THE FOUNDATION OF A DATA-DRIVEN COMPLIANCE MONITORING PROGRAMME
In recent years, there has been an increased emphasis by government regulators, such as the US Department of Justice (DOJ), on data monitoring and the use of data monitoring to help support an effective corporate compliance programme. The specific focus has been on compliance departments having access to data to enable timely analysis and monitoring of regulatory and compliance risk, as well as the ability to leverage data to test compliance controls. A strong and effective data monitoring compliance programme, when established with a sound foundation, provides significant benefits to an organisation, such as proactively identifying compliance and commercial risks, highlighting what compliance processes are working well, and identifying potential impediments that could impact a strategic initiative or compliance requirement.
Data analytics technology continues to develop quickly with an ever-expanding variety of tools that meet many regulatory recommendations for effective corporate compliance programmes. These tools offer a spectrum of services from simple database management to advanced artificial intelligence (AI) and machine learning capabilities. Even with myriad tools and data available for compliance teams to utilise and leverage, most technology solutions do not meet the full requirements to support a robust and sustainable compliance monitoring programme, often lacking essential data validation, process guidance and a scalable structure. Developing a compliance monitoring programme will lay a solid foundation for meeting regulatory guidelines, allowing programme growth and building the framework for including a wide variety of analytics technology.
Oct-Dec 2023 Issue
Patterson Companies, Inc.