Understanding the Monitoring Process

A key step in the setup of Manage Professional Compliance involves defining a process for monitoring the progress of individuals as they meet the requirements for professional certification.

In Manage Professional Compliance, monitoring consists of these features, procedures, and views:

  • Reviews

    Reviews, together with observations and KPIs, fall under the monitoring umbrella, and enable you to assess a regulated individual's progress.

    Reviews are directly associated with development plans and are intended to measure groups and individuals against all of the elements in a plan. At the conclusion of a review, if the review identifies the individual as lacking in certain areas, you can set up further development plans. However, passing each element of the plan either implies that the individual can move on to the next classification category or that the individual has become fully compliant or qualified.

  • Observations

    Observations are different from reviews because they are not directly associated with a development plan.

    Observations ensure that an individual follows a certain predefined process, either within the working environment or while the individual is with a client. For example, an individual must follow the company's advisory process when selling financial advice to a client. A company can set up these predefined processes in the form of observation models, which outline each specific step that is observed. As with reviews, observations may show that the individual requires further development.

  • Key Performance Indicators (KPIs)

    KPIs monitor the regulated individual's performance against predetermined standards. Five KPIs are delivered as part of the U.K. Professional Financial Compliance process:

    • Complaints: Number of complaints against the individual versus those against the company.

    • Persistency (of business sold): Percentage of sold business that is still in force.

    • Spread of Business: The range of products that the individual is selling.

    • Not Taken Up (NTU): Number of proposals that have been submitted but not put into force.

    • Factfind Completion: Check on accuracy, completeness, and quality of service.

      Note: These KPIs are directly targeted at the U.K. financial services arena. However, you can use the key structure of the KPI records, and the way in which the functionality is incorporated within Manage Professional Compliance, as a guide for creating additional KPIs.

  • Checks

    Checks allow you to define background checks for regulated workers, and to monitor compliance with these checks.

    For example, you can set up a check for financial service workers that requires them to submit a review of their finances before they can be certified.

  • Inquiries

    Inquiry pages which the Manage Professional Compliance process provides to supervisors and managers show information related to the other monitoring elements that are described here. Supervisors and managers can view/review a regulated individual's review history, observation history, and check history.

Field or Control

Definition
Classification

Category that a regulatory authority uses to define individuals within the compliance process. The levels of classification can be simple or complex, reflecting various levels of compliance with the requirements for engaging in different kinds of professional activities. For example, an individual could be level 1 or level 3 compliant, or fully compliant, and each of these classifications could be associated with a different set of certification requirements.

Define classifications on the Classification page.
Professional Compliance Type

Groups of professionals who are subject to compliance requirements in your organization. For example, you can set up professional compliance types for financial advisor, engineering, and health and safety groups, each with it's own compliance requirements.

Define professional compliance types on the PC Type page.
Regulatory Authority

Body or organization that defines the compliance rules, standards, and regulations for certifying that individuals are qualified in a particular field.

Define regulatory authorities on the Regulatory Authority page.