Regulatory compliance evaluation system and method

• US 20050071185A1
• Filed: 08/06/2004
• Published: 03/31/2005
• Est. Priority Date: 08/06/2003
• Status: Abandoned Application

• Current Assignee: Baker & Daniels LLP (Faegre Baker Daniels LLP)
• Original Assignee: Baker & Daniels LLP (Faegre Baker Daniels LLP)
• Inventors: Thompson, Bradley Merrill
• Application Number:
  US10/913,843
• Publication Number:
  US 20050071185A1
• Time in Patent Office: Days
• US Class Current: 705/317
• CPC Class Codes: G06Q 10/10 Office automation; Time management
• CPC Class Codes: G06Q 30/018 Certifying business or products

Abstract

The present invention involves a system and method for producing a quantitative and precise assessment of overall compliance with the laws and regulations administered by a regulatory organization by using data obtained from and produced by that agency. This system and method for assessing regulatory compliance comprises several steps. One step involves obtaining audit information relating to the business entity. Another step involves interviewing personnel of the business entity and recording interview information, either personal or written interviews. Also, regulatory information is obtained relating to inspection of the business entity by the corresponding agency. Regulatory quality data is also obtained from the company, the corresponding agency, and other companies within the industry. Finally, the audit, interview, inspection, and regulatory quality information is combined and scored to create a compliance index related to the efficiency of the regulatory compliance of the business entity and then identifying any more general risk factors for that company. A machine-readable program storage device stores encoded instructions for normalizing a company'"'"'s compliance assessment and calculating, evaluating, analyzing and conducting subanalysis on a company'"'"'s and the industry'"'"'s relative degree of compliance.

Claims

1. An evaluation method for assessing regulatory compliance of a business entity in an industry regulated by an agency comprising the steps of:

obtaining audit information relating to the business entity;

interviewing personnel of the business entity and recording interview information;

obtaining regulatory information relating to inspection of the business entity by the corresponding agency; and

combining the audit, interview, and regulatory information and scoring that information to create a compliance index related to the efficiency of the regulatory compliance of the business entity.

2. A method of assessing audit information relating to the business entity comprising the steps of:

obtaining audit information related to a business entity;

comparing the audit information of a business entity to a database of audit information from a comparable industry and

a system of assessing the quality of the audit information.

3. The method according to claim 2 further comprising comparing the audit information of a business entity to a database of comparable information maintained by a regulatory agency.

4. The method of claim 3 wherein the regulatory agency is the United Stated Food and Drug Administration.

5. The method of claim 2 where the audit information is input online.

6. The method of claim 2 where the quality of audit information is assessed by unrelated third parties.

7. A method of creating a data base of business entity regulatory compliance information capable of providing a comparative index for individual companies, comprising the steps of:

obtaining audit, interview, and regulatory information related to business entity regulatory compliance for a plurality of business entities;

translating the obtained information into a computer readable format stored in a data base;

determining scoring factors for each portion of the obtained information; and

providing a scoring program for calculating a compliance index for a business entity based on collected data relative to the data base.