Objective Performance Dashboard
Compliance Master’s unique quantitative approach to compliance auditing and inspection enables organisations to objectively benchmark and compare the risk control performance of processes, groups and third-parties (entities).
The performance dashboard provides a portal for drilling down into the causes of unacceptable rick-control performance, including item and criteria audit results, auditor comments, attached documentation and photographic evidence, etc.
Quantitative Compliance Assessment
Compliance Master uses proven quantitative auditing and inspection methods to accurately assess whether the non-compliance level (frequency) of processes, groups and third-parties has exceeded one of more user-specified risk limits (targets) by assessing a much smaller, randomly selected sample.
Having analysed a statistically selected sample Compliance Master assesses whether user-specified risk limits have been exceeded and what, if any, actions are needed to mitigate or strengthen risk controls; refer Figure 2 below.
Risk Performance Evaluation
Compliance Master continuously evaluates an entity’s capacity to achieve or better user-specified risk limits over consecutive audits and inspections. This information is used to assign it an objective risk performance rating; i.e. Excellent, Good and Poor. Refer to Figure 3 below.
The software uses an entity’s risk performance rating to calculate the optimum sample-size for its next audit or inspection. This unique, dynamic approach to auditing and inspection ensures an organisation's limited resources are always focused on its areas of highest risk exposure.