In this episode I visit with Parth Chanda, CEO of Lextegrity, a leading technology platform that combines the up-front due diligence approval of planned third-party spend with the analysis of actual spend — focused on fraud, corruption and conflicts of interest. Some of the highlights include:
- Professional background for Chanda, with nearly 20 years in compliance.
- Some of the problems the Lextegrity Integrity platform is addressing with for compliance professionals?
- What traditional challenges do CCO’s face when they try to deploy compliance monitoring solutions? They include:
- Employees lacking sufficient tools to assess risk and take ownership of their own compliance.
- Complex reports or analytics for the business users not user-friendly or intuitive.
- Too few legal, compliance, IT and anti-fraud resources to support the business or continuous monitoring efforts.
- Disorganized and disparate data stores.
- Risks managed in multiple systems that don’t “talk to each other” or require duplicate entry or manual data input processes.
- Not having real-time analytics, reporting or monitoring, which leads to missed anomalies and patterns.
- In September’s FRAUD Magazine innovation column authored by Vincent Walden he quoted you for the following, “Avoiding professional biases in your fraud risk management program”. How does the Lextegrity platform help avoid bias and integrating typical compliance functions with traditional internal audit functions?
- How does the Lextegrity platform integrate both pre-approvals and monitoring? What are the benefits to that as compared to what’s in the market?
- What’s the benefits to General Counsels and heads of investigations from the platform and about how the machine learning aspects help companies be more strategic and effective?
- What advice do you have for CCOs and General Counsels when they are evaluating the use of data analytics into their compliance program?
- Where can listeners go for more information?
Article “Avoiding Bias in Your Fraud Management Program” by Vince Walden in September/October issue of Fraud Magazine