Tag: data driven compliance

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Everything Compliance

Everything Compliance – Episode 127, The Awesome Edition

Welcome to the only roundtable podcast in compliance as we celebrate our second century of shows. In this episode, we have the quartet of Jonathan Armstrong, Matt Kelly, and Jay Rosen, all hosted by Tom Fox, joining us on this episode to discuss some of the topics they are watching in 2024.

  1. Matt Kelly looks at the recently enacted Foreign Extortion Prevention Act (FEPA). He rants about the SEC getting hacked around the Bitcoin ETF announcement and reminds everyone to use two-factor authentication.
  2. Tom Fox shouts out to the University of Michigan for winning the College Football National Championship.
  1. Jonathan Armstrong looks at the intersection of AI and Operational Resilience and ties it to the need for greater Board skills in these areas. He shouts out to Jay Rosen, who is in transition and would be a great addition to any compliance product or service BD team.
  1. Jay Rosen opines on the DOJ’s Expectations for Data Driven Analytics in 2024. He shouts out to Robert Kraft and the New England Patriots for paying departing coach Bill Belichick his full 2024 salary.
  1. Jonathan Marks asks, What does it mean to be on a Board in 2024? He rants about the Philadelphia Eagles.

The members of the Everything Compliance are:

  • Jay Rosen – Jay is Vice President, Business Development, Corporate Monitoring at Affiliated Monitors. Rosen can be reached at JRosen@affiliatedmonitors.com
  • Karen Woody – One of the top academic experts on the SEC. Woody can be reached at kwoody@wlu.edu
  • Matt Kelly – Founder and CEO of Radical Compliance. Kelly can be reached at mkelly@radicalcompliance.com
  • Jonathan Armstrong – is our UK colleague, who is an experienced data privacy/data protection lawyer with Cordery in London. Armstrong can be reached at armstrong@corderycompliance.com
  • Jonathan Marks can be reached at jtmarks@gmail.com.

The host, producer, ranter (and sometimes panelist) of Everything Compliance is Tom Fox, the Voice of Compliance. He can be reached at tfox@tfoxlaw.com. Everything Compliance is a part of the Compliance Podcast Network.

For more information on Ethico and a free White Paper on top compliance issues in 2024, click here.

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Data Driven Compliance

Data Driven Compliance: The Journeys of Albemarle and ABB to Data – Driven Compliance

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 around the uses of data and data analytics in compliance programs. Data-Driven Compliance is back with another exciting episode. Today, I co-hosted with Vince Walden, CEO of KonaAI, to visit with our guests Andrew McBride, Chief Risk Officer at Albemarle, and Tapan Debnath, Head of Integrity, Regulatory Affairs, & Data Privacy—Process Automation at ABB, on their respective companies’ journeys to data-driven compliance.

We consider the importance of integrating due diligence systems with business conduct and anticipate 2024 to be a breakthrough year for data-driven compliance. McBride, recognized by the Department of Justice for his work in data-driven compliance, believes in the critical role of data in identifying and responding to risks, testing the effectiveness of compliance programs, and reporting to internal stakeholders. Debnath stressed the need for visibility and alignment with senior business stakeholders during investigations and the use of data analytics platforms to measure integrity and key performance indicators. Join Tom Fox, Vince Walden, Andrew McBride, and Tapan Debnath on this episode of the Data Driven Compliance podcast as they delve deeper into the challenges and importance of data-driven ethics and compliance programs.

Key Highlights:

  • Using data analytics to assess program effectiveness
  • Proactive risk management through continuous monitoring
  • Leveraging due diligence for proactive risk management
  • Data transparency and collaboration for compliance success
  • Transitioning from external dependencies to internal capabilities

Resources:

Vince Walden on LinkedIn

KonaAI

Tom Fox 

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program: Day 17-Adapting Compliance Programs for Cloud Technologies

As organizations transition to remote work and embrace cloud technologies, it is crucial to adapt compliance programs to ensure regulatory obligations are met.

Companies are shifting away from traditional tools like Excel or SharePoint towards centralized systems that facilitate compliance monitoring. Compliance teams can no longer rely on face-to-face collaboration and need systems to manage communication, investigations, and case management. This shift towards virtual platforms for communication has also increased the need to capture and record voice data for compliance purposes.

Adapting compliance programs for remote work and cloud technologies is essential in the current business landscape. Compliance program visibility, capturing and recording communication data, leveraging cloud technologies, and embracing AI-driven compliance monitoring are key factors to consider. By balancing these factors and focusing on risk-based approaches, organizations can ensure they meet their regulatory obligations while enabling their compliance teams to focus on their core responsibilities. The future holds even more advancements in cloud technologies and AI, promising increased defensibility and improved compliance monitoring capabilities.

 Three key takeaways:

1. Companies are shifting away from traditional tools like Excel or SharePoint towards centralized systems that facilitate compliance monitoring.

