The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt and I take a deep dive into data analytics. Tom and Matt provide information on how to capture the data within the enterprise and create a road map within the framework of DOJ’s guidance. Additionally, they cover how Excel can be used and suggest giving the data “spit and polish” in order to run it through analytics programs. Compliance into the Weed’s podcast is a must-listen for anyone needing information and strategies to excel in their work.

Key Highlights

·      The Implementation of Data Analytics Programs [00:03:21]

·      The Business Relationships and Risk Assessment of Data Collection [00:07:17]

·      The Benefits of Utilizing Internal Resources for Compliance Analytics [00:10:48]

·      Organizing and Utilizing Compliance Data [00:14:42]

·      Creating a Road Map with Excel [00:18:04]

Notable Quotes

1.     “We all talk about data handling. We all say it’s important. We go here a justice department official at some conference. He or she will talk about how important data analytics is how they use data analytics. And of course, if they in the public sector can afford to do it, then certainly, we in the private sector must be able to do it. Because government has no money and if they can do it, we must be able to do it.”

2.     “It’s easy to think it’s important in the abstract, but how are you actually going to do it? That’s the part that compliance officers need to think through.”

3.     “We’re really looking for outlier transactions. We’re looking for anomalous events of some kind. We’re also looking for trend analysis to see if big huge swaths of transactions are moving in a certain direction that might be troublesome.”

4.     “You need to be, I think, maybe more on your game with devising a good business case for data analytics. It’s easy to think it’s important in the abstract, but how are you actually going to do it?”

 Resources

Matt Kelly in Radical Compliance