Compliance risk has grown to become an integral part of every organization’s risk management strategy across industries worldwide. In the telehealth arena, compliance risk management is a necessity for any head of finance, as the financial implications of non-compliance can be costly and long-term. The compliance landscape can be complex and difficult to manage, so leveraging the correct certifications and qualifications can substantially reduce the chances of costly non-compliance.
The most common certifications available relate to the implementation and subsequent management of various compliance related frameworks. Taking the time to understand which certifications are applicable to risk management in the telehealth sector can result in a comprehensive comprehension of the compliance landscape. When coupled with experience and expertise, certified management can be a robust method of mitigating risk in practice.
In order to create the most efficient compliance risk management system, it is imperative that those leading it acquire certifications in compliance related rules and standards. This may sound daunting but, in reality, such certifications are relatively straightforward to obtain. There are many programs that are structured in a way to make them both accessible and affordable. For example, the International Organization for Standardization (ISO) and the International Board of Testing Qualifications (IBQT) both offer renowned certifications that are internationally recognized.
In addition to the above, organizations can also benefit from implementing industry-specific certifications. This can include certifications related to the Health Insurance Portability and Accountability Act (HIPAA) for the telehealth industry. Such certifications are designed to evaluate an organization’s process for meeting HIPAA standards and give administering organizations the ability to verify their compliance capabilities. This can be a successful risk mitigation tool for any head of finance in the telehealth space as it ensures that a company is consistently meeting the necessary regulations along with providing an additional layer of assurance to stakeholders.
Recent advances in technology are also proving beneficial when it comes to compliance risk mitigation. Automated compliance management systems can provide detailed progress reports and tracking to ensure that an organization remains in line with the regulations in their particular industry. In addition, cloud-based solutions make compliance aspects easier to access and allow for any necessary changes to be implemented quickly and efficiently.
Although compliance risk management is an area of finance that has a higher degree of complexity, obtaining the necessary certifications and leveraging automated solutions can be extremely effective. It is up to the head of finance to research the certifications and solutions that are available and apply them in a manner that can supply a robust defence against non-compliance. Doing so is a responsibility that should be taken seriously in order for organizations to reap the long-term benefits of successful risk mitigation.