2. You must focus on the explainability  and defensibility of your AI models.

3. By focusing on risk-based approaches, organizations can ensure they meet their regulatory obligations while enabling their compliance teams to focus on their core responsibilities.

For more information on KonaAI, click here.

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Data Analytics: Day 16 – AI and Data Driven Compliance for Remote Work

The COVID-19 pandemic has significantly changed how businesses operate, with remote work becoming the new norm. This shift has highlighted the crucial role of data and data analytics in compliance across various industries. Regulators now emphasize not only the need for access to data but also its utilization in a way that promotes continuous improvement. One of the key challenges compliance teams face in this new era is the vast amount of data generated by remote work. Communication channels like email and text messages and collaboration platforms like Slack and Zoom have become essential for remote collaboration. However, this explosion of data presents compliance officers with the task of proactively monitoring and understanding unstructured data to uncover hidden risks.

AI-powered data cleansing capabilities have been developed to address this challenge. These capabilities sift through content and focus on relevant and risky information while minimizing false positives. Compliance teams can efficiently concentrate on potentially dangerous content by removing duplicative content, obvious junk, and non-human-generated text. This targeted approach significantly reduces false-positives in the alerts generated by the system.

COVID-19 brought about changes that are still felt today in the business world. Some changes were temporary, but some have become permanent, and remote work is one of them. It is here to stay. The change has underscored the importance of AI and data in compliance across various industries. The shift to remote work has resulted in increased data that compliance teams must proactively monitor. AI-powered data cleansing capabilities help sift through content and focus on relevant and risky information, while AI algorithms and machine learning models aid in risk detection. By leveraging AI and data, compliance teams can enhance their prevention, detection, and remediation efforts, ultimately promoting a culture of ethical behavior and ensuring compliance with data protection laws.

Three key takeaways:

  1. The pandemic changed the corporate world in many ways. One of the permanent ones was moving to remote work.
  2. Remote work generates much more data because messaging apps and online communication tools require new and innovative compliance solutions.
  3. AI and data-driven compliance around data generated from remote work can move a company from detection to prevention.

For more information on KonaAI, click here.

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Data Driven Compliance

Data Driven Compliance: Vince Walden on DOJ Remarks on Data-Driven Compliance

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 around the uses of data and data analytics in compliance programs. Data-Driven Compliance is back with another exciting episode. Today, I visited with Vince Walden, CEO of KonaAI, on the recent remarks by the DOJ on data-driven analytics and compliance.

Vince Walden, an expert in data-driven compliance and fraud examination, has made significant strides in the industry as the CEO of Kona AI. His perspective on the Department of Justice’s (DOJ) increasing use of data analytics for proactive enforcement is that it marks a significant shift in the DOJ’s approach to enforcement. Walden notes that the DOJ is now actively using data analytics to proactively identify risks and cases, rather than relying solely on self-reporting or anomalies. He believes that data analytics is no longer considered cutting-edge but rather an expected part of a best practices compliance program. His extensive experience in white-collar crime and FCPA cases, as well as his participation in events such as the annual FCPA conference, have shaped this perspective. Join Tom Fox and Vince Walden as they delve deeper into this topic on the next episode of the Data Driven Compliance podcast. 

Resources:

Vince Walden on LinkedIn

KonaAI

Tom Fox 

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Data Analytics: Day 11 – The Importance of Data Governance

In today’s digital landscape, compliance, data governance, and cybersecurity have become crucial aspects of running a successful business. The convergence of these three disciplines is a growing trend, emphasizing the need for collaboration and breaking down silos within organizations. The key factor that impacts the importance of compliance, data governance, and cybersecurity in business is data governance.

Data governance involves managing and organizing data for accuracy, accessibility, and compliance. With the increasing amount of data being generated for compliance and other corporate functions, it has become crucial for organizations to have effective data governance and legal technology services in place to ensure compliance with regulatory obligations. It plays a significant role in both the business and legal aspects of an organization. CCOs and compliance professionals rely on data to make informed decisions, analyze trends, and measure key performance indicators. From a legal perspective, data governance is essential for providing legal advice and meeting regulatory obligations.

 Three key takeaways:

1. Data preservation and credibility are crucial for effective compliance representation if a regulator comes knocking.

2. Compliance, data governance, and cybersecurity are intertwined in today’s business landscape.

3. As the digital landscape continues to evolve, organizations must prioritize data governance and stay compliant and competitive in the business world.

For more information on KonaAI, click here.

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Data Analytics: Day 9 – Enhancing Compliance Through Automation

“Reg Ops” or Regulatory Operations has the potential to revolutionize compliance. Reg Ops focuses on automating software development and compliance artifact creation, making it easier for compliance professionals to create it and for employees and other stakeholders to consume compliance content through automation and user-friendly interfaces. This approach aims to leverage the best of both worlds – the capabilities of machines and the expertise of humans – to enhance compliance programs. Or as Carsten Tams continually reminds us, it is all about the user experience.

