Leverage compliance program data to empower a proactive approach to risk management.
Compliance monitoring isn’t just a regulatory requirement, it’s also a strategic advantage for your business. It helps you identify and mitigate risks, improve efficiency, and foster a culture of ethics and accountability. Monitoring isn’t simply a retrospective look back at the level of compliance across a sample of activities, transactions, or events. It’s a mechanism by which an organization can demonstrate they have an effective compliance program and the compliance functions value lever, contributing to continuous improvement. Here are some of the benefits of compliance monitoring and how to make it meaningful to your business.
What is compliance monitoring?
Compliance monitoring is the process of ensuring that your business follows the laws, regulations, standards, and policies that apply to your industry and operations. It involves regular and frequent checks of your performance, processes, and transactions against your compliance policies and procedures.
Compliance monitoring is different from compliance auditing, which is a periodic and retrospective review of your compliance records and evidence. While auditing is reactive, monitoring is proactive. It allows you to adjust your operations in real time and prevent violations before they occur.
The importance of compliance monitoring
Compliance monitoring is important for several reasons:
Make it meaningful to your business
To make compliance monitoring meaningful to your business, you need to:
Optimize and evolve your monitoring program
IQVIA’s Commercial Compliance consulting team offers end to end capabilities that are flexible and right sized to increase effectiveness and maturity.
Our embedded monitoring and compliance experts serve as an extension of your team, providing you with the best practices and insights to ensure quality and compliance. We can adapt the monitoring plan based on the outputs, changes to the business and the regulatory landscape, and conduct live and transactional monitoring across promotional and medical activities. Our field-based labor model reduces pass-through costs for live monitoring, and our mix of on- and off-shore resources allows us to reduce the costs of monitoring without compromising on quality. Contact us today to learn more about our monitoring approach and how we can help you achieve compliance excellence. |
Leverage compliance program data to empower a proactive approach to risk management.
Enable compliant planning, management, contracting & payment of HCPs & HCOs globally.