Welcome to Data Driven Compliance, the newest edition of the Compliance Podcast Network. In this podcast, we will discuss how to use data to improve and enhance the effectiveness of your compliance program, creating greater business efficiency, all leading to more return on investment for your compliance regime. Join host Tom Fox as he explores how data will drive your compliance program to the next level. This podcast is sponsored by Kona AI.
In this episode, I visit with Matt Kelly as we consider investigates the importance of data analytics, the compelling central conflict between the abstract importance of analytics and the lack of guidelines on how to actually do it, which forces innovative thinking to build a strong business case to get the data your compliance program needs.
Key Highlights
1. How can compliance officers build a good data analytics program.
2. What are the challenges around data analytics?
3. How can data analytics be used to guide policy changes and provide guidance for internal investigations?
Notable Quotes
1. “They don’t say anything about data analytics. So it is really interesting that we talk about how important it is, but there aren’t too many guidelines on what you should do.
2. “You really need to define what risks you want to monitor. Then after that, you need to start thinking through what is the data that would inform me about this risk?.”
3. “You need to be able to see the small individual transaction that’s an outlier and the large all transactions moving in a trend.”
4. “Sometimes there are ways to get that data that aren’t necessarily obvious right away, but once you think of them, it could be easier to capture that data. You just need to keep on thinking about it.”
Resources:
Connect with Tom Fox on LinkedIn
Check out Kona AI
