A private coeducational liberal arts university needed efficient means for centralizing all compliance events and activities. And as a higher education institution, the university is required to comply with a complex variety of federal, state and local laws, regulations and policies. Some impose significant requirements including reporting, disclosure obligations and limitations on how the university conducts business. Being noncompliant can be serious and carry large fines, criminal penalties and other severe repercussions that may ultimately end up damaging the university’s integrity.
The mission critical goal: facilitate the fulfillment of compliance responsibilities and create a system — and process — to both consolidate and monitor the university’s existing decentralized compliance efforts.
Seeking increased compliance tracking effectiveness across the organization, Five Star developed a compliance portal to simplify tracking compliance obligations. Using the university’s process design, the portal allows the university to electronically store relevant documents with its associated compliance standards. Email reminders are automatically sent to compliance owners to mitigate the risk of missing a due date for important submissions.
The portal created a “culture of compliance accountability” at the university — resulting in a decrease in missed compliance deadlines and associated penalties.