In February, the Trump Administration suspended investigations under and enforcement of the FCPA. Many compliance professionals have since wondered what this will mean for corporate compliance programs going forward. Hui Chen challenged compliance professionals with the statement, “It’s time to up your game.”
This podcast series, sponsored by Ethico and co-hosted by Ethico co-CEO Nick Gallo, aims to meet Hui Chen’s challenge for compliance professionals. We will discuss how compliance professionals can ‘Up Their Game’ by utilizing currently existing Generative AI (GenAI) tools to significantly enhance their compliance programs. As compliance professionals, it is crucial to recognize that this moment is not merely about incremental improvements but about elevating our profession to an entirely new level of effectiveness, efficiency, and organizational value.
In this episode, Tom and Nick delve into the transformative potential of AI in mitigating third-party compliance risks. They discuss the inherent limitations of traditional compliance methods, which are often reactive and manual. The conversation highlights how AI can streamline processes, minimize false positives, and boost efficiency by offering real-time monitoring and data analysis. They also highlight the broader business value of AI, which can expedite onboarding, enhance risk identification, and ultimately drive greater return on investment (ROI). They conclude that the importance of investing in AI training for compliance teams lies in staying ahead of the curve and maximizing the benefits of these emerging technologies.
Key highlights:
- Challenges in Third-Party Risk Management
- AI as a Game Changer
- Types of Third-Party Risks
- Business Value of AI in Compliance
- Innovations and Tools in AI
- Practical Applications and Examples
Resources:
Upping Your Game-How Compliance and Risk Management Move to 2030 and Beyond on Amazon.com
Nick Gallo on LinkedIn
Tom Fox
