Although compliance has not traditionally been a technology-driven field, data analytics is beginning to play an increasingly prominent role in the discipline. Advances in data analytics technology are helping companies gain insights about risk more quickly than traditional compliance processes. As recent updates to the United States Department of Justice guidance for corporate compliance programs has made clear, this trend will continue accelerating as companies look to assess the effectiveness of their compliance programs more holistically and in real-time.
Taking that technological leap forward can be intimidating for compliance professionals and companies, especially when considering whether to build compliance analytics technology from the ground up or purchase off-the-shelf software from a third party. Businesses use a “build versus buy” analysis to compare the cost and benefits of developing new technology internally (building) versus the cost and benefits of purchasing an existing technology solution from an existing supplier (buying). Both choices have potential benefits and long-term implications. It is essential to consider which option is optimal for your company when taking the first steps toward modernizing your compliance analytics program.
There are many factors to consider in the analysis, including resources, time, technical requirements, and more. This white paper will break down the key considerations your company should evaluate when determining whether to buy or build a compliance analytics solution and the pros and cons of each option. Download it below.