1st Risk Solutions Ltd is a fast-growing regret company which was created By Risk & Compliance Management Specialists. We deliver cost-effective risk & compliance strategy.
What are the Top Compliance Metrics Every Business Should Know: 1st Risk Solutions Ltd
As a business owner, you understand the importance of compliance. You know that there are many risks and uncertainties out there, so you want to ensure that your company is protected in every way possible. One of the best ways to do this is by relying on metrics. In this article, I will cover three key metrics: response time to new risks; resolution rate/ productivity; expense per action (CPA). These measurements provide insights into how well an organization’s risk management process or team is performing in terms of its ability to adhere to regulatory requirements and reduce potential costs associated with noncompliance.
- Average Time to Discover an Issue
This metrics gives you an idea of how fast your programme can find an issue. For example, if you have a compliance programme that takes an average of three months to discover a potential problem, then your company is in trouble.
- 1RS ERIC: The total time it took our analysts to identify risks for clients has averaged at just ten days
This metric might not be the most important one on this list but it can give you some insight into how fast the programme reacts when faced with new information or challenges – which will help you understand whether they are truly capable of protecting your enterprise.
- Average Time to Resolve an Issue
This is a metric that will let you know how much time on average your programme spends trying to resolve an issue. For example, if the average amount of time it takes for 1RS ERIC analysts to fully investigate and close a case was one month then there may be some problems with productivity or efficiency in the organisation’s risk management process or team – which could lead to compliance failures down the line.
- 1RS ERIC: The total time it took our analysts to identify risks for clients has averaged at just ten days
We are proud to say that we can typically solve any compliance issues within two weeks from the start date, meaning once identified by us these cases are resolved before they have a chance to get out of hand! This makes us unique
- Compliance Expense Per Action
(CPA): the cost for each compliance action undertaken by your organisation.
- 1RS ERIC: The total average CPA of our services is just £500
This means that we are one of the most affordable GRC tools on the market today, providing a high level of service and coverage without breaking budgets!Contact 1RS if you would like to speak to our experts about this topic. Compliance improvement is ongoing and we’re here to help.
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1st Risk Solutions
38 Borough High Street London SE1 2AL
020 7175 6177
hello@1rs.io
1st Risk Solutions 