Today I want to take look at one of our new modules at CompTrak, Plan Governance. For many organizations that have multiple compensation plans, it can be a challenge to monitor and review those plans into one central place and retrieve information quickly and easily. Our new Plan Governance module addresses those needs.
Review Framework for Compensation Governance
The Plan Governance module always you to set up a review framework for each individual plan and configure a dashboard to get real-time high-level metrics of all plans or a specific subset. See information like when has the plan been reviewed or who is the owner of the plan. The information displayed is configurable to your organization’s and stakeholders’ specific needs.
Issue Log for Monitoring Compensation Plans
One of the features of the new Plan Governance module is the ability to create an issue log if there are instances around the compensation plan that you would like to track. Set up alerts and reminders for follow-up actions.
Provide Transparency for All Stakeholders
One of the main benefits of our Plan Governance module is it allows you to get a sense of whether the compensation plan is doing what it’s designed to do. It provides great transparency and governance to various stakeholders in the organization, including executives, compensation committees and the board.
We are very excited about rolling out this new module. The Plan Governance module can be deployed on its own or as part of CompTrak’s other modules like Compensation Management and Equity Plan Management.