The 2020 update to the US Department of Justice (DOJ) compliance guidance, Evaluation of Corporate Compliance Programs, has been a wake-up call for many organizations to reevaluate their compliance program and think creatively – and strategically – about its effectiveness. In the intervening period, the DOJ and US Securities and Exchange Commission (SEC) have both signalled a shift towards a more aggressive enforcement of rules that discourage corporate wrongdoing and an expectation that companies will anticipate risks, not simply rely on after-the-fact intelligence from sampling or whistleblowers. And, while the US is taking the lead from a regulatory perspective, existing and strengthened anti-corruption legislation in the UK, EU and beyond means we can expect other governments to soon follow suit.
Data analytics and automation provides a significant opportunity to modernize the mechanisms used to identify compliance risks within businesses, particularly in areas such as fraud, corruption, sanctions and conflicts of interest. By utilizing the data that is already being collected, it’s possible to anticipate areas of risk, and identify, in granular detail, insights relating to wrongdoing.
Download our white paper below to learn about compliance data analytics for beginners, including how to use data to prevent and detect corruption, fraud, sanctions violations, and conflicts of interest.