliance strategic plan is essential to ensure that the business will be capable of coming up with immediate responses should compliance needs take place at a given time period. It is very important for the decision-making processes of the business to be organized as it can reflect the organization of action plan implementation as well. With a compliance strategic plan, there will already be a basis on how compliance decisions can be made accordingly.
• A compliance strategic plan helps the organization to decide on the steps that are needed to be done to ensure that the new industry requirements will be met. Regulations and protocols on compliance can change within a duration of time. Hence, a business should always be ready and prepared to provide what is asked from it. This is important as operations can be put to a stop or a pause if compliance requirements will not be met at a given time frame.
• A compliance strategic plan can be the basis or the foundation of a compliance training plan. Through a compliance strategy plan, the workforce and other concerned stakeholders can be aware of how important it is for the business to comply to the requirements of the industry or the location where it is doing its operations.

What Can Affect the Success of Compliance Strategic Plan?

A compliance strategic plan and other kinds of strategic plan documents must be carefully created as its content and actual implementation can affect the future operations of the business. With this, all the elements and factors that can contribute to the effectiveness of the document must be looked into. A simple compliance strategic plan must be time-bound, attainable and relevant. Here are some of the factors that you need to consider when developing the document:

Look into the expertise of the workforce who will be tasked to develop the compliance strategies and simple action plans. You have to be aware of the deliverable that they can provide and execute. This is the reason why businesses hire compliance officers or advisers. With the presence of these professionals, the business can make sure that they are properly preparing for the fulfillment of compliance duties.

The other workforce of the business who will not create the document also needs to be aware of what the compliance strategic plan is all about. If all the people within the operations can be knowledgeable of the document’s existence and usage, then it will be easier to promote a healthy and successful collaboration between the workforce and the management. You may also see personal strategic plan examples. With the number of compliance requirements especially those concerning handling of materials for product development, it is very important for the workforce to be aware on how they can affect the successes of the business or the lack thereof.

The technology, methods, and processes that you use and incorporate in the creation of a compliance strategic plan can also affect the outcome of the document’s usage and implementation. The way you put together all the details of the plan and the ways on how you will distribute information can directly affect the perception of involved entities.

The bodies or organizations that are asking for the compliance requirements from your business must be well-understood. Know the reason why it is essential for you to comply and make sure that you are aware of the entire procedure that you will follow to provide them with the exact things or information that they need.

Training programs must also be considered when making a compliance strategic plan. This will help you update your stakeholders with the ways on how you plan to address compliance regulations and other related activities.

Tips to Follow When Making a Compliance Strategic Plan:

A compliance strategic plan gives businesses an idea on how they can easily comply with industry requirements without affecting its operational flow and management processes. Hence, it is really recommended for businesses to have a compliance strategic plan of their own so they can continue their operations and the way they set quality standards for businesses processes and transactions.

Some of the tips that you can refer to within the development and implementation of a compliance strategic plan are listed below:

How to Create Your Business’s Compliance Strategic Plan:

Take note that the entire point of coming up with this type of strategic plan is so that it can outline everything from what kind of goals have to be achieved, what kind of training will have to happen to reach those goals, and how these training programs are going to be assessed. Although this is not going to be an easy task; you are going to have to do this if you want to help your business ensure its success in the future. Here are the steps that will allow you to create your business’s compliance strategic plan:

Step 1: Identify the Training Goals

The first step is to find out what kind of goals you are trying to be accomplished with the current training plan or program. The entire point of doing this is so that you can make sure that what it is that’s trying to be accomplished by the training is in line with the business’s main objective.

Step 2. Identify the Plans for the Current Year

Once you have managed to take a good look as to what kind of goals have to be attained by the training, you must then take a look at the training itself. Make sure that you are able to take note of all the types of training that will be implemented in your business for the current year.

Step 3: Evaluate the Current Training Plan

The point of doing this is so that you can see whether these plans are ones that you can keep, or if they are ones that you will need to make serious changes to. You will most likely be using a lot of resources just to help you get the information. To help you out with this, you can always ask some of your staff members to help you see whether the current training plan is effective in helping employees achieve business goals.

Step 4: Identify the Changes that Need to be Made

You must then figure out what kind of changes will need to be made to ensure that the employees get the training that they need. When coming up with the means in which you want to invoke change, you have to find the most effective yet cost-efficient method possible. You’ll want the best possible options, meaning that they’re ones that your business can afford and ones that you know will actually help in improving your business’s training plans.

Step 5: Find the Possible Risks

No matter what kind of training will be implemented, there are always going to be a couple of risks. While there are some that might just prove to be a hindrance, there may be those which could be potentially harmful to both the employees and the business. But whether they are harmful or not, you are going to want to take care of all of them. So, what you are going to have to do is to understand what these risks are and then come up with the methods in which you and your employees will be able to prevent or avoid them.

FAQs

All of these compliance definitions are important for your organization. Compliance is the act of complying with a command, desire, wish, order, or rule. It can also mean adhering to requirements, standards, or regulations. Compliance strategic plans outline a set of guidelines and best practices that ensure a company’s employees are following all relevant laws and regulations. Compliance programs help corporations protect their brand from scandal and even lawsuits.