The visibility creates accountability to deliver consistent quality coaching.

Sean Francis, EnergyAustralia

Increase performance and decrease risk using YakTrak's compliance management software

Compliance management has never been more important for highly regulated industries. Customers using your product or services expect your business to have appropriate regulatory oversight of the performance of your managers, staff and solutions. Compliance management software can help your business manage the dangers and obligations associated with staff conduct among other things. These solutions – often on cloud-based platforms and services – monitor key data and track your organisation’s outcomes against the safety, control and security criteria that you define.

Industries that benefit from compliance management software

While all industries should have an appropriate system and processes in place to monitor and review their risk and compliance, some areas of business (especially services) have greater regulatory requirements, such as finance, banking, insurance, energy, superannuation, aged care, telecommunications, health and government. They need a solution they can be confident in.

The dangers of not using management software

The word "DANGER" printed on the ground to represent GRC risks.
The right software can help minimise risk.

While rogue trader Nick Leeson of Barings Bank is one of the most infamous examples of what can go wrong without proper compliance management systems in place, there are a range of smaller daily threats that can be caught by compliance management software:

  • A call centre team member tells a customer the wrong interest rate on a mortgage product
  • A retail banking team member provides financial advice outside of their authorisation level (e.g., personal advice rather than general advice)
  • Personal customer data is stored inappropriately in a database
  • An employee prioritises their own self-interest over the needs of a customer
  • A customer is sold an inappropriate insurance product they are ineligible to claim for

Compliance management is a necessary safety net

Dangerous bridge demonstrates the importance of having a safety net
Protect your business against conduct risk dangers.

Organisations have never had to be more accountable for the conduct of their people. Royal commissions, increased regulation, the threat of financial penalties and reputational damage require organisations to know exactly what their people are doing.

Kenneth Hayne, head of the Royal Commission into Financial Services Industry Commissioner, noted in his final report that organisations needed to improve compliance risk management, along with management of conduct, regulatory, and operational risk.

What is compliance?

Enterprise risk management (ERM) is the process of managing all the risks that might threaten an enterprise or large organisation’s success or security. Compliance is a sub-set of enterprise risk management and forms part of GRC. GRC stands for governance, risk management and compliance. Compliance includes the subsets of conduct risk and EHS compliance (otherwise known as environmental health and safety).

Compliance means operating safely within the regulatory system of your organisation and industry, to avoid the threat of fines (the long arm of the law!) and/or reputational damage, but also because it’s the right thing to do. Compliance management software aims to provide a solution to help organisations identify and manage these dangers.

Governance, risk management, and compliance dangers

GRC risk differs by industry and location, but some of the different subsets of compliance to watch for include:

  • Conduct
  • Environmental
  • EHS (environmental health and safety, also known as workplace health and safety)
  • Product quality
  • Financial
  • Technology

Management software isn’t the only option for compliance management, there are many solutions. The advantage of management software is that it can be rolled out across all your services. Management software using cloud platforms can expand to employees working remotely. Management software can record all of the training that employees undertake as part of GRC requirements, as well as any other general training. Some management software can also provide other solutions such as employee engagement, coaching, and conversation tracking that can help to improve business outcomes too.

Minimising risk through business culture

Group of four managers looking at a computer.
The right business culture can promote compliance.

Company culture can play a powerful role in helping to minimise compliance risk. A business that celebrates values of integrity and business ethics tends to embed positive behaviours that help promote compliance.

This can be done by embedding the business’s values and ethical standards in the employee onboarding processes. For this reason, it’s good practice to hire for character as well as capability.

Senior leaders in the business should set the tone, while frontline and middle managers ‘walk the talk’ by turning principles into practice. Your business culture should encourage all team members to feel comfortable to come forwards with concerns.

Ensure that everyone is kept accountable. Good behaviour should be rewarded while bad behaviour must have consequences. Issues should be administered fairly and dealt with equitably. Team members want to see the rule of law being followed and feel confident that the organisation and other team members are delivering on their obligations and expected behaviours.

The right management software platform and solution can help develop the positive culture you want while also providing the checks and balances you need.

Minimising risk can also maximise performance

YakTrak observed that organisations with a strong focus on continual development, on the job, were more agile, less exposed to compliance problems and delivered better long-term business outcomes.

They knew that if YakTrak could provide a business with a better compliance management solution using management software, it would increase the view over team member conduct, coaching, training and development provided on the job. Performance would improve and compliance management would increase.

What is YakTrak?

YakTrak is a cloud-based software-as-a-service (SaaS) people development system that includes compliance management software. YakTrak lifts capability, maximizes performance and minimizes the danger of compliance breaches by supporting a culture of continual learning and training.

Catching breaches before they happen

Girl playing large Jenga game represents the importance of processes to control compliance risk.
YakTrak aims to catch risky behaviours before they become problems.

People feel better when they improve at what they do. YakTrak enables learning and development where it happens most – on the job.

