[Checklist] Do’s & Don’ts When Outsourcing Compliance|Infographic

Compared to 2022, 38% of organizations now outsource some or all of their compliance functionality. With stringent guidelines and continually evolving regulatory policies, the outsourcing of compliance has become a paramount priority for many companies. Wondering why?

This is because outsourcing administrative compliance work allows for:

• Focusing on core business activities.
• Leveraging specialized expertise and technologies.
• Scaling up and down when needed without incurring substantial upfront capital costs.
• Adopting a cost-effective method.

However, when embarking on compliance outsourcing, several factors need consideration. Here are the dos and don’ts when outsourcing compliance.

Compliance Outsourcing Checklist

1. Review the program to validate its strengths and pinpoint areas for enhancement.
2. Perform an autonomous assessment of the program for senior management and the board.
3. Examine the Code of Conduct and other written directives.
4. Appraise the caliber and efficacy of compliance training.
5. Evaluate areas of heightened risk that require focus.
6. Assess the resources necessary for the efficient operation of the compliance program.
7. Engage experts to develop metrics demonstrating the effectiveness of the compliance program.
8. Enlist experts to aid in identifying and evaluating candidates for the permanent compliance officer role.
9. Furnish a guide or plan for incoming compliance officers to follow.

Why Choose QX for Outsourcing Compliance

As staffing companies grapple with compliance challenges, QX Global Group, an offshore recruitment outsourcing support company, presents a distinctive solution incorporating automation and outsourcing through ComplyRite, an advanced automation tool. QX simplifies compliance by integrating features such as automatic NMC PIN, HCPC, and DBS checks. With a track record of over two decades of excellence, QX ensures a 95% compliance rate and effective file management. This results in a significant reduction in compliance costs, streamlined management, and the development of a more robust and compliant workforce. Choose to partner with QX for a transformative journey aimed at enhancing your compliance processes.

Originally published Apr 24, 2024 02:04:48, updated May 31 2024

Topics: compliance, outsourcing compliance