Compliance is the act of following the rules. At colleges and universities, the difference between compliance and compliance management is that compliance activities are done only because of regulations while, compliance management activities are done for good business reasons, regardless of the regulations. Consequentially, a comprehensive compliance management program meets the needed assessment, monitoring and control activities of both.
To have an effective compliance program, an institution must establish and maintain a culture that encourages ethical conduct and a commitment to compliance with the law, backed by best practices for internal controls and a well-trained administration.
Institutions often retain consultants to provide periodic reviews. Our firm for instance conducts annual “mock program reviews” a type of compliance assessment for our clients. It gives out clients a heads up on errors contained in policies, procedures, consumer information, and student files. It's a great way to tune up before an audit and our clients experience fewer audit findings as a result.
Our consultants are compliance experts and will help you achieve unprecedented levels of compliance. If your institution is considering implementing a compliance program, consider starting with our compliance assessment.
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