Tag: Data Analytics

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Data Driven Compliance

Data Driven Compliance: Vincent Walden – Analyzing the Philips FCPA Enforcement Action Using AI

Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the award-winning Data Driven Compliance podcast, hosted by Tom Fox, is a podcast featuring an in-depth conversation around the uses of data and data analytics in compliance programs.

Data Driven Compliance is back with another exciting episode featuring the insightful Vince Walden from KonaAI. In this episode, Walden and host Tom Fox discuss how data analytics can help uncover potential FCPA enforcement actions, using the Philips case as an example. They delve into the benefits of internal controls and the segregation of duties to prevent bribery and corruption. Walden goes on to examine the customer 360 model, which focuses on analyzing customer orders to pinpoint risky transactions and potential improper payments. Additionally, they explore Kona AI’s platform, which utilizes advanced algorithms to pick up problems and highlight high-risk transactions.

The podcast also features a discussion on the use of artificial intelligence and how machine learning can help compliance professionals identify anomalies that require investigation. You won’t want to miss the exciting upcoming episode where Walden showcases real-world examples of how companies can use machine learning in 2023.  Tune in to Data Driven Compliance and stay ahead of the curve in the compliance world!

Key Highlights

·      Data analytics for FCPA compliance detection

·      Kona AI’s Customer Analytics and Risk Assessment

·      Improper Vendor Payments Tracking

·      The importance of second level reviews in internal control

·      Analytics and Investigating Fraud Potential

·      Improving Precision in Machine Learning Models

KEY QUOTES

“Just those basic type of analytics could have been easily spotted these issues.”

“These are the types of things that when you could just sort, you would be able to find those high risk transactions.”

“Nowadays the technology is there to spot these types of activities when compliance has access to the data.”

“Let’s see if this event took place. And he just did a simple Google search on the Internet couldn’t find the event.”

Resources:

Vince Walden on LinkedIn 

KonaAI

 Tom Fox 

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Data Driven Compliance

Data Driven Compliance: Dave Crozier – Everything Lies Within the Data

Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the award-winning Data Driven Compliance podcast hosted by Tom Fox. This podcast features an in-depth conversation about the uses of data and data analytics in compliance programs.

The Data Driven Compliance features an insightful discussion between host Tom Fox and guest Dave Crozier from Certa. Dave explains how Certa’s workflow automation platform eliminates swivel chairs, data silos, and process blind spots to make the due diligence process more efficient and trustworthy. They discuss the importance of validating and fact-checking data using validation techniques and exception-based triggers. The conversation also touches on supply chain risk management and the advantages of data-driven controls. Dave emphasizes the need to tailor solutions to an organization’s requirements and resources and benchmark against industry standards. This podcast is a must-listen for compliance officers, board members, and anyone interested in improving their risk management framework. So, tune in to the Data Driven Compliance and learn from industry experts like Tom Fox and Dave Crozier!

 Key Highlights:

·      Digital Transformation and Workflow Automation for Risk Mitigation

·      Importance of Validating Information

·      Supply chain risk management and automation

·      Customized Risk Management Strategies

·      Automation and Transparency for Efficient Compliance

·      Continuous Learning and Workflow Automation in Organizations

 KEY QUOTES:

“I can tell you that, you know, from my own personal experience and our clients’ experiences, that not all data coming from all places is created equal.”

“Having different techniques that could be deployed along the way that don’t add friction to the process. It’s a breadcrumb trailer of authentications that happen for all of these data sources along the way to make sure that, you know, you’re going in the right direction.”

“Think of validating the tax ID that is valid and authentic in the eyes of the registry directly.”

“To be able to capture content and serve it, you know, fit for purpose wise to the user is a critical aspect from our perspective.”

Resources:

Dave Crozier on LinkedIn 

Certa

 Tom Fox 

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Data Driven Compliance

Data Driven Compliance: Mollie Nichols on Law and Data

Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the award-winning Data Driven Compliance podcast, hosted by Tom Fox, featuring an in-depth conversation around the uses of data and data analytics in compliance programs.

