3 Ways to Avoid Compliance Burnout
Like any great team, your compliance department wants to be more proactive in achieving its goals. Unfortunately, it is not out of the ordinary for compliance team members to carry out a variety of tasks. With time, more and more tasks are piled onto your team members and they start to present symptoms of compliance burnout.
A recent study from the SCCE and Health Care Compliance Association outlines the top six causes of stress for compliance professionals:
- Keeping up with new laws and regulations.
- Identifying risks.
- Preventing compliance and ethics violations.
- Detecting compliance and ethics violations.
- Investigating alleged violations.
- Remediating violations.
If you or your compliance team are feeling stressed or overworked, take comfort in knowing that you are not alone.
In this article, we are going to give you three tips to avoid compliance burnout and aid your compliance team in achieving their goals.
What is Compliance Burnout?
Compliance burnout is a type of burnout experienced by those working in compliance.
According to HelpGuide Burnout is “a state of emotional, physical, and mental exhaustion caused by excessive and prolonged stress.”
Here are some reasons why your compliance team may experience burnout:
- High-volume workloads.
- Long hours.
- Stressful Situations.
- Repetitive tasks.
Understanding compliance burnout and how to combat it is a key element to improve team performance and is an important strategy for every organization.
Here are three simple tips to help compliance teams avoid burnout.
1. Form a Compliance Committee
If you are a smaller organization with one person in charge of compliance (Compliance Manager), you can form a Compliance Committee.
This Committee can meet once or twice a month and provide support to your Compliance Manager. They can use committee meetings for things like brainstorming and distributing tasks to committee members.
This is an excellent solution for smaller organizations with staff trained in compliance and able to help with compliance-related tasks.
For organizations with larger budgets, outsourcing may solve compliance burnout.
When your compliance department is struggling in specific areas, it may be a good idea to hire a consultant. Consultants might review processes, provide insights on efficiency, or offer solutions to recurring problems.
Another form of outsourcing that will relieve stress for your compliance team is finding a full-service solution to collect and manage Certificates of Insurance (COIs).
3. Implement a COI Tracking Software
A great way to combat compliance burnout for organizations of all sizes is to implement COI tracking software into your risk management program.
COI tracking and management software helps streamline the compliance process by:
- Automating the collection of COIs.
- Automating the renewal and issuance process.
- Saves time reviewing and checking compliance.
These are a few ways COI tracking and management software can help combat compliance burnout.
Don’t Wait for Burnout to Take Over
Employee burnout is a huge issue for many companies. According to SagePub Journal burnout is the major reason why talented workers leave their companies.
This year you can avoid this problem by redirecting time to your employees’ well-being and follow these tips to avoid compliance burnout.