What is the primary contribution of auditing and monitoring to a compliance program?

The primary contribution of auditing and monitoring to a compliance program is to detect potential compliance issues. This process enables organizations to systematically assess their operations and identify areas where compliance might be lacking or where there are deviations from established policies or regulations. By regularly examining processes and operations, organizations can catch issues early, address them proactively, and subsequently reduce the risk of non-compliance, which can lead to legal penalties, financial losses, and reputational damage.

Auditing and monitoring also serve as a means to validate that compliance measures are working effectively and to ensure that policies are being followed by all staff, thereby promoting a culture of accountability and transparency within the organization. This systematic approach not only helps in identifying existing compliance faults but also in recognizing potential risks before they escalate into more significant problems.