In this episode, Tom welcomes the Co-Founder, CEO of Redgrave Data, Mollie Nichols, for an insightful discussion on the importance of data in legal matters and the use of AI in legal representation. Mollie shares her extensive experience in digital evidence, e-discovery, privacy, and client data and her time as an assistant US attorney in Texas. Redgrave Data’s clients are mainly tech companies facing complex big data legal issues and specialize in providing high-quality services. Mollie discusses how Redgrave Data automates data processes for clients, saving them thousands of dollars a day. They also examine the importance of data governance in corporate governance and analytics tools’ critical role, particularly in the legal industry. To learn more about Redgrave Data’s services, head to their website. Don’t miss this engaging and informative episode of Data Driven Compliance.

Key Highlights

· Preserving Data Compliance

· The Power of Technology in Law

· Data visualizations for legal strategy development

· Redgrave’s Data Governance Services and ESG

· The Importance of Data and Corporate Governance

· Data Governance and Analytics in the Cloud

 KEY QUOTES

“It’s really important to understand what data is in play, what data is relevant to a particular matter so that you can take reasonable steps to preserve it.”

“Most of our clients at this point are tech companies that expect from their legal representation that their lawyers will be dealing with their issues using the same type of technology that they would expect to use in their business.”

“I had a team of developers that would quickly put together some sort of utility… And we had tools that we built that we saved clients millions of dollars in a very short fashion.”

“It’s taking that type of information and being able to present it meaningfully. But we do that through using these tools.”

Resources:

Mollie Nichols on LinkedIn 

Redgrave Data

 Tom Fox 

Connect with me on the following sites:

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Data Driven Compliance

Data Driven Compliance: Malcolm Hawker and Fit for Purpose Data

Are you struggling to keep up with the ever-changing compliance programs in your business? Look no further than the award-winning Data Driven Compliance podcast, hosted by Tom Fox, which is a podcast featuring an in-depth conversation around the uses of data and data analytics in compliance programs.

Is your company’s data fit for purpose? In this episode of the Data Driven Compliance podcast, host Tom Fox welcomes Malcolm Hawker of Profisee, a company that creates MDM software, to discuss the importance of data quality, master data management (MDM), and data governance. They also explore how proper data management can drive exceptional results, reduce costs, and ensure compliance.

Key Highlights:

  • Data must be accurate, complete, timely, and unique to be fit for purpose within an organization’s business processes.
  • Master data management (MDM) solves the “single version of the truth” problem, helping organizations maintain consistent and trustworthy data across various systems and departments.
  • Effective data governance involves creating and implementing policies and procedures related to data management to optimize value, reduce costs, and ensure compliance.
  • Regardless of technology trends, the foundation of accurate, consistent, trustworthy, and fit-for-purpose data remains essential for successful decision-making and operations.

Notable Quotes:

“Data quality is all about making sure that you have data that is fit for purpose, that can be used efficiently in operations within the business, can be accurate and consistent, and trustworthy within the analytics, the reports used by that organization.”

“My point here is that from a governance perspective, …the foundation of data quality, master data management – all the things that go into creating accurate, consistent, trustworthy, fit-for-purpose data – those things never go away.”

“Modern younger business leaders are turning to LinkedIn, and they’re turning to YouTube and podcasts for these types of insights. I need to be where the business leaders are.”

Resources:

Malcolm Hawker on LinkedIn

CDO Matters LIVE Podcast

Profisee

 Tom Fox 

Connect with me on the following sites:

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Daily Compliance News

Daily Compliance News: May 10, 2023 – The Big Trouble in Big China Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.

Stories we are following in today’s edition:

  • China goes after more foreign businesses. (NYT)
  • Pakistan arrests former PM. (FT)
  • Goldman Sachs pays to end the gender discrimination suit. (Reuters)
  • The need to crunch at B-school. (Bloomberg)
Categories
Compliance Week Conference Podcast

Compliance Week 2023 Speaker Series – Ana Iacovetta – Data Analytics to Improve Compliance

In this episode of the Compliance Week 2023 Speaker Preview Podcasts series, Ana Iacovetta discusses her panel at Compliance Week 2023, “Data Analytics to Improve Compliance.”