The goal is to integrate existing security and compliance tools to gather evidence in near real-time, automate the creation of compliance gap tickets, generate real-time reports, and provide a comprehensive view of an organization’s compliance state. By leveraging the power of APIs and customer-centric design, the compliance process can be more effective and efficient.

 Three key takeaways:

1. Enhancing compliance programs through automation is a critical step for compliance functions and businesses to improve decision-making, efficiency, and overall compliance effectiveness.

2. Automation can help compliance functions meet the need for near real-time reporting for a variety of different stakeholders.

3. Balancing the need for real-time reporting with data accuracy and security is crucial.

For more information on our sponsor, KonaAI, click here.

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Data Analytics: Day 5 – Data Driven Compliance and ESG Integration

ESG integration focuses on incorporating environmental, social, and governance considerations into business processes. This broader overview allows organizations to gain a comprehensive understanding of their impact, save costs, improve efficiency, and increase profitability. However, it is important to note that ESG initiatives often come with additional costs, as environmentally sound products may be more expensive than traditional alternatives. This is a tradeoff that companies must carefully consider when implementing ESG practices.

ESG integration in business processes is crucial for organizations aiming to enhance their compliance programs and make informed decisions. By leveraging data analytics, companies can identify and address ESG risks and opportunities more effectively. Collaboration and information sharing among companies also play a significant role in improving compliance efforts. As the compliance landscape continues to evolve, staying informed and adapting to new evaluation processes will be key for compliance professionals.

Three key takeaways:

  1. ESG integration in business processes is crucial for organizations aiming to enhance their compliance programs and make informed decisions.
  2. By leveraging data analytics, companies can identify and address ESG risks and opportunities more effectively.
  3. Collaboration and information sharing among companies also play a significant role in improving compliance efforts.

For more information on KonaAI, check out their website here.

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31 Days to More Effective Compliance Programs

One Month to a More Effective Compliance Program Through Data Analytics: Day 4 – AI Driven Risk Management and Fraud Prevention

Through leveraging AI-driven solutions, companies can collect and analyze survey data to identify patterns and trends that may indicate potential risks. This empowers organizations to take proactive measures to mitigate these risks and foster a culture of trust and transparency.

Another area of significance is mapping risks to controls. This allows a compliance professional or risk manager to know where risks are occurring within an organization and then map them to corresponding controls. This permits compliance functions to assess the effectiveness of their controls and identify areas that require improvement. By leveraging AI-driven solutions, organizations can gain a comprehensive understanding of their risk landscape and make data-driven decisions to strengthen their control environment.

AI-driven solutions have the potential to revolutionize risk assessment and fraud prevention. By leveraging these solutions, companies can enhance their compliance efforts, improve efficiency, and make data-driven decisions. However, it is crucial to balance automation with human expertise and address challenges related to data availability and quality. Ultimately, the successful implementation of AI-driven solutions requires a holistic approach that considers the impact on employees, fosters a culture of trust and transparency, and aligns with the organization’s risk management objectives.

Three key takeaways:

  1. Data visibility allows organizations to effectively manage their compliance efforts and make data-driven decisions.
  2. By leveraging AI-driven solutions, compliance functions can generate dashboards and analytics that provide real-time insights into their risk landscape.
  3. This not only improves efficiency but also enables auditors to focus on understanding the data and identifying potential risks.

For more information on this month’s sponsor check out KonaAI.com.

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Data Driven Compliance

Data Driven Compliance: Marta Cadavid – Fighting Fraud with 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 features an in-depth conversation around the uses of data and data analytics in compliance programs. Data-Driven Compliance is back with another exciting episode. Today, I visit with Marta Cadavid, co-founder of NoFraud Latam who talks about using data-driven compliance to fight fraud.

Marta Cadavid, a Colombian accountant and co-founder and CEO of NoFraud Latam, is a passionate advocate for fraud prevention and detection. Marta’s perspective on “AI-based fraud prevention software developed by Northrop La Tam CEO” is shaped by her belief that fraud is a significant issue causing financial losses for companies and that current detection methods are slow and ineffective.

Mart and her team have developed Fraud Explorer, a software that uses artificial intelligence to detect fraud in real-time, significantly reducing the typical 12-month detection period. Marta emphasizes the importance of a diverse team in developing effective strategies to mitigate risks related to fraud and other misbehaviors in companies. Join Tom Fox and Marta Cadavid on this episode of the Data-Driven Compliance podcast to learn more about her innovative approach to fraud prevention.

Highlights Include:

  • Transforming Compliance Through Data Analytics
  • Effective Strategies in Compliance and Risk Management
  • The Role of Data Analytics in M&A Compliance
  • Leveraging diverse data sources for risk assessment
  • Managing Risks: Vendors, Customers, and Employees
  • Strengthening Compliance Programs Through Team Collaboration
  • The Power of Generative AI in Compliance
  • Enhancing Compliance Programs with Predictive Models
  • Factors Influencing Budget Approvals and Getting Budget

 Resources:

NoFraud Latam

Marta Cadavid on LinkedIn

 Tom Fox 

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