The Compliance Maturity Spectrum
A tool to self-assess the maturity and health of your compliance program, plus guidance on how to evolve and mature your compliance program.
Creating an effective compliance program can be difficult and expensive, because it requires multiple, interconnected pieces. It requires dedication, support from senior management, an investment in people and training, operational proficiency, and strategic use of technology aimed at gaining efficiencies, reducing risks, and driving down costs. On top of all this, laws, regulations, and customer requirements are changing all the time.
The decision to invest more resources in compliance is a tough one for many organizations: All organizations have limited resources and need to ensure that compliance costs do not put an excessive strain on their operating budget.
Every business leader wants to know from their compliance team:
- Are we doing enough today to be confident that we are protecting ourselves sufficiently against identified threats?
- Are there any gaps in our compliance program that are making us vulnerable to operational disruptions and reputational damage? If so, how do these issues impact our topline and bottom line?
- What does it take to close those gaps? How much will it cost? How will we measure progress?
For a compliance team to be able to answer these types of difficult questions, the team must understand where the compliance program stands today and where opportunities exist. The team must also be able to identify what meaningful improvements look like and articulate that information in a way that inspires action and change.
That’s where the Hyperproof Compliance Maturity Spectrum comes in. We at Hyperproof created the compliance maturity spectrum as a tool organizations can use to self-assess where they are in their compliance journey.
The compliance maturity spectrum is designed to:
- Help you self-assess the maturity and health of your organization’s compliance program
- Identify gaps in your compliance program and determine priorities and next steps
- Give you a tool to communicate the long-term vision of your program and your progress to your stakeholders -- including executives, your board, your employees, customers and partners
In addition to the compliance maturity spectrum and the self-assessment tool, we also provide tips and best practices on how organizations can mature and evolve their compliance programs over time.
We hope you will use this tool to secure the budget and resources you need to help your organization better protect itself against evolving threats, improve operational efficiencies, foster a culture of compliance, and ultimately position your organization as a trusted brand in the marketplace.
To create a compliance maturity spectrum that is representative of what’s happening in real-life organizations across the US, Hyperproof conducted primary research over the course of 2019 and 2018. Over the last 12 months, Hyperproof’s executive leadership team talked to over 180 individuals that work for U.S. based organizations to understand the state of their compliance programs and their pain points around compliance. We asked questions to understand the types and levels of investment organizations have made in compliance, how they currently run their program, and their biggest challenges. These organizations span a wide range of sizes, company stages, revenue bands, and industries.