Join Ana and her fellow panelists as they discuss the following:

  • What are the expectations for compliance professionals in using data analytics in their programs?
  • What are the government’s and compliance professionals’ lessons in creating and cultivating data-driven compliance programs?
  • Get a sense of what’s coming down the pike, including technical advancements creating opportunities for compliance, ethics, and risk professionals.

I hope you can join me at Compliance Week 2023. This year’s event will be May 15-17 at the JW Marriott in Washington, DC. The line-up of this year’s event is simply first-rate, with some of the top ethics and compliance practitioners around.

Gain insights and make connections at the industry’s premier cross-industry national compliance event offering knowledge-packed, accredited sessions and take-home advice from the most influential leaders in the compliance community. Back for its 18th year, compliance, ethics, legal, and audit professionals will gather safely face-to-face to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs. And many others to:

  • Network with your peers, including C-suite executives, legal professionals, HR leaders, and ethics and compliance visionaries.
  • Hear from 75+ respected cross-industry practitioners who are CEOs, CCOs, regulators, federal officials, and practitioners to help inform and shape the strategic direction of your enterprise risk management program.
  • Hear directly from the two SEC Commissioners, gain insights into the agency’s enforcement areas, and walk away with guidance on remaining compliant within emerging areas such as ESG disclosure, third-party risk management, cybersecurity, cryptocurrency, and more.
  • Bring actionable takeaways from your program from various session types, including ESG, Human Trafficking, Board obligations, and many others, for you to listen, learn and share.
  • Compliance Week aims to arm you with information, strategy, and tactics to transform your organization and career by connecting ethics to business performance through process augmentation and data visualization.

I hope you can join me at the event. For information on the event, click here. Listeners of this podcast will receive a discount of $200 by using code TF200 on the link here.

Categories
Compliance Week Conference Podcast

Vince Walden on Using Data Analytics to Improve Compliance

In this episode of the Compliance Week 2023 Speaker Preview Podcasts series, Vince Walden discusses some of his panel at Compliance Week 2023,  “Data Analytics to Improve Compliance.”

Some of the issues he will discuss in his presentations are:

  • The expectations for compliance professionals in using data analytics in their programs;
  • Insights from both sides of the coin – government and compliance professionals on lessons in creating and cultivating data-driven compliance programs; and
  • A sense of what’s coming down the pike, including technical advancements creating opportunities for compliance, ethics, and risk professionals

I hope you can join me at Compliance Week 2023. This year’s event will be May 15-17 at the JW Marriott in Washington, DC. The line-up of this year’s event is simply first-rate, with some of the top ethics and compliance practitioners around.

Gain insights and make connections at the industry’s premier cross-industry national compliance event offering knowledge-packed, accredited sessions and take-home advice from the most influential leaders in the compliance community. Back for its 18th year, compliance, ethics, legal, and audit professionals will gather safely face-to-face to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs. And many others to:

  • Network with your peers, including C-suite executives, legal professionals, HR leaders, and ethics and compliance visionaries.
  • Hear from 75+ respected cross-industry practitioners who are CEOs, CCOs, regulators, federal officials, and practitioners to help inform and shape the strategic direction of your enterprise risk management program.
  • Hear directly from the two SEC Commissioners, gain insights into the agency’s enforcement areas, and walk away with guidance on remaining compliant within emerging areas such as ESG disclosure, third-party risk management, cybersecurity, cryptocurrency, and more.
  • Bring actionable takeaways from your program from various session types, including ESG, Human Trafficking, Board obligations, and many others, for you to listen, learn and share.
  • Compliance Week aims to arm you with information, strategy, and tactics to transform your organization and career by connecting ethics to business performance through process augmentation and data visualization.

I hope you can join me at the event. For information on the event, click here. Listeners of this podcast will receive a discount of $200 by using code TF200 on the link here.

