Tag: risk intelligence

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Compliance Tip of the Day

Compliance Tip of the Day – Crowd Sourcing Risk Intelligence

Welcome to “Compliance Tip of the Day,” the podcast that brings you daily insights and practical advice on navigating the ever-evolving landscape of compliance and regulatory requirements. Whether you’re a seasoned compliance professional or just starting your journey, our goal is to provide you with bite-sized, actionable tips to help you stay ahead in your compliance efforts. Join us as we explore the latest industry trends, share best practices, and demystify complex compliance issues to keep your organization on the right side of the law. Tune in daily for your dose of compliance wisdom, and let’s make compliance a little less daunting, one tip at a time.

Today, we consider how you can use your data to crowdsource your risk intelligence.

For more information on this topic, refer to The Compliance Handbook: A Guide to Operationalizing Your Compliance Program, 6th edition, recently released by LexisNexis. It is available here.

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Upping Your Game

Upping Your Game: Crowd-Sourcing Risk Management Intelligence with AI

In February, the Trump Administration suspended investigations under and enforcement of the FCPA. Many compliance professionals have since wondered what this will mean for corporate compliance programs going forward. Hui Chen challenged compliance professionals with the statement, “It’s time to up your game.”

This podcast series, sponsored by Ethico and co-hosted with Ethico co-CEO Nick Gallo, hopes to meet Hui Chen’s challenge. We will discuss how compliance professionals can ‘Up Their Game’ by utilizing currently existing Generative AI (GenAI) tools to significantly enhance their compliance programs. As compliance professionals, it is critical to recognize that this moment is not merely about incremental improvements but about elevating our profession to an entirely new level of effectiveness, efficiency, and organizational value.

In this episode, hosts Tom Fox and Nick Gallo explore the revolutionary potential of AI for Speak Up Cultures by introducing risk intelligence directly into business operations. They discuss the intricacies of whistleblowing, speak-up culture, and the integral role of AI and machine learning in enhancing compliance programs. They highlight deficiencies in current systems and propose how AI can crowdsource risk intelligence at scale, improve case triage, and facilitate a collaborative environment. Key points include the importance of anonymity, efficient triage, and how AI facilitates communication with employees in their preferred settings. The discussion also explores transforming the culture of compliance into proactive risk management, ultimately driving efficiency, effectiveness, and a better corporate culture.

Key highlights:

  • Deficiencies in Whistleblowing Processes
  • Crowdsourcing Risk Intelligence
  • The Importance of Anonymity and AI in Reporting
  • Engagement and Communication Strategies
  • AI in Triage and Investigation

Resources:

Upping Your Game-How Compliance and Risk Management Move to 2030 and Beyond on Amazon.com

Nick Gallo on LinkedIn

Ethico

Tom Fox

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YouTube

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Riskology

Infortal on Risk Intelligence Part 5: Supply Chain Intelligence with Dr. Ian Oxnevad

In the final part of this week’s five-part special, Tom Fox discusses supply chain risks with Dr. Ian Oxnevad. He talks about the supply chain from a geopolitical risk perspective and the various steps companies can take to prepare themselves against those risks.

 

Dr. Ian Oxnevad is a political scientist and economist at Infortal Worldwide, a global risk firm that provides due diligence services to support key investment decision-making. Infortal Worldwide supports a lot of private equity investment, mergers, acquisitions, and any risk scenario a business may face.

  • Supply chain intelligence must first begin with a risk analysis. Companies must determine their exposure to geopolitical risks, such as political unrest, social unrest, or war. 
  • How a company de-risks its supply chain depends on which risk is the largest. “Are you looking at closing the distance and reducing logistical costs between a customer and a company?” Ian asks. Suppose your company is considering alternatives to its current supply chain system or systems outside its country. In that case, it must consider corruption, terrorism, organized crime, and ESG. 
  • Ian goes through some steps Infortal takes when counseling companies through de-risking. He describes what it takes to create a solid supply chain risk response plan. 
  • The intelligence process gives companies legal guidance and any other relevant information they need for making the right decisions while mitigating as much risk as possible.

KEY QUOTE

” Supply chain intelligence is key to understanding and avoiding hidden supply chain risks.”-  Dr. Ian Oxnevad 

Resources: 

Infortal Worldwide | Email | Tel: 1.800.736.4999