Eight Reasons Why Compliance Risk Assessments Are Important
Healthcare organizations operate in a highly regulated and intensive enforcement environment that makes conducting compliance risk assessments a critical part of their compliance program. Conducting risk assessments offer numerous benefits, including demonstrating regulatory compliance commitment, strengthening governance, providing guidance for the use of limited resources, and significantly reducing legal and financial exposure. Key benefits include the following: Meets Regulatory and Enforcement Expectations. The Office of Inspector General’s (OIG) Compliance Program Guidance and the Department of Justice’s (DOJ) Evaluation of Corporate Compliance Programs call for organizations to regularly assess compliance risks and have results incorporated into compliance work plans, audits, and monitoring activities. Organizations unable to demonstrate a structured risk assessment are at a disadvantage and risk aggravated penalties when subjected to enforcement actions....