Categories
Compliance Week Conference Podcast

Carl Hahn on Using Data Analytics to Improve Compliance

In this episode of the Compliance Week 2023 Speaker Preview Podcasts series, Carl Hahn discusses some of his panel at Compliance Week 2023, “Data Analytics to Improve Compliance.” 

Some of the issues he will discuss in his presentations are:

  •   The expectations for compliance professionals in using data analytics in their programs;
  • Insights from both sides of the coin – government and compliance professionals on lessons in creating and cultivating data-driven compliance programs; and
  • A sense of what’s coming down the pike, including technical advancements creating opportunities for compliance, ethics, and risk professionals

I hope you can join me at Compliance Week 2023. This year’s event will be May 15-17 at the JW Marriott in Washington, DC. The line-up of this year’s event is simply first-rate, with some of the top ethics and compliance practitioners around.

Gain insights and make connections at the industry’s premier cross-industry national compliance event offering knowledge-packed, accredited sessions and take-home advice from the most influential leaders in the compliance community. Back for its 18th year, compliance, ethics, legal, and audit professionals will gather safely face-to-face to benchmark best practices and gain the latest tactics and strategies to enhance their compliance programs. And many others to:

  • Network with your peers, including C-suite executives, legal professionals, HR leaders, and ethics and compliance visionaries.
  • Hear from 75+ respected cross-industry practitioners who are CEOs, CCOs, regulators, federal officials, and practitioners to help inform and shape the strategic direction of your enterprise risk management program.
  • Hear directly from the two SEC Commissioners, gain insights into the agency’s enforcement areas, and walk away with guidance on remaining compliant within emerging areas such as ESG disclosure, third-party risk management, cybersecurity, cryptocurrency, and more.
  • Bring actionable takeaways from your program from various session types, including ESG, Human Trafficking, Board obligations, and many others, for you to listen, learn and share.
  • Compliance Week aims to arm you with information, strategy, and tactics to transform your organization and career by connecting ethics to business performance through process augmentation and data visualization.

I hope you can join me at the event. For information on the event, click here. Listeners of this podcast will receive a discount of $200 by using code TF200 on the link here.

Categories
Data Driven Compliance Innovation in Compliance

Daniel Villani on the Using the Right Data

Data Driven Compliance, hosted by Tom Fox, is a podcast featuring an in-depth conversation about the uses of data and data analytics in compliance programs. In this episode, host Tom Fox visits Daniel Villani from Villani Analytics. Daniel has an extensive 15-year background in technology, specifically working with medium to large businesses. They discuss Enterprise Resource Planning (ERP) and Enterprise Performance Management (EPM) software, vendor selection, audibility, and ESG reporting. Daniel emphasizes the importance of data utilization and integration, offering solutions and advice on the best solutions to stay competitive. Listeners can learn more from Daniel’s YouTube channel, Villani Analytics, and LinkedIn profile.

Key Highlights

·      ERP & EPM Explained

·      Data Privacy and Security in Financial Technology Solutions

·      Ensuring Data Accuracy and Quality Assurance Through Governance

·      The Importance of Documentation in Vendor Selection

·      Utilizing Data Analytics to Get Insights

·      Benefits of Implementing Environmental, Social, and Governance Programs

·      Building Data Streams: Connecting Siloed Data for Success

Notable Quotes

1.     ” I laugh because it sounds completely imaginative, but you’d be surprised how many organizations and some of the leading organizations and fortune 500 ones are relying on somebody’s word that their numbers are okay.”

2.     “I take the, you know, the full unbiased approach where I’m happy to recommend the system that I don’t implement just because I don’t do it for the money that comes out of it. I do it to make sure that you get the right solution for your business.”

3.     “It’s also equally important to ensure that you have the documentation around your governance in place.”

4.     “The companies that are going to bring it together in the most meaningful way are the ones that are going to better compete in their industry.”

 Resources

Daniel Villani on LinkedIn

Villani Analytics

Categories
Compliance Into the Weeds

Creating a Data Analytics Program

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