When was the last time your organization completed a compliance risk assessment or gap analysis? When was the last time your organization had a risk assessment or gap analysis completed by an external vendor?
A risk assessment is the process of reviewing and identifying any risk areas and the consequences that could result if the identified risks were to occur. By completing these assessments, organizations are aware of these potential risks and can prioritize any work that should be completed to prevent these risks.
In addition to a risk assessment, organizations can request a gap analysis to review any gaps in your Compliance Program. This identifies opportunities to improve your Compliance Program and fill in those identified “gaps” so that your organization can be closer to the desired goal.
The HHS -OIG General Compliance Program Guidance recommends that organizations complete risk assessments annually. Having documentation of completing risk assessments indicates that your organization has an effective compliance program. If your organization would have any issues arise, this could be used as evidence to help mitigate penalties and enforcement actions.
If completing the risk assessment internally, the process should be handled by the Compliance Committee. While it is possible to complete these reviews internally, having a fresh set of eyes from an outside source could be very beneficial. Organizations may feel that they have all of the necessary pieces to have a successful compliance program, but a compliance expert would be able to point out any necessary additions or changes.
Maybe your compliance training doesn’t contain all of the necessary topics to meet the compliance requirements. Or maybe your organization is missing a policy that might be necessary depending on the compliance scenario. Are you sure your organization is taking all of the necessary steps to educate your staff on your compliance program? These are all possible issues that you might not be aware of but are needed to have a successful compliance program.
Organizations should always have an idea of what areas of their compliance program need improved and what their risks are. These are the areas that should be prioritized and worked on in between the annual reviews.
Whether you need an outside source to review your compliance program or are feeling overwhelmed at the thought of completing a risk assessment or gap analysis, LW Consulting, Inc. (LWCI) can help. LWCI has compliance experts with experience in completing these reviews and would be happy to talk about how we can help.
For more information, contact Harriett Wall at [email protected] or call (207) 613-2992.
