31 Days to a More Effective Compliance Program -The Compliance Advantage of Data

Thomas Fox - Compliance Evangelist
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The Department Of Justice and Securities and Exchange Commission have both made it clear that they expect companies to be more robust in their use of data analytics in compliance programs. This means using data to not only detect and prevent illegal conduct but also in the remediation prong of any best practices compliance program as well through continuous improvement. Former Deputy Assistant Attorney General Matthew Miner said in a speech that the DOJ will inquire whether compliance departments have access to internal data that See more +
The Department Of Justice and Securities and Exchange Commission have both made it clear that they expect companies to be more robust in their use of data analytics in compliance programs. This means using data to not only detect and prevent illegal conduct but also in the remediation prong of any best practices compliance program as well through continuous improvement. Former Deputy Assistant Attorney General Matthew Miner said in a speech that the DOJ will inquire whether compliance departments have access to internal data that could help them identify misconduct and whether compliance officers make adequate use of data analytics in their reviews of companies under investigation. Since at least 2016 in the Foreign Corrupt Practices Act (FCPA) enforcement action involving Key Energy Services, Inc., the SEC has been communicating to compliance professionals of the need for increased use of data and data analytics in any compliance program.

Three key takeaways:

1. What advantages can data bring to your compliance regime?

2. Both the DOJ and SEC have said companies need to be using data in their compliance programs.

3. Data will make your compliance program more effective, your business process more efficient and your company more profitable.

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. See less -

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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