What is the main purpose of benchmarking in a compliance program?

Benchmarking plays a crucial role in compliance programs by providing a systematic method to compare compliance metrics with established industry standards. The primary purpose of this comparison is to assess how well an organization is performing in relation to its peers and to identify best practices that can be adopted to improve compliance performance.

Through benchmarking, organizations can evaluate their compliance processes, identify gaps, and prioritize improvements. It enables organizations to set realistic compliance goals based on data-driven insights, thus facilitating continuous improvement in the effectiveness and efficiency of their compliance programs. By understanding where they stand in comparison to industry leaders, organizations can implement strategies that lead to enhanced compliance and better overall outcomes.

This approach is rooted in fostering a culture of accountability and improvement rather than punitive measures or reducing training needs, which do not align with the overarching goal of deepening compliance understanding and enhancement.