In a recent podcast episode, Steve Forman, Senior Vice President at Strategic Management Services, shared his insights on compliance auditing and monitoring gained from his substantial experience in healthcare compliance and auditing. While interviewing for a vice presidency role for the New York Presbyterian Hospital, the chair of the board’s audit and compliance committee told him that his primary role was not necessarily to identify problems or weaknesses but to verify possible problematic areas through the discipline of audit processes. This reflection points a unique light on the responsibilities of those in similar positions.
The crux of the advice given to Forman was that the role of audit and compliance is not just about finding faults but more about validating what management already suspects as problematic areas. This concept comes as a paradigm shift in the light of traditional perceptions about audit and compliance roles, focusing on the more constructive and collaborative role they can play in organizations.
Forman’s sharing of his experiences in addresses key considerations in the realm of compliance auditing and monitoring, shedding light not just on the problematic areas but also the ways to effectively manage them. This proved to be a significant contribution to the general discourse around audit and compliance in the corporate world.
This clarification of roles can work as a guideline for legal professionals in corporates and law firms alike, helping them understand the importance of the collaborative role of auditors and compliance officers in flagging risk areas. This approach has crucial implications for how organizations identify and manage risk, potentially shaping strategies for risk management towards collaboration, comprehensive coverage and validating existing concerns instead of merely “problem hunting”.