YakTrak has developed compliance management software that assists organisations to monitor and report on the regulatory-based interactions that team members have with their people and/or customers every day. YakTrak supports end-to-end observation, tracking data and flagging and coaching remediation to manage compliance within your business.

In the words of Sean Francis from Energy Australia, YakTrak’s management software allows you to see trends before they become problems.

To provide an overview of how leaders and team members are progressing with their performance development, YakTrak’s management software delivers services and a system to monitor and document coaching conversations and schedule follow-up actions:

  • Conduct Risk workflows
  • Schedule coaching conversations between manager and team member
  • Track the outcomes of those conversations
  • Set goals
  • Track those goals
  • Set reminders of what needs to be done next

Meanwhile, compliance team members can observe and review staff interactions with customers and report outcomes in YakTrak. These processes provide a continuous view of employee capability that can identify issues or trends to inform training interventions before they become problems – a continuous solution. By using YakTrak, managers can deal with these small issues, ensuring that they don’t become problems.

Engaged and capable people deliver higher performance. Because YakTrak’s management software encourages regular capability conversations, people are clear about what they need to do, the services they provide and have the support they need to succeed.

Remediation when something goes wrong

Man on telephone represents how YakTrak helps performance management and remediation.
YakTrak provides regulatory oversight and an audit trail.

Despite the best system and processes in the world, sometimes people make mistakes and things go wrong. When this happens, YakTrak’s management software helps monitor and control the remediation to provide regulatory oversight and an audit trail of what your business did to fix the problem. YakTrak’s workflow system can align with any organisation’s conduct risk process. Below is an example of a typical compliance management system or workflow

YakTrak’s 9-step compliance management workflow

  1. Define the key compliance and risk framework elements that employees are required to demonstrate
  2. Build them into an observation workflow in YakTrak
  3. Compliance team members review staff member interactions with customers and report outcomes in YakTrak
  4. If a risk is identified, the workflow document is sent to the desired groups or users within YakTrak for further action
  5. The document provides detail to the employee’s team leader of the conduct risk identified and coaching required
  6. The team leader coaches the employee and tracks the outcome in the YakTrak workflow
  7. The document alerts the customer remediation team (if required) to contact the customer with the correct information and record the outcome in YakTrak
  8. The document alerts the governance team (if required) to report to the regulatory body and record the outcome in YakTrak
  9. The originating compliance team keeps track of all interactions using their own status dashboard that monitors all ‘open’ risks identified

Ensuring data safety and security in the cloud

The danger that comes to mind with cloud-based data platforms and compliance management software solutions is the security and safety of your business data.

YakTrak’s management software has a number of safeguards in place to control the security of data within YakTrak. All data is kept in Australian-based data centres. There is no need for local installation nor private hosting, because YakTrak is a cloud-based application. Furthermore, YakTrak’s data leakage prevention (DLP) control system within its management software stops users from entering confidential data into YakTrak’s free text fields, and alerts the user if data entered is in breach of the controls.

YakTrak inspires leaders to coach and teams to learn

What sets YakTrak apart from other compliance management software platforms is that its services deliver so much more than just compliance management. YakTrak’s management software provides both risk management and performance management functions, delivering a more comprehensive solution.

YakTrak isn’t an EHS system and it isn’t just a:

  • Human capital management platform
  • Employee experience solution
  • Employee development platform
  • Employee engagement solution
  • Risk management platform

YakTrak’s compliance management and conduct risk module offers the following features:

  • Custom workflows to manage conduct risk
  • Coaching remediation evidence
  • Customer remediation evidence
  • Compliance and risk reporting
  • Third party access
  • Security requirements and data security

These features that are built into YakTrak’s cloud-based management software offer a range of beneficial solutions to organisations. Customisable workflows can match any industry needs. Customised dashboards and reporting can provide reports on compliance, risk and people development. The executive line of sight to compliance activities this provides can help to mitigate and remediate breaches.

Managing compliance can be fun

Woman video-conferencing with colleague while using YakTrak's software
YakTrak is fun to use and great for remote working.

YakTrak is proud to say it’s not like other enterprise management software systems. It’s easy to implement, simple to use and maintain, and cost-effective to customize. Plus it’s fun to use, with added features to increase user engagement. And it lives in the cloud!

  • Get up and running in a week
  • Streamlined onboarding process with WalkMe to make each action easy
  • Optimised for mobile teams, phones and tablets
  • Built-in accessibility for diverse workplaces

The proof is in the pudding

In a recent survey of YakTrak’s customers across the energy and insurance industries, users were overwhelmingly positive about their experience using YakTrak’s management software in their business. Of the YakTrak users surveyed, 79.4% found YakTrak easy to use, and 63.2% said YakTrak had made their role easier.

As regulatory requirements expand, there is a need for business to have more control and a better overview of compliance. For the safety of your business, contact YakTrak today to discuss how our cloud-based performance management and compliance management software can help you.