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Get the $ for your budget

Mónica Ramírez Chimal (mramirez@asserto.com.mx) is Partner and Founder of her own consulting firm, Asserto RSC, in Mexico City, Mexico.

If we had a list of the most asked questions, this would undoubtedly be one of the top five: How can I get money for the compliance budget? For other areas it is easier. They can demonstrate the return the money has when the company gives them money. You gave us one million dollars, we sold 1,000 items minus costs/expenses, so here is our profit. And upon that, the numbers can be analyzed, improved, and adjusted. But how can compliance do it?

The answer is not so simple. I’ve seen that some companies set performance indicators for compliance, such as number of reviews versus number of people in the area, or how long a review takes. But do these indicators really reflect the efficacy, productivity, or value compliance gives to the company? For us to get money (or more money) for the budget, we have to show the value compliance gives to the company. So our value is dependent on the results of our revisions and observations.

We are measured by intangible value, so that’s why it is so difficult to show or demonstrate why the company should invest in us.

Here are a couple of ideas for you to think about. These ideas show what compliance can do to show its value and to improve the area so the CEO and board members can see our true value.

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