By Mary Bennett
In the compliance world, benchmarking is the process of comparing your organization’s compliance program elements, structure and processes to the external practices of your peers and your industry. Program assessment, rather, is the act of making a judgment about the status or effectiveness of your compliance program, which will typically include an analysis of the benchmarks used in its development. Therefore, the process of benchmarking is a subset of compliance program assessment. It is a way to shape and scope your program so that it operates in a way that meets industry and framework standards for effectiveness.
So, can benchmarking tell you if your compliance program is effective? On its own, not entirely. But, as explained below, it is a vital tool that helps support the overall effectiveness of your program.
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