Why Compliance Master ?
Compliance Master is a fully-integrated smart, risk auditing and inspection system. Unlike other software solutions, Compliance Master uses proven statistical methods to significantly improve auditing efficiency and effectiveness. Compliance Master is all about doing auditing and inspection smarter, not harder.
First and foremost, Compliance Master will remove the guesswork surrounding how much auditing and inspection your enterprise needs to carry out to effectively monitor and control its non-compliance and operational risks. This feature is performance-based, meaning processes, groups, projects and third-parties with a "poor" risk-control track-record are audited or inspected with a higher level of intensity than those with a "excellent" or "good" risk-control track-record.
This dynamic, risk-based approach to auditing and inspection is far more effective and efficient than static non-scientific methods. And it will ensure your enterprise's limited monitoring and improvement resources are always focused on those areas of its operation that will generate maximum benefit i.e. areas of highest risk exposure.
Secondly, Compliance Master automatically analyses collected audit and inspection data to determine whether non-compliance levels have exceeded user-specified limits, or risk appetite. The software then uses this information to determine what actions, if any, are needed to mitigate risk levels and improve risk-control performance.
Your enterprise will not only benefit through much lower auditing and inspection costs (up to 80%), its capacity to identify and mitigate unacceptable risk levels before they have a chance to adversely impact on its goals and objectives, will be significantly improved.
Compliance Master addresses the four most common weaknesses found in conventional audit and inspection software
Compliance Master is designed to guide enterprises towards contextualising their audit and inspection requirements based on empirically collected and analysed process, project and third-party non-compliance data. Best practice quantitative risk management becomes imbedded in the audit and inspection planning process from the outset.
Your auditing and inspection activities will be optimised through the statistical calculation of sample-sizes. This calculation is risk-based, meaning processes, projects and third-parties with an unacceptable risk-control track-record will be audited or inspected more intensely than those with an acceptable risk-control track-record. This dynamic "risk-based thinking" approach leads to substantial time and cost savings compared to conventional audit and inspection solutions.
System generated action protocols will standardise your enterprise's response to audit and inspection outcomes in a way that is always proportionate to assessed risk. In-built data-analytics and reports will also help your enterprise and its external suppliers better understand the nature and extent of identified risk control failures, and how they can be prevented in the future.
Most importantly, Compliance Master will transform your enterprise's audit and inspection processes into a powerful integrated risk assurance system; without the need for major changes or disruption. It will also provide a highly defensible and reliable foundation for important risk management decision making, and for monitoring and reporting your legal and regulatory obligations to internal and external stakeholders.