Compliance management is becoming increasingly essential for any company to keep a check on the internal controls of the organization. Compliance management tools are hence effectively being used as management tools in any enterprise. Since merely meeting compliance is not an indicator of a robust inner working of an enterprise, a few available GRC tools, like VComply, in addition to providing you with information about the compliance met and not met, also provide you with a brief analysis of performance of the compliance met based on the timeline assigned to each compliance. This report acts as a leading indicator of effective operations within an organization.
Performance in such tools can be measured on
- Project basis
- Employee basis
On the project basis; one can assess the robustness of any ongoing or completed project, while on the employee basis; any employee’s performance can be diligently assessed.
Managers are expected to present their employees with quantitative assessment of their performance. Such comprehensive management GRC tools relieve managers of the time consuming and tedious employee evaluations. These tools can effectively reduce the cumbersome process of keeping track of each assigned project and make the work of an HR much efficient and easy. The tools help in setting reminders, prompting managers to whom the projects are assigned of the work to be done in a given time frame. This, in addition to adding consistency and providing continuous evaluation, also provides concrete and quantitative data measures against the set goals. Since, the data collection happens real time, the information is perceived as more credible by the employees instilling notion of trust within the organization. Standardization of performance management across the hierarchy leads to adherence to processes and recognition of loopholes or failed performance. This in cycle, enhances reporting and compliance. Compensation is a much disputed arena in any organization. Unfair evaluation through traditional methods can be explicitly replaced by these easy to comprehend and automated reports generated via GRC tools doing away with any kind of bias involved in the process. Rewards and Recognition can thereby follow based on the quantitative reports generated by the system.
Nowadays, however, leading organizations have moved on from merely assessing performance to a concept called Principled Performance. Principle Performance, is a concept recently conceptualized by OCEG, which acts as goals led by GRC integration. Principled Performance is formulated to stand on 3 P’s:
- Principled Purpose
- Principled People
- Principled Pathway
The concept talks about integrating the mission, vision and values of any organization through its leadership and workforce to keep the organization on track. This reflects the leading indicative measures of performance.
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