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Sunday, December 01, 2013

Seeking Compliance Everywhere

Have now had a number of connections that deal with aspects of what is called 'compliance', or how entities like companies are in compliance with contracts they sign, government regulations and even consumer expectations.

You can also think about future compliance.   What regulations are going to occur, likely to occur or somehow are in the future. Consider then the risk of non-compliance.  That is where we are getting close to being non-compliant, and where the trends are moving us to being out of compliance.

Another feature is what I call a portfolio of compliance.  Where are we out of compliance or in risk of non compliance.   We know we might not be able to fix all the cases, so can we sort the order of risk and potential costs?   Such a list could be selectively assigned a team of experts: lawyers, engineers, decision makers, analytics ... to assess the resources needed.

This has application in all industries, and can lead to decreased risks and costs.

I particularly like the 'start simple' approach.  Start with a very easily understood set of rules, which then leverage forward to add predictive risk analytics as needed.  In an era of Big Data we have the tools to build these capabilities.

A Cincinnati accounting firm I have worked with,  Rippe and Kingston, has software, now well known in the health care industry, that addresses the beginnings of this topic. See Contract Guardian.  More posts to follow in my exploration of this space.

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