In today’s edition of Daily Compliance News:
The Compliance Life details the journey to and in the role of a Chief Compliance Officer. How does one come to sit in the CCO chair? What are some of the skills a CCO needs to success navigate the compliance waters in any company? What are some of the top challenges CCOs have faced and how did they meet them? These questions and many others will be explored in this new podcast series. Over four episodes each month on The Compliance Life, I visit with one current or former CCO to explore their journey to the CCO chair. This month, my guest is Valerie Charles, partner at StoneTurn. We discuss Valerie’s journey to the CCO chair, then to a ComTech start up, to her current role at StoneTurn and look down the road at where ComTech and compliance will be in 2025 and beyond.
Valerie made one very courageous move from an in-house position into the world of ComTech. She joined Gan Integrity. In this role she worked on the problem of the incredible inefficient way corporate compliance programs were managing data and set out to solve the problem. At Gan, she worked with 200+ global programs and helped to grow the company.
Resources
Valerie Charles LinkedIn Profile
Valerie Charles at StoneTurn
In this new show on the Compliance Podcast Network, Tom Fox, the Voice of Compliance, and Valerie Charles of StoneTurn are going to be exploring the intersection of compliance and technology.
In this initial episode, Tom and Valerie share their plans for the show – who they want to talk to, what they want to explore, and the impact they hope to have on the industry. They also give some insight into how they got to where they are in their careers and how their appreciation and understanding of technology in the compliance space has evolved over the years.
Valerie explains that compliance isn’t really top-down, anymore – people are empowered to evaluate risk and make decisions accordingly. The best compliance people are creative in how they implement programs and strategies.
In the future, Tom and Valerie are going to be speaking to lawyers, CPA’s and audit types, and non-compliance people who come in and start working in technology – marketing, sales, entrepreneurs. The silos for compliance are gone, and Comtech is going to be digging deep into what that means.
Tune in every other Monday for another episode!
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StoneTurn
What will be the role of AI in compliance going forward? LawTech disrupted the legal profession and reshaped many areas of private practice. I believe there will is a nascent ComTech industry lurking down the road with multiple implications for the compliance function.Obviously, document review is one area where ComTech would be most useful. There are many companies which provide key word searches and these same concepts translate readily into the compliance world through massive database searches for key words, such as an ongoing review through email sweeps. There is yet another set of AI tools that can review contracts to see if any specific types of clauses are non-standard.
Soon compliance will be pushed more to the forefront in AML. AI will allow a more robust KYC approach. Another area where compliance is often left behind is in the arena of M&A. AI can help in this area. There are companies which have software that allows thousands of documents to be reviewed in the M&A context. A prime example of where AI can assist the compliance function is with third-parties in supply chain management.
There have always been technological innovations which help make compliance disciplines run more efficiently, more smoothly and more profitably. AI is simply another step in this line of technological developments. There is certainly no reason to be afraid of using it. Given the disruption which has impacted the legal profession through LawTech; disruption is not far behind in the compliance world through ComTech.
Three key takeaways:
For more information on how an independent monitor can help improve your company’s ethics and compliance program, visit this month’s sponsor Affiliated Monitors at www.affiliatedmonitors.com.
