Despite having the most cutting edge compliance training program, companies will still be audited as apart of routine regulatory procedures. Too many times staff have poor marks and reviews after auditing due to poor preparation – even with the best compliant employees. Among many, here are 3 tips to ace routine auditing so all training doesn’t go in vain
1. Understand What Will Be Reviewed
This seems trivial, but the first step in having a successful audit is knowing exactly what will be reviewed and asked for by auditors. Be sure to be checking with regulators online and see what is on the inspection list weeks prior so that you can tie any loose ends and prepare staff for the evaluation. What is needed varies by sector, but typically auditors ask to see what measures companies took to keep staff compliant in addition to filed-speicifc requirements. For example, what is needed by healthcare companies will differ from IT companies.
2. Review With Staff
Now that you know what is being reviewed, review it yourself! You may or may not have the exact rubric, but you should be knowledgable about what is deemed passing. Go through the process (especially with new staff) and examine your program, employees, policies, and codes. Auditors will ask questions about all of these – the better you know the details the better you can answer questions. Poor marks due to technicalities can cost you money.
3. Identify Weaknesses Early
If you begin reviewing early enough prior to the audit you can catch weaknesses before regulators. While reviewing regulations and compliance programs, take note of what needs attention. You can tweak and correct early enough – not just for the audit but also for the overall health of your company. Without proper planning, minor glitches can cause a major issue and again cost major money.
These are just 3 ways to prepare and stay proactive before a regulatory audit. Contact us for insight on your current compliance program.