An effective compliance program is very necessary irrespective of whether the business is a well-established one or has just started to climb up the ladder. Operating in accordance with the applicable laws and regulations and creating a culture of honesty and integrity is one of the vital parts of running a successful business. This is exactly what compliance consultancy services help you to achieve. But how do you know if the compliance service that you choose is the right one? Here is a list of factors that you should look for when selecting a compliance partner.
Written policies code of conduct
The written policies of the statutory compliance services should outline the compliance program expectations. These policies are usually embedded in a code of conduct that is widely applicable to all individuals who are employed by or interact with the board of the organization. There should also be a second document that consists of the details of the operation and implementation of the compliance program. These details should guide the governance organizational structure along with the processes for dealing with compliance issues. The compliance plans and the related documents should be approved by the organization’s governing body and senior management.
Compliance officer and oversight
The compliance officer should be reporting directly to the CEO or the board of directors, and not to the general counsel. The board of directors should thoroughly review the compliance officer and his/her functions annually. The compliance officer should also be supported by a compliance committee, which is multidisciplinary and has a detailed set of responsibilities. The committee should look after activities like quality reporting and grievance monitoring.
Training and education
When looking for compliance consulting, check if the educational background of the compliance partner includes training in general compliance issues, waste, fraud and abuse, AKS, false claims act, and inappropriate gifts and relationships with referral sources. It should be ensured that this training is documented and also includes pre-and post-tests. Training should also be a part of the onboarding process to create a culture of compliance.
Reporting the hotline
The compliance consultancy services should provide a good hotline that enables confidential and truly anonymous reporting of compliance issues. Reporting options such as toll-free numbers, emails, and mailbox addresses, all of which include information about the issues to be reported, can be publicized by the organization.
Monitoring, auditing, and internal reporting
This can be done by carrying out an annual organization-specific risk assessment that goes beyond looking at the Department of Justice, OIG, and Centers for Medicare and Medicaid Services. Interviews should be integrated with key staff to identify the risks and look at any compliance challenges of each organization, the results of which should be presented to the senior leadership and the board. Ideally, the risk assessment should be leveraged to create an annual monitoring and auditing internal reporting program by the statutory compliance services. This helps in identifying trends, supporting quality reviews, determining the areas where expertise is lacking and third parties should be engaged, evaluating vendors, and tracking compliance hotline calls.
Conclusion
The above characteristics are what you should look out for when choosing a compliance consulting service in order to meet the high ethical and professional standards.
